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Bitcoin’s price has risen a fraction of a percentage point over the past 24 hours to trade at $54,916 as of 3:46 a.m. EST on trading volume that has surged 42% to $22 billion.
According to crypto analyst Michaël van de Poppe, the situation could get even worse before it gets better.
He sees BTC plunging to $45,000 before Federal Reserve rate cuts, a weakening US economy and liquidity injections from China help spark “the greatest bull cycle of all time.”
Big #Bitcoin Crash imminent?
This is the feeling and the main question.
Cryptocurrency markets have been terrible in their return to 2024, during which the general consensus is that a big crash is coming.
I talk about it in my last video:My short… pic.twitter.com/iVl7TkBkHE
– Michaël van de Poppe (@CryptoMichNL) September 8, 2024
Bitcoin Price Prediction: BTC Could Maintain Downtrend
Bitcoin price has been on a downtrend in September, switching to a bearish phase, breaking above the $59,000-$62,000 resistance zone. BTC has broken above the yellow ascending trendline, indicating a shift from an uptrend to a downtrend.
The recent downtrend has also forced Bitcoin price to trade below the 50-day and 200-day simple moving averages (SMAs), confirming the current price correction.
Additionally, the Relative Strength Index (RSI) appears to be rebounding from the oversold zone of 30 as it moves higher towards the neutral zone, currently at 41, indicating that buyers are now preparing to buy at this point.
The fair value gap (FVG) between $45,000 and $50,000 remains a long-term target for continued downside.
BTCUSDT pair graphical analysis (Source: Tradingview)
If the bearish trend continues, Bitcoin could drop to $45,000.
However, if the bulls stage a bullish trend reversal, BTC could surge above the $62,000 resistance as they target the $69,000 resistance.
As Bitcoin Prices Remain Uncertain, Investors Rush to Buy Meme Games (MGMES)whose pre-sale is still ongoing in less than a day.
The Meme Games offers last chance to purchase one day before launch
The Meme Games, which raised more than $442,000,introduces an Olympic-style competition into the meme space, featuring iconic internet memes such as Dogecoin, Pepe, Dogwifhat, Brett, and Turbo.
LATEST CRYPTOCURRENCY NEWS
Meme Games’ presale raised over $100,000 in its first 24 hours, drawing attention to the booming memecoin industry. #partnercontent Contact us @ pic.twitter.com/YwzyP2glE4— InnovatekMobile (@Neome_com) July 17, 2024
Investors can back one of these five meme athletes in a virtual competition by purchasing MGMES tokens. If your chosen meme wins, as randomly determined through blockchain technology, you will receive a 25% bonus on your initial investment.
Such a unique concept rewards pre-sale buyers with symbolic bonuses for winning events, adding an exciting competitive element.
The selection of a meme athlete is done randomly and is verified by blockchain technology, which ensures fairness.
Token holders can also earn passively through the project’s staking mechanism by $MGMES purchase and staking for an impressive annual percentage yield (APY) of 443%.
According to 99Bitcoin, a top YouTube channel with over 706,000 subscribers, $MGMES could increase 100x after its launch tomorrow.
Buy $MGMES tokens for $0.00945 each on the official website here using ETH, BNB, USDT or a credit card. Buy now to earn a 25% bonus on your investment.
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