Bitcoin Price Prediction: With BTC surging past $72,000, experts say this eco-friendly alternative to Bitcoin could be the best cryptocurrency to buy right now.

adminMarch 13, 2024

join us telegram A channel to stay up to date on breaking news coverage

Bitcoin price rose 10% last week, trading at $72,327 as of 02:20 EST.

However, Bitcoin price rose slightly on the last day as trading volume decreased by 5%. The cooling has given altcoins time to shine, with the likes of Avalanche (AVAX) posting double-digit gains.

#Bitcoin Yesterday we retested the 2021 cycle high and bounced back immediately.
Let’s integrate this here for a moment. #altcoin Run a little and send it higher. pic.twitter.com/74IOBpbCns
— Jelle (@CryptoJelleNL) March 13, 2024

Nonetheless, the Bitcoin price continues to hover above the $72,000 threshold as the market expects BTC to halve in a little over five weeks.

In just 37 days, Bitcoin has become the most difficult asset known to mankind, with its supply growth falling to half that of gold. This will be the largest and most significant halving in Bitcoin history. Are you ready? pic.twitter.com/a4mbOm1Wzp
— Charles Edwards (@caprioleio) March 13, 2024

“(Bitcoin) has broken its fourth cycle all-time high (ATH), rising above $72,000,” he added, according to a recent survey by Glassnode, a blockchain data and intelligence platform. euphoria.

#Bitcoin It rebounded above $72,000, breaking its fourth cycle high and bringing sentiment one step closer to euphoria.
The traditional transfer of wealth from the group of HODLers to speculators is now well underway, with spot profit taking and demand increasing significantly. pic.twitter.com/R11kE90W89
— glassnode (@glassnode) March 12, 2024

Bitcoin price prediction as BTC market goes into euphoria

Bitcoin price is facing resistance due to the $73,000 threshold and there is potential for further upside. This signifies rising momentum and can be seen in the rising Relative Strength Index (RSI), which is strengthened by the increasing trading volume of the Awesome Oscillator (AO), implying a strong presence of bulls in the BTC market.

As the bullish trend remains strong, the increasing bars on the green flashing volume indicator also reinforce the bullish outlook. Strengthening buyer momentum among the bulls could see Bitcoin price break past the $73,000 blockade and reach the psychological level of $80,000. Such a move would result in an upside of about 8% from current levels.

Bitcoin Bitcoin

TradingView: BTC/USDT 1-week chart

On the other hand, if traders start cashing out the profits they have made so far, the Bitcoin price may fall and fall below the $69,000 threshold first. Strengthening seller momentum could push BTC price into the supply zone between $62,278 and $65,618. However, to confirm the continuation of the downtrend, Bitcoin price would need to break and close below the $64,044 average threshold.

On-chain indicators support Bitcoin price bullish outlook

IntoTheBlock’s Global In/Out of The Money (GIOM) indicator shows that Bitcoin price is facing no resistance on its way north. Instead, the pioneering cryptocurrency enjoys strong support on the downside.

The area between $48,659 and $69,339 is particularly interesting. Nearly 2.86 million BTC tokens are held in approximately 6.55 million addresses, purchased at an average price of $57,764. Any efforts to drive the price down will be countered by buying pressure from these addresses looking to buy the dip.

Giom Giom

BTC GIOM

More specifically, the In/Out of the Money Around Price (IOMAP) indicator shows that the area between $67,800 and $71,519 is strongly supportive of the Bitcoin price. Any efforts to push the price below this level will be opposed by strong buyer momentum from all addresses holding BTC within that range.

IOMAP IOMAP

BTC IOMAP

While the Bitcoin price struggles to regain its all-time highs, investors looking to diversify their profits can invest in GBTC. This comes as some experts say this eco-friendly alternative to BTC is the best cryptocurrency to buy right now, with a 10x upside potential upon launch.

A promising alternative to Bitcoin

GBTC is a token that powers the green Bitcoin ecosystem. This cryptocurrency project meets users at the intersection of Bitcoin’s legacy and Ethereum’s eco-friendliness. It uses a prediction-profit mechanism where participants take part in daily and weekly BTC price prediction challenges for attractive rewards.

Introducing Green Bitcoin: A revolutionary yield prediction token.
Join the Gamified Green Stake platform where your predictions can turn into profits!
Website: https://t.co/dG5cEeCtRs
Telegram: https://t.co/bWanoe0vHv pic.twitter.com/eXuGQBkxio
— GreenBitcoin (@GreenBTCtoken) December 3, 2023

Offering annual returns of around 126%, token staking is a big attraction. Already 4.5 million tokens have been staked with distribution rewards set at a rate of 1.6026 $GBTC tokens per Ethereum (ETH) block.

Rewards will be paid out over five months, after which the so-called Gamified Green Bitcoin Stake will be launched. Following a gamified staking mechanism, holders predict the Bitcoin price in daily contests and earn rewards when they are correct.