Bitcoin Price Prediction as Market Cap Hits $1.39 Trillion – Time to Buy or Sell?
BTC has dipped by 0.5% today, with the Bitcoin price more or less holding to the $70,700 level on a day when the crypto market has fallen by 1%.
Bitcoin remains up by 5.5% in a week, with its market cap returning to $1.39 trillion in the past 24 hours, in a sign of returning strength.
And while it is actually down by 3% in the last 30 days, its 135% gain in the past year highlights its medium-term strength, which may only intensify in the coming months.
Because with the next halving just over a week away, and with Bitcoin ETF volumes stabilizing and remaining high, BTC could see further rallies very soon.
While BTC has wavered a little this morning, it hasn’t suffered enough to derail its underlying momentum.
Its 30-day average (orange) continues to rise steadily above its 200-day (blue), a sign that it remains within a growth spurt.
Something similar is going on with its relative strength index (purple), which has risen above 50 today and looks like it could rise higher, in tandem with BTC’s price.
Possibly the most bullish sign right now as far as BTC’s chart is concerned is the fact that its resistance (red) and support (green) levels continue to converge, implying that the coin is nearing a tipping point that could result in a big rally.
BTC also remains the most popular coin in the market by a very wide margin, with CoinsShares’ latest report showing that some $13.5 billion has flooded into the coin from funds over the year to date.
By contrast, its nearest rival (ETH) has seen only $52 million in fund flows over the past 12 months, with this disparity unlikely to change anytime soon (unless Ethereum ETFs gain approval).
And as noted above, BTC still has the next halving to look forward to, and while this may result in a dip
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