Bitcoin Price Prediction: 99BTC Races Towards $2 Million as BTC Pumps 6% on CPI Data, New Vanguard CEO Drops BTC ETF.

adminMay 16, 2024

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The price of Bitcoin has surged 6.2% over the past 24 hours, trading at $65,959 as of 1:36 a.m. ET, with trading volume surging nearly 60%.

This follows data showing that U.S. inflation, as measured by the Consumer Price Index (CPI), fell to 3.4% in April from 3.5% on an annualized basis in April.

🌟 US April CPI rose 3.4%, Bitcoin soared to $64,000! 🚀
📉 CPI fell from 3.5% in March to 3.4% in April.
🎯 The data met expectations, giving the Fed more room to cut interest rates.#CPI #Bitcoin #Cryptocurrency #Financial News #Economic trends pic.twitter.com/bjTMJ7S5uS
— Trading Link (@TL_TradingLink) May 16, 2024

Bitcoin price soared 7.5% immediately after launch, reaching $66,350 due to expectations of a possible interest rate cut by the Federal Reserve.

Meanwhile, cryptocurrency trading company QCP Capital predicted that the price of Bitcoin could rise to $74,000, citing factors such as macroeconomic catalysts and increased institutional demand.

Meanwhile, new Vanguard CEO Salim Ramji, who is considered a cryptocurrency expert, said a BTC exchange-traded fund (ETF) is not on the company’s table. Ramji will assume the role in July after joining BlackRock’s global ETF business. He led BlackRock’s IBIT filing and logistics.

Vanguard has appointed Salim Ramji as its new CEO. #Bitcoin BlackRock’s spot ETF. 🔥🔥
pic.twitter.com/Z991AmsHsW
— Ravi (@Crypt0xRavi) May 15, 2024

Vanguard CEO Delays Possibility of Launching BTC ETF

Initial speculation was that Ramji’s appointment could lead Vanguard to launch its own Bitcoin ETF. That went away after Ramji said the company would remain true to its anti-crypto “investment philosophy.”

“I think it’s important for companies to be consistent in terms of what they stand for and the products and services they provide,” Ramji said. interview With Barron’s, published May 15.

Nonetheless, Eric Balchunas, ETF analyst at Bloomberg Intelligence, said Ramji’s appointment as CEO could open up more opportunities for Vanguard’s BTC ETF in the future.

And yes, it is. Salim Ramji oversaw the filing and logistics of the following documents: $ goes And while he’s mentioned his interest in digital assets, I’m not sure if that will change Vanguard’s position, but he will become CEO. Who knows… the doors are much more open now IMO.
— Eric Balchunas (@EricBalchunas) May 14, 2024

Bitcoin price prediction

Bitcoin price is trading with a bullish bias after Wednesday’s divine candle. It faces resistance due to the upper trend line of the descending parallel channel. The higher the low point of the relative strength index (RSI), the greater the bullish momentum and the corresponding sentiment.

This is reinforced by the histogram of the Awesome Oscillator (AO) heading towards positive territory. A rising green AO shows that the most recent market momentum is bullish and bullish.

If the Bitcoin price breaks through the upper limit and posts a decisive candlestick above it during the day, it will reach an all-time high of $73,777. If we are very bullish, BTC could clear this hurdle and record new highs above it.

Bitcoin

GeckoTerminal: BTC/USD 1-day chart

On the other hand, Bitcoin price could fall if traders cash out the divine candle recorded on Wednesday. If the candle closes below the channel’s center line at $60,500, it could trigger panic selling. This could cause the Bitcoin price to reach the $58,000 threshold or, worse, fall to the May 1 low of $56,552.

Meanwhile, Bitcoin’s surge is good news for platforms like 99BTC. Crypto YouTuber Jacob Bury says the platform has the potential to turn $1,000 into $10,000.

A promising alternative to Bitcoin

99BTC is the native cryptocurrency supporting the 99Bitcoins ecosystem. The project’s ICO aims to revolutionize cryptocurrency education through a learn-to-earn model that gives investors the opportunity to earn passively by learning about blockchain. Completing the course will earn you $99BTC, which is similar to a cashback rewards program.

Our #Learn2Earn The platform is at the core of our mission to educate. 🤝
You can learn about a variety of topics here. #blockchain From basic to advanced trading strategies, unlock rewards for everyone!
Learn more: https://t.co/NXD7DAamqr#99Bitcoin #Cryptocurrency News $BTC pic.twitter.com/l9sjDsjOAb
— 99Bitcoins (@99BitcoinsHQ) April 27, 2024

The project also integrates with BRC-20 to allow building dApps on the Bitcoin network. The intention is to enhance the learning experience by gamifying Bitcoin education, as users who complete challenges and lessons can earn higher ranks and $99BTC tokens as rewards.

99 Bitcoin Presale Is Now Live | Learn and Earn BRC-20 Pre-sale Cryptocurrency | join… via https://t.co/PotaddSy0U @youtube
— Crypto Boy (@CryptoB786) April 19, 2024

99Bitcoins also has a staking platform that allows investors to stake $99BTC at an annual percentage yield (APY) of 1,343%. Users can also benefit from an ongoing $99,999 BTC airdrop for the community, with winners announced on July 19th.

The project has already raised nearly $1.3 million, meeting its $2 million goal.

Investors can now purchase 99BTC tokens for $0.00105. The price is scheduled to increase in 5 days, so purchase quickly for the best price.

Visit here to buy 99Bitcoins.