The Bitcoin price dropped by a fraction of a percentage to trade at $62,091 as of 05:11 a.m. EST on trading volume that plunged 42% to $51 billion.
This comes as JPMorgan predicts that the Bitcoin price will undergo a correction to $42,000 after the halving event. While historically the period after the Bitcoin halving has always seen a price rise, the investment bank sees a slump looming because of lower miner rewards, higher production costs, and thus lower miner profits.
Bitcoin Price Bullish, Aims To Break Above The Ascending Triangle
The Bitcoin price has been on an upward trajectory this week, coming out of a consolidation of around $53,000. The $64,000 level has provided local resistance, a major barrier for the bulls to overcome.
Bitcoin is still well above the 50-day and 200-day Simple Moving Averages (SMAs), which gives the bulls a positive outlook.
The Relative Strength Index (RSI) is also bullish, trading at 56 as it heads north, showing some growing momentum towards intense buying pressure.
The Moving Average Convergence Divergence (MACD) shows that BTC is currently set to rebound from the retrace, as the moving average line (blue) crosses slightly above the signal line (orange), a signal of a possible bullish crossover.
Furthermore, the green bars are beginning to form above the zero line, indicating the start of positive momentum to the upside. The Stochastic Oscillator 14 3 3 line (green) is crossing above the trigger line (orange), confirming the bullish moving average crossover, a signal of a looming bullish trend.
Bitcoin Price Prediction – Is $70,000 Possible?
The Bitcoin price is trading around its pivot point at $60,824. BTC’s current 1-hour chart Analysis shows that the bulls are ready to use this level to drive the price up, as they aim to breach the upper boundary of the ascending triangle.
Additionally, the 50-day SMA is trading above the 200-day SMA, forming a golden cross at $51,627. The bulls may use this to soar the price higher, aiming at $70,000, as they overcome the all-time high (ATH) price at $68,000.
However, if the bears take control of the price at this level, BTC may go down to the support level at $58,000.
Meanwhile, as Bitcoin bulls look for more buying opportunities, some see the Green Bitcoin ($GBTC) ICO as a compelling, eco-friendly alternative to BTC.
Green Bitcoin: A Promising Alternative To Bitcoin
The Green Bitcoin (GBTC) is an eco-friendly version of Bitcoin, using the Gamified Green Staking model as a way to reward investors. The project brings together Bitcoin’s legacy with eco-friendly Features that are characteristic of the Ethereum network.
The gamified-staking model is making waves in the crypto space, with the traction evident in GBTC’s presale, which has already amassed over $1.34 million, as it closes in on its target of $1.47 million.
Introducing Green Bitcoin: A Revolutionary Predict-To-Earn Token.
Join us on our Gamified Green Staking Platform, where your predictions can turn into profits!
Website: https://t.co/dG5cEeCtRs
Telegram: https://t.co/bWanoe0vHv pic.twitter.com/eXuGQBkxio— GreenBitcoin (@GreenBTCtoken) December 3, 2023
Through the green-staking model, you can easily earn rewards when you predict the future price of Bitcoin. To join the presale, buy $GBTC at a discounted price of $0.5362. That price will, though, rise in less than four days so act now to secure the best deal.
Stake $GBTC, 239% Annual Rewards
Green Bitcoin also has a staking option that earns passive income. You can stake your $GBTC tokens for an impressive 239% annual percentage yield (APY). There are already over 2.4 million $GBTC tokens that have been staked.
Did you know you can earn HUGE, simply by staking your Green Bitcoin?
If you haven't yet, go to our website and check out the Staking feature! pic.twitter.com/6wiv99ER0O
— GreenBitcoin (@GreenBTCtoken) February 25, 2024
You can also earn through the project’s Predict-to-Earn feature, where you only need to participate in daily BTC price prediction challenges. Rewards are distributed every 10 minutes, with $GBTC acting as the reward token.
According to CryptoNews, a prominent YouTube channel, Green Bitcoin has the potential to surge 10X on launch.
To participate in the presale, you can buy $GBTC from the official Green Bitcoin website and exchange ETH or USDT for $GBTC tokens. You can also buy directly using your bank card.
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