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#Bitcoin Price Prediction: Buy as BTC Breaks $70,000 Resistance?
Bitcoin rose 2.5% to $70,561 in 24 hours on a day when the crypto market rose 1.5%.
Bitcoin is up 6.5% in a week, down 2% in a month, and up 134% in a year.
Today's surge follows the anticipation that growing inflation may compel the Fed to decrease rates, making the next year even better for Bitcoin.
As BTC awaits its second halving in a week, we may witness greater gains.
$BTC 's chart remains bullish, indicating future gains.
Its 30-day average (orange) rose again yesterday and has room to grow before BTC becomes overbought.
Similarly, #BTC 's relative strength index (purple) rose from roughly 20 two days ago to approximately 60 today.
Bitcoin's momentum has strengthened, but the RSI hasn't risen over 70, so another wave of buyers may soon arrive.
In addition, the coin's resistance (red) and support (green) levels look to be converging, which suggests a huge move is coming.
This shift seems inevitable given the halving's proximity and BTC's large volume at $38 billion. It's tempting to believe it will be beneficial.
Yesterday, Grayscale CEO Michael Sonnenshein said that outflows from the Grayscale Bitcoin Trust may have achieved equilibrium, indicating that current selling pressure may be ending.
However, traders may ‘sell the news’ after the halving, something investors should be aware of.
In the long run, most experts anticipate BTC's supply squeeze to raise its price.
The currency is barely 4% off its all-time high of $73,737, and with money buying into BTC in large amounts, it may soon hit a new record.
It might reach $75,000 by May and $80,000 or $90,000 by Q3 2024.
