Bitcoin has seen a resurgence in price over the past week, breaking the $52,000 barrier on Wednesday for the first time in over two years. This latest price rally comes on the back of growing institutional adoption and ahead of Bitcoin’s upcoming halving event in April 2024.
In parallel, new crypto project InQubeta has been gaining traction through its presale, showing there is still appetite among investors for this project.
Bitcoin Price Analysis: Can It Withstand Looming Threats?
Bitcoin has been trading inside an ascending channel since February 7th, bouncing between clearly defined support and resistance levels marked by blue lines on the chart below. This channel points to a bullish uptrend, with the next major upside target around $55,000.
As long as Bitcoin holds above the former resistance, now turned support at $50,000, momentum remains positive. This big round number also represents an important psychological threshold for market participants.
With Bitcoin’s quadrennial halving event approaching in April 2024, history suggests we could see more upside price action in the coming months. Prior to previous halvings, Bitcoin has tended to stage pre-halving rallies. As the pace of new BTC creation halves, basic supply and demand economics might potentially mean BTC price will jump even higher.
However, some threats loom over Bitcoin’s short-term outlook, as reported by Spot On Chain today via X (formerly Twitter). Crypto investment firm Genesis recently received court approval to sell $1.3 billion worth of Grayscale Bitcoin Trust shares (GBTC) on February 15, 2024. When crypto exchange FTX sold over $1 billion in GBTC last year, Bitcoin’s price dropped from $49,000 to $39,000 over the course of January this year.
In addition, the US government filed notice in late January regarding an upcoming sale of 2,875 BTC worth around $150 million seized from the Silk Road dark web marketplace years ago. With the government sitting on around 208,000 BTC, periodic sales like this can impact market pricing. Back in July 2023, an alleged government sale of 8,200 BTC via Coinbase coincided with a Bitcoin drop from $30,800 to $30,200.
How heavily these events will weigh on Bitcoin’s market remains to be seen. But with strong network fundamentals like increasing hash rate powering the blockchain, as well as rising mainstream adoption, there are good reasons to be optimistic about Bitcoin in the medium to long term.
Popular Analyst Issues a Warning According to Useful Indicator
Popular crypto analyst Ali tweeted a warning about the state of Bitcoin’s price chart earlier today:
“Warning! The TD Sequential presents a sell signal on #Bitcoin daily chart, anticipating a one to four daily candlesticks correction. Note that the buy and sell signals this indicator has shown since December 2023 have all been validated.”
The TD Sequential is a technical indicator that uses a series of ascending green 9s and descending red 9s to identify potential turning points in an asset’s price action. According to Ali, Bitcoin’s daily chart has printed a sell signal in the form of a red 9 candlestick, as seen on his chart below:
This indicates the potential for a short-term price correction playing out over the next one to four days. So far, the buy and sell signals produced by this indicator going back to December 2023 have proved accurate in picking major multi-week tops and bottoms.
If Bitcoin’s price does see a pullback in line with this TD Sequential signal, it could provide a healthy period of consolidation before any continued upside. But the long-term bull trend would remain intact as long as support levels hold firm.
InQubeta Presale and Its Fresh Approach
InQubeta has grabbed attention for its approach to blockchain investing targeted at the burgeoning AI sector.
This beginner-friendly cryptocurrency aims to improve access and availability of funding for AI startups through crypto-based crowdfunding. Inqubeta will allow these startups to mint equity-based NFTs representing investment opportunities. Investors can then own fractionalized portions of these NFTs to gain early exposure to promising AI ventures.
Central to Inqubeta’s model are its ERC-20 QUBE tokens, which turn startup equity and rewards into easily tradable digital assets. With a fixed max supply and deflationary tokenomics that sees 2% of transactions burned, QUBE looks attractive for investors seeking undervalued gems with real-world backing.
The presale has already raised over $9.6 million as of writing, approaching the $10 million milestone. Inqubeta’s native QUBE token is currently priced at 0.0224 USDT in the ongoing presale. With the next stage slated to see the price rise to 0.0255 USDT. So far, the presale has seen decent demand, with over 795 million tokens sold already.
Inqubeta boasts an engaged community across social media; their X (formerly Twitter) account, has over 44,000 followers and provides frequent updates on the presale’s progress and the team’s vision. Additionally, Inqubeta’s Telegram group has already attracted around 22,000 members who actively discuss the project’s goals and potential.
By aligning incentives and connecting investors to cutting-edge startups, Inqubeta might be a coin that investors and traders around the world may add to their respective watchlists.
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