Bitcoin Price Prediction: Peter Brandt Says BTC’s Drop Is Similar To Start Of 2016 Bull Run As Investors Buy The Dip With This P2E DOGE Derivative

The Bitcoin worth climbed 3% within the final 24 hours to commerce at $55,419 as of 00:29 a.m. EST on buying and selling quantity that surged 76% to $93 billion.

This comes as veteran dealer Peter Brandt says Bitcoin’s fall because the April 2024 halving is much like the worth actions forward of the 2016 bull run.

Please be aware that $BTC decline since halving is now much like that of the 2015-2017 Halving Bull market cycle pic.twitter.com/cIm3WKzBog

— Peter Brandt (@PeterLBrandt) August 5, 2024

Simply earlier than the 2016 halving and in the course of the occasion, BTC was buying and selling at $650. The markets then retreated to a subsequent low of $474 earlier than rebounding to $20,000 in December 2017.

Can Bitcoin soar once more within the coming months after such a big drop?

Bitcoin Worth To Proceed Hovering

The Bitcoin worth continued to say no in August, dropping from a $67,236 excessive inside a falling channel sample, as information from GeckoTerminal exhibits.

Yesterday, Bitcoin’s worth dropped beneath the falling channel to as little as $49,800. Nonetheless, the worth appears to be rebounding from beneath the channel’s decrease boundary, now buying and selling inside its higher boundary.

The bullish stance is clear because the Relative Power Index (RSI) rebounded from the oversold degree to surpass the 50-midline degree and is now at 55, which signifies that consumers have the higher hand.

Furthermore, the Transferring Common Convergence Divergence (MACD) can also be bullish, because it climbs up towards the impartial line aiming to beat it. The blue MACD line additionally crosses above the orange sign line, which represents a bullish crossover.

Bitcoin Worth Prediction

The RSI hovering and the MACD forming a bullish crossover create bullish prospects for optimistic buyers, who might add to their shopping for positions.

If the shopping for sustains, the worth of Bitcoin might soar above the falling channel because the bulls goal the $65,500 resistance.

In the meantime, BTC nonetheless trades beneath each the 50-day and 200-day Easy Transferring Averages (SMAs), which exhibits that the BTC worth might nonetheless hunch. If this occurs, bears might take management at this degree, which might push the worth of Bitcoin to the following help zone of $49,693.

Because the Bitcoin worth climbs, so funds are being pumped into the P2E challenge PlayDoge (PLAY), which has rocketed to inside a whisker of $6 million in funds raised in its presale.

PlayDoge Meme Coin Raises Over $5.98 Million – Greatest Meme Coin To Purchase Now?

PlayDoge is a mobile-based play-to-earn (P2E) sport that transforms the DOGE meme right into a Tamagotchi-style digital pet whereas permitting holders to earn $PLAY tokens.

The sport is impressed by the basic 90s Tamagotchi sport and gives gamers enjoyment and the chance to earn rewards within the native token $PLAY relying on how properly they give the impression of being after their pets.

Stack $PLAY and reside life on straightforward mode 🌊 💰

Be part of the #Presale 👇 https://t.co/JT0VEofqf2 pic.twitter.com/QVL6JOvjvd

— PlayDoge (@PlayDogeGame) July 29, 2024

Token holders also can stake their holdings for an eye fixed watering 81% annual proportion yield (APY).

Crypto YouTuber Jacob Bury says $PLAY might doubtlessly surge 10X after its launch.

You should purchase $PLAY tokens for $0.00526 every proper now. With a worth hike coming in a bit greater than a day, purchase quickly if you wish to lock in one of the best deal.

To hitch the presale, purchase $PLAY from the official web site right here utilizing BNB, USDT, or a financial institution card.

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