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The Bitcoin price is down a fraction in the past 24 hours to trade for $60,342 as of 10:30 a.m. EST on trading volume that surged 16%.
Despite the drop, traders remain optimistic about BTC as the price reverses back to a critical support level.
Every time #Bitcoin touches this trendline we see a massive bounce 🟢 pic.twitter.com/kbfOkimuiK
— The Moon (@TheMoonCarl) July 3, 2024
Renowned trader Crypto Rover says this could be the last dump before the bull market continues.
This will be the last #Bitcoin dump before the bull market continues… pic.twitter.com/O7nQUzWdgU
— Crypto Rover (@rovercrc) July 3, 2024
Standard Chartered Bank’s head of forex and digital assets research, Geoffrey Kendrick, shares the optimism. He says the Bitcoin price could record a new all-time high in August, potentially going as high as $100,000 by the time of the US presidential election in November.
Standard Chartered predicts Bitcoin could reach $100,000 by August.
That’s the kind of bull energy I’m here for. 🔥
— Lark Davis (@TheCryptoLark) July 3, 2024
But Kendrick said his prediction hinges on Joe Biden remaining in the presidential race. That makes August 4 a pivotal date given that Ohio law requires presidential candidates to be registered by then. If Biden remains the Democratic nominee on this date, chances are he rivals Donald Trump in November’s election.
If this happens, Kendrick says, the market would favor a Donald Trump victory. The analyst describes Trump as “Bitcoin-positive,” observing that there is a correlation between the former president’s electoral odds and the Bitcoin price.
But Bitcoin could plunge to $50k if Biden drops out of the race, Kendrick said.
Bitcoin Price Prediction
The Bitcoin price is trading with a bearish bias, recording three successive red candlesticks this week. As it tests the critical support at $60,227, earmarked by the 78.6% Fibonacci retracement level, the next 24 hours will be critical for the pioneer cryptocurrency.
The test of this support saw 59,539 traders get liquidated, according to Coinglass data, with the total liquidations coming in at $153.18 million.
If the 78.6% Fibonacci retracement level holds as a support floor, the Bitcoin price could bounce atop it for a recovery. However, based on the outlook of the Relative Strength Index (RSI), the market may be primed for further losses. The RSI is below the 50 threshold, with pronounced lower highs to show waning buyer momentum.
The Moving Average Convergence Divergence (MACD) is also in negative territory, showing the bears have the upper hand in the short term. Traders should watch for the RSI breaking below the 30 threshold, as this would signify BTC is oversold. At this point, a solid move above the same threshold would indicate BTC is ripe to buy, with a recovery to be expected.
GeckoTerminal: BTC/USD 1-day chart
On the other hand, if bulls buy the dip, a recovery could ensue. Nevertheless, only a candlestick close above the 38.2% Fibonacci retracement level of $67,076 would vindicate the Bitcoin price from the bears’ hands. For the layperson, the Fibonacci Golden Zone, extending between 61.8% and 38.2%, is a volatile area for an asset’s price.
Meanwhile, investors are flocking to 99Bitcoins (99BTC), a Learn-to-Earn educational platform that crypto YouTuber Today Trader says has ”huge potential.”
Promising Alternative To Bitcoin
99Bitcoins is a long-established educational platform that is pioneering a new Learn-to-Earn rewards model.
Boasting best-in-class educational resources and visual learning courses for crypto beginners, this project has earned a place among the most trusted names in crypto circles.
The project traces back to 2013. Starting out as BitcoinWithPayPal.com, what was once a simple domain has since transcended to a true Web2 fashion. Transitioning to Web3 with its $99BTC token, 99Bitcoins promises a groundbreaking earn-as-you-learn experience for website users.
Since 2014, $99BTC has been at the forefront of #Crypto education.💡
🧠 Experienced Guidance: Decades of combined knowledge.
⚡ Wide Range: Covers multiple #Cryptocurrencies.
📖 #LearnToEarn: Reap rewards while you learn!
Get started: https://t.co/NXD7DAamqr#Bitcoin $BTC pic.twitter.com/lJjLgkgVI2
— 99Bitcoins (@99BitcoinsHQ) May 5, 2024
99Bitcoins incentivizes learning through a unique mix of gamification and a leaderboard reward system. This ensures users feel like their learning is producing tangible benefits. Put simply, you earn crypto while learning about crypto.
You can also stake your 99BTC holdings for rewards as high as 717% annually. So far, upwards of 1.5 billion tokens have been staked.
Short on time? Simply stake your $99BTC tokens on our website and earn passive rewards effortlessly!
Join now! 👉 https://t.co/nA4Lw89WA0#99Bitcoins #Crypto #Presale #Alts pic.twitter.com/av0mkMvIbR
— 99Bitcoins (@99BitcoinsHQ) April 19, 2024
Presale sales have passed the $2.35 million threshold, with the $3.173 million target now within reach.
🎉 Exciting milestone alert! 🎉
We have now raised over $2.2 MILLION in our $99BTC presale! 🚀
Secure your spot now before the #Presale price increases! 👀
Don’t miss out—get started today!
👉 https://t.co/NXD7DAamqr#99Bitcoins #BTC #Crypto #L2E pic.twitter.com/xQC6lg0euI— 99Bitcoins (@99BitcoinsHQ) June 17, 2024
99BTC tokens are currently price at $0.00112. Buy now if you are interested because a price hike will occur in less than six days.
Buy 99Bitcoins tokens here.
Also Read:
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