Bitcoin Price Prediction: As Grayscale Says BTC Will Skyrocket Regardless Of US Election Result, This New ICO Smashes Past $500K In A Week
Release: 2024/08/20 19:39 Reading: 846
Bitcoin Price Surge
In the past 24 hours, Bitcoin has witnessed a significant 3% increase, currently trading at $60,716 as of 04:02 a.m. EST. This surge coincides with a notable 46% rise in trading volume, reaching $29 billion.
Analyst Optimistic on Bitcoin's Future
Zach Pandl, Managing Director of Research at Grayscale Investments, has expressed confidence in Bitcoin's future trajectory, regardless of the outcome of the upcoming US election.
Bitcoin Eyes Rebound
After reaching its all-time high of $73,737 in March, Bitcoin has been trending downward within a falling channel pattern. However, the bulls are targeting the $70,000 resistance level, aiming to propel the price higher.
Technical Analysis
The Relative Strength Index (RSI) indicates a potential rebound, currently at 50. This suggests buyers are actively accumulating and preparing for further purchases. If buyers maintain this momentum, Bitcoin could break above the falling channel and aim for $75,000.
Bears Maintain Influence
Despite the bullish sentiment, Bitcoin still trades below both the 50-day and 200-day Simple Moving Averages (SMAs), indicating potential bearish influence. If BTC falls below the current support level of $57,328, it may drop to the next major support at $54,174.
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