Bitcoin Price Prospect: Mocked by Peter Schiff and Michael Saylor over Jim Chanos' MSTR bet, surging ICO disbursing Bitcoin
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The Bitcoin price has seen a minor dip, shedding around 1% of its value in the past 24 hours to touch $102,421 as of 3:44 a.m. EST, while trading volume declined by 12% to $27.7 billion.
Bitcoin's slide also caught the attention of long-time Bitcoin critic Peter Schiff, who recently had an intriguing take. In a surprising twist, Schiff acknowledged that BTC might eventually have a legitimate use case, albeit not the one crypto advocates had envisioned.
Schiff was responding to rumors about Jim Chanos, a well-known short-seller, having invested in Bitcoin. Chanos reportedly bought Bitcoin to hedge his short position in Michael Saylor's new company, MicroStrategy.
Schiff tweeted, "I've often said there's no actual use case for Bitcoin. Turns out I was wrong. @RealJimChanos found a valid reason to own Bitcoin. He bought it to hedge his short position in $MSTR. So @Saylor has ironically created a use case for Bitcoin, just not the use case he had in mind."
The saga continues as MicroStrategy, led by Michael Saylor, has been stockpiling BTC, with holdings creeping up towards 570,000 coins. Schiff playfully sniped that MicroStrategy may have inadvertently brought about a fresh use case for Bitcoin, enabling investors to safeguard themselves against the company [1].
Bitcoin Price Ready for More Growth – Signals 7% Upsurge
Taking a closer look at the Bitcoin price chart reveals a robust bullish trend. The price structure, characterized by a well-respected ascending channel that's been in play since mid-2023, underscores Bitcoin's bullish outlook [2].
Breaking out from a rounded bottom, a classic reversal pattern, and rebounding from horizontal supports have led to a promising upward trend.
An examination of technical indicators on the 3-day chart reveals that:- The 50 Simple Moving Average (SMA) at $92,708 acts as near-term dynamic support.- The 200 SMA at $66,969 underlines the longer-term bullish trend.- The Relative Strength Index (RSI) is at 65.99, just shy of the overbought region, but still granting room for further positive movement.- The Moving Average Convergence Divergence (MACD) points towards buying momentum with the MACD line above the signal line, and the histogram bars increasing.
Built upon the bullish structure, positive momentum, and recent breakout, the BTC price appears geared up for further upside. A sustained upward trend could potentially see Bitcoin reaching the next resistance level at $110,000.
However, being close to the upper channel resistance and with the RSI approaching 70, a brief pullback is possible, with $90,358 serving as a strong support.
Meanwhile, the hype around a new Bitcoin-themed meme coin, BTC Bull Token (BTCBULL), has skyrocketed.
Leading YouTuber, Jacob Bury, with over 56.3k subscribers, said BTCBULL has the potential to multiply 10X after launch [3].
BTC Bull Token Presale Approaching $6 Million – Could It Challenge Bitcoin?
BTC Bull Token is a unique project offering token holders free Bitcoin rewards without the need for direct investment in BTC.
The presale event has already gathered over $5.78 million, demonstrating growing interest from investors.
In addition to receiving free Bitcoin when BTC hits preset price milestones, BTCBULL holders can also earn passive income through token staking, securing an annual percentage yield (APY) of 72%.
The BTC Bull Token team will also implement token burns, aiming to replicate Bitcoin's footsteps by increasing scarcity and value.
Investors keen on participating in the presale can head over to the official BTC Bull Token website to buy BTCBULL for $0.00251 each using BNB, ETH, USDT, or bank cards.
Don't miss out on securing the best deal before the price spikes in less than 1 hour!
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