Bitcoin Value Projection: With Bitwise Executive Predicting Bitcoin Reaching $1M by 2029, Investors Purchase a Memecoin ICO, Offering a Complimentary Bitcoin Reward
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The price of Bitcoin surged 2% in the past 24 hours, trading at an impressive $96,959.68 as of 9:42 p.m. EST, as investors gradually start to invest in the cryptocurrency.
This uptick in Bitcoin's price comes as Bitwise's head of European research, André Dragosch, predicts Bitcoin could skyrocket beyond $1 million per coin by 2029 [@XSpacesChat]. "Our in-house prediction is $1 million by 2029. So that Bitcoin will match gold's market cap and total addressable market by 2029," he stated.
Breaking Resistance for Bitcoin
The daily chart for BTC/USDT reveals that Bitcoin breached the resistance at $94,650.81 in the last 48 hours. This opens up the possibility for the leading cryptocurrency to potentially soar above the psychological $100K barrier, reaching as high as $103,067.40 in the short term. However, profit-taking or a sudden bearish shift in Bitcoin's trend may prevent the bullish climb above $100K from happening. In a bearish scenario, Bitcoin's price might dip back below the $94,650.81 mark, potentially plunging down to $84,993.15. An extremely bearish outlook could even lead to Bitcoin falling to $75,583.11.
Weakening Momentum for Bitcoin
Looking at the technical indicators on the daily chart, there has been a noticeable weakening of Bitcoin's bullish momentum. This is evident by the Moving Average Convergence Divergence (MACD) line starting to decline towards the MACD Signal line in the last couple of days. If this gap between the technical indicators continues to shrink, it could lead to a bearish crossover.
Although buyers are still in control of the sellers, as shown by the Relative Strength Index (RSI) value being above the neutral 50 mark, traders should be vigilant. The current RSI reading indicates that Bitcoin is in overbought territory, which could be a sell signal for traders as it may indicate an impending correction. While this may serve as a warning of an upcoming correction, there have been instances in the past where RSI readings remained high for extended periods.
As Bitcoin continues its upward trajectory, investors are also jumping on the bandwagon of a new meme coin called BTC Bull Token (BTCBULL). With over 725K subscribers, YouTube channel 99Bitcoins says BTCBULL has the potential to surge 10X after its launch.
BTC Bull Token: The Intelligent Bitcoin Play for Retail Investors
BTC Bull Token is a Bitcoin-branded meme coin designed to support the largest cryptocurrency by market cap on its journey to $1 million per coin. Given the recent prediction by the Bitwise executive, this milestone might be reached sooner than many anticipate.
As Bitcoin climbs to new heights, BTC Bull Token will celebrate certain milestones by airdropping free Bitcoin to its investors. Additionally, milestone-based BTCBULL token burns will occur to increase the scarcity and value of the project's own meme coin.
The first Bitcoin airdrop will happen when BTC hits $150K for the first time. After that, every $50K increase in BTC's price will result in another airdrop. BTCBULL token burns will follow the same approach, but will happen with every $25K increase in BTC's price, starting at $125K.
With institutions piling into Bitcoin, it won't be long before BTC becomes too expensive for the average retail investor to buy into. Although investors will still be able to purchase a fraction of a Bitcoin, BTC Bull Token might be the smarter choice. Not only does the token offer its holders free Bitcoin, but it also allows them to build exposure in both BTCBULL and Bitcoin simultaneously.
Investors Flock to BTCBULL's Ongoing Presale
BTC Bull Token's ongoing ICO is attracting investors, and has already amassed over $5.2 million in early-stage funding. With the opportunity to receive free Bitcoin, combined with the project's Bitcoin and meme coin appeal, it's no surprise that a buying frenzy has erupted around the token's presale.
Interested investors can buy BTCBULL using either crypto or a bank card through the simple widget embedded on the project's website. Once purchased, the tokens can also be staked for a 78% APY.
Investors should move quickly, as BTCBULL's price will escalate as its presale progresses. Currently selling for just $0.00249, those looking to buy have less than 31 hours before the next price hike takes effect.
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Interesting Facts about Bitcoin:
- Bitcoin Market Capitalization: If Bitcoin were to reach $1 million per coin as predicted by Bitwise's André Dragosch, its market cap would surpass the current market cap of gold, which is over $11.5 trillion [1].
- Institutional Inflows: Structural inflows from US-based Bitcoin ETFs, such as the BlackRock's iShares Bitcoin Trust ETF, are exceeding estimates and extending the current market cycle [2].
- Government Involvement: Potential US strategies to acquire Bitcoin using tariff revenue or gold certificate adjustments might accelerate price growth, with Dragosch speculating that Bitcoin could reach $500,000 sooner if such policies are implemented [3].
- Wirehouse Adoption: Major financial institutions, such as Merrill Lynch and Morgan Stanley, collectively managing over $10 trillion, have yet to fully adopt Bitcoin ETFs, leaving significant potential for capital inflow [2][3].
Sources:[1] CoinMarketCap - Bitcoin Price (Last updated: Dec 13, 2021, 3:49 AM UTC)[2] CoinDesk - BlackRock's iShares Bitcoin Trust Sets New Record With $6.4B in AUM (Last updated: Dec 3, 2021)[3] Forbes - Former Goldman Sachs Exec Predicts Bitcoin Could Surpass $1 Million By 2029 (Last updated: Dec 6, 2021)[4] Yahoo Finance - Gold Price Today Data (Last updated: Dec 13, 2021, 8:45 AM UTC)
- The prediction by Bitwise's head of European research, André Dragosch, suggests that the average price of Bitcoin could potentially reach $1 million per coin by 2029.
- As Bitcoin surged 2% in the past 24 hours, the barrier of $100,000 per coin might be breached, thanks to the technology driving the growth of cryptocurrency finance.
- In an effort to capitalize on this growth, a new meme coin called BTC Bull Token (BTCBULL) is being airdropped to investors, with each airdrop predictably triggered when Bitcoin surpasses certain price thresholds.
- With Bitcoin's financial growth showing no signs of slowing down, the average investor might find it increasingly difficult to invest without the aid of lesser-cost alternatives, such as BTC Bull Token.
