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Bitcoin is trading at $72,327, up by 10% over the past week.
The Bitcoin price has only increased a small amount in the past day as the trading volume dropped by 5%. Altcoins have benefited from the cooling off, and Avalanche AVAX has seen double-digit growth.
#Bitcoin Yesterday, the cycle high for 2021 was re-tested and it immediately rebounded.
Let’s consolidate for a little while. #altcoins Run for a while, then shoot it up. pic.twitter.com/74IOBpbCns
— Jelle (@CryptoJelleNL) March 13, 2024
Markets expect the BTC to be halved in a few weeks.
Bitcoin will become the most difficult asset in 37 days. Its supply is expected to grow at a rate half as fast as gold. Bitcoin will experience its biggest ever halving. Are you ready for this? pic.twitter.com/a4mbOm1Wzp
— Charles Edwards (@caprioleio) March 13, 2024
Glassnode has conducted research on the blockchain and its data. “[Bitcoin] has broken to its fourth cycle all-time-high (ATH), rallying above $72k,” The move has pushed the mood closer to euphoria.
#Bitcoin It has risen above $72k and is now a little closer to Euphoria.
The classic wealth transfer from the HODLer cohort to speculators is now well underway, with significant upticks in spot profit taking, and demand for… pic.twitter.com/R11kE90W89
— glassnode (@glassnode) March 12, 2024
Bitcoin price forecast as BTC market goes into euphoria
Bitcoin is facing resistance because of the $73,000 barrier, and there are potential gains. The Relative Strength Index is pointing to rising momentum. This is further reinforced by the increasing volume of Awesome Oscillator.
The bullish sentiment is also reinforced by the growing green bars in the volume indicators, which flash as long as the trend continues to be bullish. The bulls’ increased buying momentum could push the Bitcoin price past the $73,000 barrier and reach the psychological $80,000 level. This would represent a rise of around 8% over current levels.
TradingView: BTC/USDT 1-week chart
The Bitcoin price, on the other hand could fall if traders decide to sell their gains. First, it may slip below the $69,000 mark. BTC’s price could be pushed into the $62,278-$65,618 supply zone by increased seller momentum. Bitcoin’s price needs to close at or below the mean of $64,044 in order to confirm a downtrend.
On-chain Metrics To Support Bitcoin Price Bullish Outlook
Data from IntoTheBlock’s Global In/Out The Money (GIOM metric) shows that there’s no resistance to the Bitcoin price on its way north. The pioneer cryptocurrency is supported strongly downward.
There is a particular interest in the zone between $49,659 and $69.339, where approximately 6.55 million addresses hold nearly 2.86 millions BTC tokens, purchased on average at $57,764. Any efforts to push the price lower would be countered by buying pressure from these addresses as they look to buy the dip.
The In/Out Money Around Price metric (IOMAP), which measures the amount of money that is in or out around a price, shows the Bitcoin’s strong support between the $67.800 and $71,519 range. All addresses holding BTC in that price range would counter any attempts to lower the Bitcoin rate below this level.
Investors looking to diversify gains, can consider investing in GBTC. This is despite the fact that some experts believe this crypto alternative to BTC to be the best to purchase now, with a potential 10X increase in value at launch.
The Alternative To Bitcoin
GBTC, the token which powers the Green Bitcoin ecosystem. This project is a cryptocurrency that meets the needs of users at the intersection of the Bitcoin legacy and eco-friendliness. This cryptocurrency project uses the predict-to-earn system, where users are challenged to make daily and week-end BTC predictions for rewards.
Green Bitcoin, a revolutionary token that allows you to predict your earnings.
Your predictions could turn profitable on our Green Staking Platform.
Website: https://t.co/dG5cEeCtRs
Telegram: https://t.co/bWanoe0vHv pic.twitter.com/eXuGQBkxio— GreenBitcoin (@GreenBTCtoken) December 3, 2023
Staking tokens, with an annual estimated return of 126%, is very attractive. Already, 4.5 millions tokens were staked. Distribution rewards are set to 1.6026 $GBTC tokens for each Ethereum (ETH), block.
Gamified Green Bitcoin Staking is to launch after five months. In the Gamified Staking Mechanism, participants predict the Bitcoin Price in daily competitions. They earn rewards if they’re right.
There is nothing that can stop the GREEN RIVOLution!
Green Bitcoin pre-sale NOW! pic.twitter.com/YgwUk11Ay8
— GreenBitcoin (@GreenBTCtoken) March 11, 2024
Pre-sale is ongoing for the project, and upwards of $3,831 million has already been raised, compared to a $4.171 target.
Green Bitcoin GBTC tokens currently sell at $0.8782, but if that’s what you want to pay for them then buy now because the price will increase in just five days.
Visit Green Bitcoin to buy GBTC here.
Please Read This:
Green Bitcoin – Gamified Green Staking
![Green Bitcoin](https://fxruhanahmed.com/2/wp-content/uploads/2024/03/1709942770_859_Bitcoin-Price-Prediction-CryptoQuant-Warns-Of-BTC-Liquidity-Crisis-On.png)
- Contract audited by Coinsult
- Pre-sale Early access now live – greenbitcoin.xyz
- Cointelegraph Feature: Predict to Earn
- Staking Rewards & Token Bonuses
- Raise $1+ Million
![Green Bitcoin](https://fxruhanahmed.com/2/wp-content/uploads/2024/03/1709942770_859_Bitcoin-Price-Prediction-CryptoQuant-Warns-Of-BTC-Liquidity-Crisis-On.png)
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“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: insidebitcoins.com