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Bitcoin’s price surged by 4% in the last 24 hours to trade at $42,835 as of 5:20 a.m. EST as volume rose 5.5% to $24.9 billion.
The rise comes as Bitwise predicts the king of cryptocurrencies will hit a new all-time high of $80,000 next year, driven by the launch of BTC ETFs and the halving.
Bitcoin Price Prognosis
Despite a price drop in the past week, Bitcoin is still up 18% up over a month and is 141% higher compared with a year earlier.
As for the coin’s short-term performance, its price seems hesitant to go on another rally following its rejection after reaching the $44k resistance.
So far, the coin has recovered to just under $43k, but it seems to lack the motivation to overcome this level.
Even so, its long-term performance is still bullish, and it was confirmed after the coin managed to preserve the $41k support level.
As long as Bitcoin stays above the support at $41k, the possibility of returning to $44k and potentially surpassing it will also remain.
On the other hand, it is also possible that the coin will soon retest the support again, as some technical indicators show that its price is struggling to grow.
Specifically, the coin’s RSI score shows that it is overbought territory, while the Bollinger bands are more narrow than any point in the last four days.
Both are bearish signals, which suggest that BTC is likely to be rejected by the resistance level between $43k and $44k and possibly retest the support at $41,000.
Bitcoin Price: Promising Alternative to BTC
For investors looking to diversify or in search of higher short-term gains, a presale with much potential right now is Bitcoin ETF Token (BTCETF).
The project is designed to capitalize on spot Bitcoin ETF approvals. It has established a series of milestones, each of which will provide rewards for BTCETF holders.
The token is closing in on $4 million raised in presale and is selling for $0.0068.
@conio teams up with @coinbase to expand digital asset offerings for Italian banks, with plans to support up to 50 #Tokens by 2023.
Europe’s embracing #Crypto with initiatives like Markets in crypto assets regulation. 🌍
What digital assets do you think will gain traction next… pic.twitter.com/DPg0m5yJQB
— BTCETF_Token (@BTCETF_Token) December 11, 2023
Those interested in buying the token can do so in exchange for ETH or USDT. Alternatively, they can also buy it via credit or debit card.
To buy BTCETF, visit the official website here.
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