Why the Bitcoin Price Could Be Set to Explode Higher

Bitcoin has dropped by 2% over the past 24 hours. At the time of writing, Bitcoin was trading at $20,156. Bitcoin made a notable bullish rally over the past 24 hours, but the momentum seems to be weakening over the past few days. Nevertheless, some factors could see Bitcoin exploding higher in the coming months.

Bitcoin price set to explode higher

Bitcoin has traded between $20,095 and $20,718 during the past 24 hours, showing that the coin is experiencing high volatility. During the past 24 hours, the bullish trend across the cryptocurrency market has faded, but the metric remains above $1 trillion.

Bitcoin’s trading volumes during the past 24 hours stand at $39 billion, which is a healthy volume, as it shows that the token is still attracting much attention from traders. On the other hand, sellers seem to be taking control of the market, showing that the massive volumes could be coming from the selling pressure.

Nevertheless, Bitcoin is currently at the highest volatility seen in weeks. Therefore, it is likely that the price could report some wild price swings, and if they are on the positive side, significant gains will be seen.

Bitcoin’s price chart

Bitcoin’s technical indicators show that the rally has cooled off, and there is a neutral sentiment between the buyers and the sellers. The Relative Strength Index (RSI) is at 48, which shows that BTC is neither in the overbought nor oversold territory.

A similar trend can be seen in the Moving Average Convergence Divergence (MACD) line, which is currently trending at the same level as the signal line. If the bears and bulls continue fighting for control, Bitcoin will likely continue consolidating.

Why Bitcoin could explode higher

While the price is currently showing signs of consolidation, there is a possibility that Bitcoin could head higher. One of the reasons that might prompt this is the easing of interest rate hikes by the Federal Reserve. If the Fed’s monetary tightening policies are no longer in play, it is likely that Bitcoin, as a risk asset, will look attractive to investors and rally higher.

Moreover, if Bitcoin manages to decouple from the stock market, volatility could spike, which will ignite a rally to higher levels. The correlation between Bitcoin and the stock market has been notably high this year, which has been seen in Bitcoin performing in tandem with stocks.

Altcoins to consider investing in

If you want to diversify your portfolio, some of the best cryptos to invest in are Dash 2 Trade, IMPT, and Calvaria.

Dash 2 Trade is a crypto signals platform whose native token, D2T, is currently in a presale. The D2T presale is currently in stage 2, having raised more than $2 million. At the time of writing, the presale had raised over $3 million.

You might also consider investing in the IMPT presale. The IMPT presale has raised over $11 million in stage two. IMPT is the native token of IMPT.io, a cryptocurrency project focused on lowering carbon emissions.

The Calvaria (RIA) presale is also performing well, as seen in the success of the first two presale stages. The presale has so far raised more than 400,000 USDT. Calvaria is a blockchain gaming project planning to revamp the play-to-earn space.

Related

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