The Bitcoin price surged almost 5% in the last 24 hours to trade at $70,851 as of 00:16 a.m. EST on trading volume that skyrocketed 149% to $45.7 billion.
This comes as fund management giant VanEck Bitcoin says Bitcoin will become a reserve asset held by central banks and used in global trade, helping its price surge to $3 million by 2050. That would meant BTC appreciating by an average 16% annually over the next 26 years.
BREAKING: VanEck predicts #Bitcoin will be used in global trade and become a reserve asset worth $3 million by 2050.
VanEck also projects central banks making a 2% allocation to $BTC
16% year on year growth for 26 years.š¤ pic.twitter.com/g7uBJ6nwQu
ā RadaršØ (@RadarHits) October 28, 2024
Bitcoin Price Aims At Sustaining The Bullish Stance
The Bitcoin price has been in a bullish rally since August, as the bulls capitalized on the $53,760 support to propel the token towards a bullish rising channel pattern, according to data from GeckoTerminal. With the price now trading within the channelās upper boundary, the price of Bitcoin is set for a continued rally.
With the rally, BTC now trades above both the 50-day and 200-day Simple Moving Averages (SMAs), which further supports the bullish rally. The 50-day SMA has now crossed above the 200-day SMA, which has formed a bullish golden cross at $63,268, further cementing the bullish prospects of the asset.
The Relative Strength Index (RSI) is at 66, which is close to the overbought zone (above 70) but still within a range that allows room for upward movement. This rising RSI aligns with the breakout, confirming increasing buying pressure.
The Moving Average Convergence Divergence (MACD) line (blue) is currently above the signal line (orange) and trending upwards, suggesting strong bullish momentum. Furthermore, the histogram bars are positive and expanding, which further confirms the bullish crossover and the possibility of continued upward price action.
BTCUSD Chart Analysis Source: GeckoTerminal.com
Bitcoin Price Prediction
According to the BTC/USD chart analysis on the 1-day timeframe, The Bitcoin price has been in a sustained bullish rally, which the bulls aim to continue pushing as they capitalize on the major technical indicators. If the rally continues, BTC could soar as the bulls target $80,000.
Conversely, if the bears take control of the price, BTC could plug slightly to the $63,740 and $63,292 levels, which coincide with the 50-day SMA and 200-day SMA, respectively.
Meanwhile, investors looking for diversification opportunities may want to consider Crypto All-Stars (STARS), an innovative new ICO that has raised over $2.8 million.
According to ClayBro, a prominent crypto analyst on YouTube with over 130K subscribers, $STARS has the potential to soar 10X after its launch.
Crypto All-Stars Presale Secures Over $2.8 Million ā Best Crypto to Buy Now?
CĶrypto All-SĶtĶaĶrĶs is a revoluĶtĶionĶarĶy project that enables investors to stake multiple top meme coins on one platform for the first time, earnings rewards in STARS tokens.
It makes this possible via its innovative MĶemeVault ecoĶsysteĶm, which after STARS launches will enable the staking of 11 meme coins: Pepe, Dogecoin, Shiba Inu, Floki, Brett, Mog Coin, Milady, Turbo, Toshi, Coq Inu, and Bonk. More meme coins will be added in the coming months.
Why Is Everyone Excited?
In its initial presale phase, Crypto All-Stars raised over $350k! š°
This early success shows that investors see BIG potential here. š
Could this be the next $PEPE? š
ā web3telepath (@web3telepath) August 15, 2024
The project also has a unique design, bringing an 8-bit retro aesthetic for its meme coin mascots.
You can also earn passively through the projectās native staking mechanism, which offers a huge 546% annual percentage yield.
You can buy the token now for $0.0015309. But the price will increase in about two days, so act fast to lock in the best deal.
Purchase $STARS from its official website here using BNB, USDT, or a bank card.
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