Bitcoin Price Prediction: Arthur Hayes says BTC bottoms, “Mr.100” buys for the first time since halving, 99BTC reaches $1 million.

The price of Bitcoin has risen 2% over the past 24 hours, trading at $59,165 as of 2:55 a.m. ET, while trading volume has plummeted 29% to $29.6 billion.

This comes as former BitMEX CEO Arthur Hayes believes Bitcoin has bottomed and will continue to rise in the coming months.

“With billions of dollars of liquidity slowly being added each month, negative price movements will be less likely in the future,” he said. “While we do not expect cryptocurrencies to immediately fully recognize the inflationary nature of the recent US currency announcement, we do expect prices to hit a bottom, break away, and slowly begin to rise.”

BTC hit a low of around $56,800 this week, but Hayes said it would rebound above $60,000 and then remain in a range between $60,000 and $70,000 until August.

The recent drop prompted a BTC whale company nicknamed “Mr. 100” to purchase Bitcoin for the first time since the Bitcoin halving event. The Mr. 100 whale wallet purchased over 4,100 BTC worth over $242 million at around $58,000.

⚡️ Just said: ‘Mr. 100′ buys Bitcoin dip for first time since halving. Is BTC at the bottom?

Mr. 100, previously identified as Upbit, bought $147 million worth of Bitcoin for the first time since the halving, signaling the end of the current retracement. pic.twitter.com/KjjtLoD5Ut

— Big Trader (@vicsocialtrader) May 3, 2024

Bitcoin price expected to surge above bullish pennant pattern

The price of Bitcoin has risen steadily since October of last year, breaking an annual high, exceeding the previous high (ATH) of $69,000 and hitting a new ATH of $73,737. However, this level remains a challenge for the bulls. The price fluctuated within this range, forming a bullish pennant.

The recent decline pushed BTC above the pennant’s lower bound and breached the critical $60,000 support level at $56,800. This level acted as local support set to encourage bulls to push prices higher.

BTC is trading above its 200-day simple moving average (SMA), confirming its upside potential. A continued bullish stance could allow BTC to overcome the 50-day SMA hurdle of $66,096.

Moreover, the relative strength index (RSI) is currently at 36, rebounding from the oversold level of 30. This is a sign that buyers are now buying. If the buying trend continues, the RSI could surge towards the 50 mid-line, heading towards the 70 overbought area, indicating intense buying pressure.

Bitcoin price prediction

Bitcoin price analysis shows that BTC is poised for a price increase above the bullish pennant as bulls target a new ATH of $85,000.

With RSI already above the 30 oversold zone, a BTC rally could trigger a buyback campaign, which could deliberately push the price above the $73,000 resistance.

Conversely, if bears control the price at this level, Bitcoin could return to the support area at $49,636, which is in line with the 200-day SMA.

Meanwhile, as BTC price appears to be heading north, investors are diversifying their portfolios with a $99 BTC pre-sale, which quickly raised $1 million.

99Bitcoins Raises Over $990,000 – The Best Cryptocurrency to Buy Now?

The 99Bitcoins (99BTC) education platform has over 700,000 subscribers on its YouTube channel and over 2 million people enrolled in its website courses. We take a simplified approach through interactive videos to make learning about the blockchain space easier and more fun.

99Bitcoins now aims to create a decentralized platform where people can easily learn about cryptocurrencies and leverage their education to earn tokens.

The Learn-to-Earn model utilizes a combination of gamification and a leaderboard reward system. In other words, you can earn cryptocurrencies by learning about them.

99Bitcoins also integrates with BRC-20, paving the way for building dApps on the Bitcoin network.

Users also have the opportunity to earn passively through the platform’s staking mechanism, which offers annual percentage returns (APY) of a whopping 1,833%.

According to Jacob Bury, a popular cryptocurrency analyst on YouTube, 99 BTC has the potential to turn $1,000 into $10,000.

You can buy 99 BTC now for $0.00103 and the price increase will occur within 6 days. If you are interested, hurry up and purchase it at the lowest price.

To participate in the pre-sale, purchase $99BTC on the official website here. You can purchase tokens using ETH, USDT or bank cards.

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