Bitcoin Price Prediction: Bybit Says BTC Exchange’s Supply Will Run Out In 9 Months As Traders Turn To This Learn-To-Earn ICO For 10X Gains
The Bitcoin price rose more than 1% in the past 24 hours to trade at $63,853.99 as of 2:20 a.m. EST as investors return to accumulate the market leader after the flash crypto crash over the weekend.
This comes as Bybit warns that demand from spot Bitcoin ETFs (exchange-traded funds), and the reduced mining rewards after the halving, could combine to deplete BTC exchange reserves within nine months.
“If we assume a daily inflow of $500 million to Bitcoin Spot ETFs, the equivalent of around 7,142 bitcoins will leave exchange reserves daily, suggesting that it will only take nine months to consume all of the remaining reserves,” said Bybit, the world’s third-largest crypto exchange, in an Apr. 15 report. “With this in mind, it’s unsurprising that Bitcoin’s price may continue to climb before the halving, or even afterward, as the supply squeeze propels the price to another new record.”
The Bitcoin Price Reclaims Crucial Support
4-hour chart for BTC/USDT (Source: TradingView)
The Bitcoin price was able to recover back above the $63,301.31 mark in the last 24 hours. This has given the market leader a foundation to potentially continue to climb in the upcoming 24 hours. Should this positive momentum persist, BTC might soon attempt a challenge at the next major resistance at $65,104.05. Enough buy pressure could even push the crypto to as high as $66,263.84 in the short term.
However, a break below the recently-breached $63,301.31 mark in the coming 12 hours might invalidate the bullish thesis. In this alternative scenario, the crypto market king could fall down to $61,860.81. Losing the support of this crucial price point will then expose BTC to the risk of plummeting to as low as $60,325.83 in an extremely bearish scenario.
The Bitcoin Price Has Short-Term Technical Support
Technical indicators on BTC’s 4-hour chart suggest the Bitcoin price might keep climbing in the coming 24 hours. Buyers not only have an upper hand against sellers, as the largest crypto by market cap recently entered a bullish trend as well.
Over the past 24 hours, the Moving Average Convergence Divergence (MACD) line crossed above the MACD Signal line. Traders usually identify this technical occurrence as an indication of a crypto entering a positive cycle. This, coupled with the recent break above $63,301.31, might trigger a wave of long positions by traders.
Buyers also seem to be re-entering BTC’s charts, which is evident by the Relative Strength Index (RSI) line’s position above the Simple Moving Average (SMA) line. In addition to this, the former is also breaking away above the latter. The growing gap between the two technical indicators could suggest that bulls are accumulating strength against bears, which might result in the Bitcoin price rising further.
A potential bullish reversal of BTC’s downtrend could inject a renewed sense of optimism into smaller-capped Bitcoin derivatives.
99Bitcoins, which has managed to maintain its positive momentum amid the recent correction, could stand to benefit the most from this uptick in investor interest. With its presale charging towards the $1 million mark, analysts say the crypto might print 10x gains for investors after launch.
Pioneering The Learn-To-Earn Space
99Bitcoins has become one of the leading crypto and blockchain education platforms since its launch. Known for its ability to break down complex Web3 aspects into layman’s terms, the team behind the successful project are now looking to expand their offering through the launch of the 99BTC crypto token.
What is Spatial Computing? Discover how #Blockchain is transforming AR/VR, making immersive digital worlds more interactive and secure.
Dive deeper: https://t.co/2hlZYRFHBv#99BTC #SpatialComputing #Web3
— 99Bitcoins (@99BitcoinsHQ) April 8, 2024
Through its innovative learn-to-earn model, 99Bitcoins platform users will be able to earn crypto while building their knowledge of new and exciting concepts within the burgeoning digital asset space.
What’s more, by completing the interactive educational resources on offer, users will gain access to more content. This means that the more users learn, the more opportunities to earn they will have.
With over 700,000 YouTube subscribers and more than 2 million registered users on its platform, the project’s native 99BTC token is already exposed to a vast pool of potential investors.
Investors Are Rushing To Buy 99BTC
99Bitcoins has had a successful presale so far, raising more than $400k.
With the #BitcoinHalving event just 9 days away, speculation is mounting: Is $BTC's price set to skyrocket post-halving? 👀
Dive into our Analysis on the potential price impact of this pivotal supply shock.
Read more: https://t.co/zTA3n26nDl#99Bitcoins #Halving #BullMarket
— 99Bitcoins (@99BitcoinsHQ) April 11, 2024
There is also an eye-watering 4,894% APY being offered to investors who purchase and stake their tokens during this early stage of the ICO phase. But the APY will decline as the presale proceeds, so, if you are interested, buy soon for the best returns.
Investors can buy the token for $0.00101 using either ETH, USDT, BNB or a bank card on the project’s official website here.
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Category: Cryptocurrency News
Post by: TheBitTimes.com
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