Blockchain

Bitcoin Price Prediction: BTC Gains 2% As Arthur Hayes Warns Of A “Raging Firesale” Of Crypto Assets Post Halving And This 2.0 ICO Looks To 100X Again

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The Bitcoin price rose 2% in the last 24 hours to trade at $71,145 as of 00:14 a.m. EST on trading volume that surged 88% to $39 billion.

This comes as BitMEX co-founder Arthur Hayes says that Bitcoin and crypto prices more broadly will slump after the halving because of a ”bag of tricks” used by the Federal Reserve to bail out the US financial system.

“Given that the halving occurs at a time when dollar liquidity is tighter than usual, it will add propellant to a raging firesale of crypto assets,” Hayes said in a blog post.

Bitcoin Price Set To Record A New ATH

BTCUSD Chart Analysis Source: Tradingview.com

The Bitcoin price has been in a continuous uptrend this year, which saw BTC reach an all-time high (ATH) of $73,737.

However, BTC went through a slight retrace, fluctuating within this range, forming an ascending triangle pattern, suggesting potential for a further price increase by the bulls, with the bulls having touched the upper boundary of the triangle.

Bitcoin, having surged past the $70,135 mark, signifies a robust uptrend, igniting speculation about its trajectory toward higher levels. The king of crypto is trading above the pivotal $68,930 level, suggesting a potential continuation of the buying trend.

BTC trades above both the 50-day and 200-day Simple Moving Averages (SMAs), which supports the bullish outlook of the price.

The Relative Strength Index (RSI) stands at 62, supporting a bullish stance. A decisive move to surge the price may see the RSI soar to the 70-overbought region, indicating intense buying pressure.

Bitcoin Price Prediction

The long-term analysis of the Bitcoin price shows a bullish bias as the bulls strive to propel the price over the ascending triangle pattern, aiming to surpass the $80,000 mark. The RSI offers some bullish prospects for optimistic investors to add more tokens, which could push the price higher.

However, the 50-day SMA crosses below the 200-day SMA, forming a death cross at $68,141. A death cross negates all the bullish prospects, suggesting an incoming downward trend. In such a scenario, the bulls may retreat to the $68,950 mark. A dip below this threshold may initiate a downward correction.

Meanwhile, as the BTC bulls look to propel the price even higher, investors are also buying into Sponge V2, which  analysts say has the potential to repeat the 100x pump of its predecessor, Sponge V1, in a bear market last year.

Sponge V2: Best Opportunity For 100X Gains?

Sponge V2 (SPONGE V2) is a meme coin striving to emulate the remarkable success of its predecessor, which hit a peak market cap of $100 million, had over 13,000 holders, and was listed on multiple centralized exchanges (CEXs). If you missed Sponge V1, you still have an opportunity with Sponge V2. 

In February, the development team phased out Sponge V1, which paved the way for holders to be moved to the more secure and cost-efficient V2 on the Polygon Network.

Sponge V2 differs from its predecessor as it promises more significant rewards and a robust ecosystem.

Stake $SPONGE V2 On The Polygon Network, 363% Annual Rewards

You have an opportunity to earn passively through the platform’s staking option, where you can stake your $SPONGE V2 tokens, earning an impressive 363% annual percentage yield (APY) on the Polygon Network.

The team is also set to launch a play-to-earn racer game, available in both paid and free versions, where players will engage in racing competitions and earn token rewards.

According to 99Bitcoins, a popular crypto channel on YouTube with over 700K subscribers, Sponge V2 could soar a further 100X. 

To join the presale, you can buy the Sponge V2 tokens on the official website here. Link your digital wallet to swap your ETH or USDT for V2 tokens. You can also purchase the tokens directly using your bank card. 

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