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The Bitcoin price tumbled almost 2% in the last 24 hours to trade for $56,661 as of 00:15 a.m. EST on trading volume that surged 12% amid ongoing profit booking.
The BTC fall comes despite investment bank JPMorgan saying that Bitcoin and the broader crypto markets are set to rebound next month.
JUST IN: JP Morgan says #Bitcoin and crypto markets to rebound in August. pic.twitter.com/HwnWoY0G8i
— Radar🚨 (@RadarHits) July 11, 2024
However, bearish sentiment continues to prevail in the BTC market amid elevated fear levels. According to the Fear and Greed Index, the market is exhibiting extreme fear levels.
Bitcoin Fear and Greed Index is 25 — Fear
Current price: $57,345 pic.twitter.com/efreWqUJz4— Bitcoin Fear and Greed Index (@BitcoinFear) July 12, 2024
Meanwhile, Rekt Capital, a popular analyst account on X, observes that the Bitcoin price only needs to move an extra 3.5% north to position itself for a weekly candle close above $60,600 to reclaim the range low.
Bitcoin only needs to rally an extra +3.5% to the upside to position itself for a Weekly Candle Close above $60600 to reclaim the Range Low
Bitcoin needs to reclaim this Re-Accumulation Range$BTC #Crypto #Bitcoin pic.twitter.com/B8gwvCAyfd
— Rekt Capital (@rektcapital) July 11, 2024
Another analyst, Arsen, says the Bitcoin price could rebound to $330,000 in the current bull cycle. He ascribes this forecast to smart money, which is comprised of institutional investors, market experts, and other financial professionals who have accumulated BTC during the recent dip.
While you’re being scared, smart money is doubling down.
That’s because this dip is nothing new.
As you can see, Bitcoin goes to a new all-time-high every 4 years:
2012: Bitcoin goes from $12 to $1000 = ~9,000% increase
2016: Bitcoin goes from $650 to $19K = ~3,000% increase… pic.twitter.com/gxHsEwzLBs— Arsen | Bitcoin Therapy 📧 (@satoshibaggins) July 10, 2024
Bitcoin Price Prediction
The Bitcoin price is trading with a bearish bias recording lower highs as it remains confined within a descending parallel channel. Chances of a further downside are high as the Relative Strength Index (RSI) continues to break down with higher lows.
Similarly, the Moving Average Convergence Divergence (MACD) is in negative territory and has crossed below the signal line (orange band), suggesting a prevailing bearish sentiment.
With this outlook, the Bitcoin price could drop, slipping below the centerline of the channel. In a dire case, the pioneer cryptocurrency could extend the fall to the support confluence between the bottom of the market range and the lower boundary of the channel at $53,108.
The spikes of the volume profile accentuate the bearish thesis, pointing to a frothing selling appetite in the BTC market.
GeckoTerminal: BTC/USD 4-hour chart
On the other hand, if the bulls seize the opportunity to recover the market, the Bitcoin price could recover. Nevertheless, only a candlestick close above the 50% Fibonacci placeholder of $62,479 would render BTC attractive to buy.
More importantly, the bearish thesis will only be invalidated after the Bitcoin price breaks and closes above the $71,850 level. This threshold was last tested on June 7.
Meanwhile, investors are flocking to 99Bitcoins (99BTC), the latest Bitcoin derivative token that crypto YouTuber Today Trader says has ”huge potential.”
Promising Alternative To Bitcoin
99Bitcoins is a project designed to reward individuals for learning about cryptocurrency. To this end, this long-established educational platform has pioneered a new Learn-to-Earn (L2E) rewards model, integrating with BRC-20 to pioneer the L2E model on the Bitcoin blockchain.
The project boasts the best-in-class educational resources and visual learning courses for crypto beginners. And it incentivizes learning through a unique mix of gamification and a leaderboard reward system. With this, users feel like their learning is producing tangible benefits.
$99BTC also enables token holders to earn passive income via a staking yield of 703% annually. So far, upwards of 1.549 billion 99BTC tokens have been staked.
Presale sales have passed the $2.393 million mark.
🎉 Milestone alert! 🎉
We have now raised over $2.3 MILLION in our $99BTC presale! 🚀
Don’t miss your chance to get in early. 👀
Join the #Presale now!
👉 https://t.co/NXD7DAaUfZ#99Bitcoins #BTC #Crypto #L2E pic.twitter.com/mA1rKiGuE8— 99Bitcoins (@99BitcoinsHQ) July 5, 2024
Investors can buy the 99BTC token for $0.00113. With a price hike coming in about four days, interested investors should buy before then to secure the best deal.
Visit and buy 99Bitcoins here.
Also Read:
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