The Bitcoin price is on the cusp of breaking out over $70,000, reaching as high as $69,170 yesterday. According to CoinMarketCap, BTC set a marginal new all-time high on Tuesday but crashed in a $10,000 candle before a bounce to $66k.
Bitcoin must now rally by 6% to break the $70k level. BTC’s uptrend surprised several smart-money traders because the Bitcoin halving is still a month and a half away.
However, the important question is whether the Bitcoin price will continue to crash after reaching a new all-time high. As such, several altcoins have already witnessed marginal pullbacks, with Floki crypto down over 10% and Worldcoin down 7% today.
However, low-cap and new altcoins are continuing to gain strong traction. For instance, a new eco-friendly token, Green Bitcoin, has raised over $1.9 million in its presale, thanks to its gamified green staking and exponential rewards.
Bitcoin price could hit an all-time high this week
Late on Monday, Bitcoin momentarily reached a market capitalization of $1.35 trillion, flipping Silver to become the 8th largest asset by market cap, data from CompaniesMarketCap reveals.
The largest cryptocurrency has shown surprisingly high bullish strength, even by its standards, adding over $600 billion to its valuation in just over a month. The recently approved spot Bitcoin ETFs have recorded $8 billion in inflows themselves. The ETFs had another positive day on Monday, recording $562 million in inflows, with Fidelity witnessing $404 million in deposits on its own.
The stage is now set for the BTC price to hit a new all-time high. Crypto analyst Jelle reveals that $70k per BTC appears imminent, considering it successfully retested the 4-hour 25EMA and the Relative Strength Index 50 level.
He also highlights that the Bitcoin price has locked in a lower time frame, a bullish divergence. Consequently, it could surge past the $69,000 mark after the US market opens today. Most analysts are in consensus that BTC will reach a new all-time high against the dollar before the end of the week.
What happens after has now become the topic of intense speculation.
Will BTC crash after the $69k all-time high?
There is a strong debate around whether $69k could be a local top for BTC. Several bearish signals support this theory.
For instance, Bitcoin’s Market Value to Realized Value (MVRV) ratio has finally hit 19.57%. Analyst Ali Martinez reveals that every time BTC’s MVRV has exceeded 18% since February 2021, the Bitcoin price corrects by 24% to 55% in the aftermath.
As in the case of spot BTC ETF approval, investors could engage in profit-taking after BTC hits a new all-time high. After all, a pre-halving rally followed by a pre-halving correction has traditionally been the norm in previous cycles.
On the other hand, bulls believe that the Bitcoin price will continue to push towards new highs, potentially hitting $100k before witnessing any substantial retrace.
However, some bullish investors, such as CrediBULL Crypto, are entertaining the possibility of a marginal drawdown. He believes that the Bitcoin price could breach the previous ATH with a conviction and go on 2x in a matter of weeks. However, he also highlights the possibility of the BTC price rejecting from the $69k level, leading to the start of “alt season”.
In either scenario, smart money traders advise investors to de-risk near the ATH. During such times, it is always more prudent to turn to stablecoins or invest in long-term presale tokens, considering that they are not impacted by short-term market sentiment.
New cryptocurrency Green Bitcoin raised $1.9 million in presale – Could it deliver 10x returns?
Green Bitcoin (GBTC) is an ERC-20 token that aims to combine Bitcoin’s legacy with Ethereum’s eco-friendliness and offer gamified staking rewards. Owing to the strong demand for BTC beta tokens, $GBTC has quickly raised over $1.9 million in its presale.
The project reveals that the new crypto coin will launch on several major exchanges after the presale.
Green Bitcoin eliminates the two major weaknesses of BTC – its large energy consumption and high price. $GBTC is currently available at just $0.6122 in the ICO, claiming to offer a second chance to those who missed out on Bitcoin’s meteoric pump. It is also expected to charge much less energy than BTC due to Ethereum’s Proof-of-Stake mechanism.
However, the token’s most attractive feature is its innovative staking program. At first, investors staking their tokens will simply earn staking rewards, currently at an APY of over 180%. The rewards will be distributed over 5 months, after which the Gamified Green Bitcoin Staking will launch.
This innovative program will allow investors who have staked their $GBTC tokens to predict Bitcoin price trends and earn exponential rewards. Owing to its unique value proposition, analysts such as Jacob Bury are bullish on Green Bitcoin, revealing that it could offer up to 10x returns after its launch.
Visit Green Bitcoin Presale
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Source: https://www.cryptonewsz.com/bitcoin-price-remains-under-70k-green-bitcoin-presale-nears-2-million/