Bitcoin Price Prediction: CryptoQuant Warns Of BTC Liquidity Crisis On TradFi Demand As Analysts Say This Bitcoin Alternative Might Be The Best Crypto To Buy Now

The Bitcoin worth climbed 1% during the last 24 hours to commerce at $67,928 as of 8:50 a.m. EST because the king of cryptos continues to trip a wave of Bitcoin ETF (exchange-traded fund) liquidity.

This comes because the chief govt of CryptoQuant, Ki Younger Ju, tells his 335,600 followers on X that conventional finance buyers are accumulating round 6,896 BTC per day.

”They amassed 103,726 BTC over the previous 7 days,” Ki stated. “It’s an unprecedented level of accumulation.”

Ought to buyers proceed to scoop up BTC at this tempo, he predicts that Bitcoin will see a sell-side liquidity disaster this 12 months.

The Bitcoin Price Approached A Vital Juncture

4-hour chart for BTC/USDT (Supply: TradingView)

The Bitcoin worth has been in a consolidation part between $65,600 and $68,900 over the previous 48 hours. It has, nevertheless, printed a sequence of upper highs and better lows within the final couple of days, ensuing within the formation of a optimistic pattern line. This may result in BTC breaking out of the present sideways channel in direction of the upside quickly.

The subsequent 8 hours can be essential for the Bitcoin worth. If it is ready to overcome the resistance at $68,900 throughout this era, it could proceed climbing within the following 24-48 hours.

Conversely, failing to shut a 4-hour candle above this barrier within the coming 8 hours may invalidate the bullish thesis. On this different situation, BTC could retest the $65,600 help stage. If bears hold exerting stress on BTC at this level, then it may fall to as little as $62,600 within the quick time period.

A possible early indication of this bearish situation taking part in out can be when the Bitcoin worth falls beneath the aforementioned optimistic pattern line.

Technicals Give No Clear Sign Of What’s Subsequent For The Bitcoin Price

Technical indicators recommend the Bitcoin worth is at a decisive level, with no indication of what BTC will do subsequent. Each the Shifting Common Convergence Divergence (MACD) and the Relative Energy Index (RSI) indicators on the 4-hour chart recommend the market continues to be making an attempt to find out BTC’s future actions. 

Though the RSI is positioned bullishly above its Easy Shifting Common (SMA) line, the hole between the 2 traces is nearly negligible. BTC’s upside potential can be virtually equal to its draw back potential, because the RSI rests in impartial territory at 50.

The MACD line can be close to the identical stage because the MACD Sign line, giving no clear indication of whether or not BTC will rise or fall within the quick time period. Merchants and buyers could need to keep watch over how BTC reacts across the approaching apex connecting the optimistic pattern line and the $68,900 resistance stage to try to gauge BTC’s subsequent actions.

Whereas buyers attempt to determine what’s subsequent for the Bitcoin worth, they may take into account diversifying through the Inexperienced Bitcoin presale, which is surging in direction of $2.5 million in funds raised.

A Extra Eco-Pleasant BTC

Inexperienced Bitcoin (GBTC) goals to be a extra eco-friendly different to the market chief. To obtain this, the altcoin was deployed on the computationally cheaper Proof of Stake Ethereum community, versus the power intensive Proof of Work Bitcoin blockchain.

Introducing Inexperienced Bitcoin: A Revolutionary Predict-To-Earn Token.

Be a part of us on our Gamified Inexperienced Staking Platform, the place your predictions can flip into income!

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— GreenBitcoin (@GreenBTCtoken) December 3, 2023

Being an Ethereum-based token implies that GBTC can supply a local staking answer to buyers that’s not reliant on third celebration suppliers, which it does.

However GBTC’s staking program is a extra gamified answer. Token holders are in a position to take part in each day challenges to check their Bitcoin prediction expertise. By way of their gamified engagement with the staking platform, buyers stand to win important rewards, together with bonuses as excessive as 100%.

Potential To Surge On BTC Rally, Bitcoin Halving

Bitcoin’s newest rally and the introduction of institutional buyers into the combination could also be extraordinarily helpful for smaller Bitcoin spinoff tasks comparable to Inexperienced BTC. The token can be poised to trip a wave of optimism forward of the upcoming Bitcoin halving. 

GBTC tokens are promoting for $0.6882 and buyers can use ETH, USDT or a financial institution card to accumulate them. Traders will need to hurry although, because the altcoin’s worth is about to extend within the subsequent levels of its presale.

GBTC might be bought right here.

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