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Bitcoin is close to reaching an all-time high, trading just below $69k, amid mixed analyst sentiments and the launch of a new project.
Bitcoin is on the brink of setting a new all-time high, with its price currently at $68.3K, a mere 0.83% shy of its record peak. The cryptocurrency has seen a significant increase, rising over 7% in the past day, raising anticipation of surpassing the previous $69K high soon.
Meanwhile, CoinMarketCap’s Fear and Greed Index is at 90, showing that the market is in a state of “extreme greed.”
This has led some analysts to predict a potential sell-off, with Captain Faibik warning that he is “expecting a shake out soon.”
Similarly, Ali Martinez holds a neutral outlook, alluding to short-term consolidation but long-term growth.
In a recent tweet, Martinez noted that the TD Sequential Indicator, a tool used to identify trend reversals, issued a Bitcoin sell signal on the 4-hour time frame. Based on this, we can expect a short-term pullback for BTC.
However, the analyst also points out that the amount of wallets holding over 1,000 BTC is continually increasing as the Bitcoin price rises.
Martinez describes Bitcoin whales as being on an “accumulation spree” and “hoarding more BTC.”
Meanwhile, other analysts believe Bitcoin may not retrace, instead speculating it could break its ATH and continue to rally.
Prominent analyst Kaleo recently weighed in on X, comparing the current market conditions and December 2020.
“This pump has the same feel as December of 2020 when Bitcoin was approaching ATHs at $20K, and didn’t look back after it broke above it,” he wrote.
Bitcoin’s rally towards its ATH before the halving is an unprecedented event, led mainly by institutional demand from spot ETFs.
According to the latest data, yesterday’s Bitcoin ETF trading volume was the second highest so far, at $5.5 billion.
But while Bitcoin has taken center stage, analysts anticipate a liquidity rotation to altcoins as the market advances.
YourFriendSommy noted that the Bitcoin ETF is the “Fastest growing ETF of all time” and says it is time to “wait for the fastest growing altseason blow-off of all time.”
Predict-to-earn Green Bitcoin at presale
Amid Bitcoin’s spotlight, the new Ethereum-based Green Bitcoin project has introduced a predict-to-earn model, allowing users to forecast Bitcoin’s price movements for rewards.
The project has quickly attracted attention, raising over $1.7 million in its initial coin offering (ICO).
Its flagship utility is a predict-to-earn mechanism, inviting users to guess whether Bitcoin’s price will rise or fall the next day. Those who guess correctly will earn rewards, with its website noting up to 100% bonuses are at play.
To enter, users must stake their $GBTC tokens, providing a hard-wired utility and a means to reduce the token’s sell pressure.
The staking mechanism also offers a greener alternative to Bitcoin’s mining mechanism, meaning users can earn rewards without wasting computational energy.
Green Bitcoin is native to the Ethereum blockchain, meaning that $GBTC could integrate into DeFi, gaming, or gambling projects, and more.
Potential investors can buy Green Bitcoin for $0.6122, but this price will rise throughout the presale, with the next uptick in four days.
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