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Simon Chandler
Author
Simon Chandler
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Bitcoin has risen by 6% in the past 24 hours, dropping to $92,368 as the crypto market suffers a 7% decline today.
BTC just about holds on to a 0.5% gain in a week, while remaining up by a more impressive 37% in the past month and by 144% in the past year.
Given its medium- and long-term momentum, the fall of the past 24 hours provides buyers with a prime opportunity to buy Bitcoin at a relative discount, before it launches another bid at breaking through the $100,000 barrier.
And given the overriding bullishness of the market, it’s only a matter of time before it reaches this target, and rises higher during what could be a very bullish 2025.
Bitcoin Drops To $92.8k, Crypto Market Cap Is Down 6%. Time To Buy The Dip?
Looking at BTC’s one-hour chart, it has almost bottomed out, suggesting that now is indeed a good time to buy the dip.
Its relative strength index (purple) fell just below 30 overnight, and has now begun showing signs of a recovery.
Perhaps more revealingly, BTC’s 30-period moving average (orange) is about to form a ‘death cross’ with its 200-period average (blue).
This normally indicates further declines, but it also reinforces the view that the coin is bottoming.
We could therefore see Bitcoin fall back down to $92,000 before enjoying a more sustained return to growth.
If we look at BTC’s longer term 1-day chart (below), we see that it actually remains in the middle of bull phase, as indicated by its high RSI (and its 30-day average).
This supports the claim that yesterday’s dive is merely a momentary correction in the middle of a long-term period of expansion.
Yes, the past day or so has seen some big BTC transfers to exchanges (e.g. to Kraken and Coinbase), but we also continue to see some big buys on the part of whales.
On a more fundamental level, it’s also arguable that we have yet to see the full effects of a second Trump presidency on the price of Bitcoin.
While traders have pushed up the coin’s price on the expectation that the incoming Trump administration will do good things for crypto, the effect could be even stronger once we see some concrete policy announcements and introductions.
Some experts are even expecting Trump to permit US banks to hold BTC on their balance sheets, something which could be absolutely huge for the cryptocurrency in the coming weeks.
Based on these factors, it could hit $100,000 by the end of the month, before pushing to $110,000 by 2025.
Diversification with High-Return Presale Coins
Bitcoin is the safest bet in crypto and looks set to remain the safest bet for the foreseeable future, yet traders may prefer to diversifying into small-cap tokens if they want to make the biggest gains.
Small-cap tokens also include presale coins, with the biggest presales often resulting in dramatic listing rallies.
The most popular presale of the past few months belongs to layer-two project Pepe Unchained (PEPU), which has raised a huge $52 million.
Given that the ‘golden age’ of cryptocurrency ICOs has long since ended, this amount is incredibly impressive, and testifies to Pepe Unchained’s growing popularity.
What’s exciting about Pepe Unchained is that it’s about to launch an L2 network for Ethereum, which will provide near-instant transactions with very low fees.
It’s aiming to become an ecosystem for meme tokens, and will launch a user-friendly launchpad for new coins in injunction with its main launch.
And because of its scalability, Pepe Unchained will offer double the usual staking rewards, helping to draw more users and investors into its ecosystem.
Its native token, PEPU, will have a max supply of 8 billion, with its protocol allocating 30% to staking and 20% to its presale.
One of the project’s most bullish features is that it already has a sizeable community, the coin’s X account now has more than 60,000 followers.
As with its current raise total, this figure is mightily impressive for a platform that hasn’t even launched.
Investors can join PEPU’s sale at the coin’s official website, where they can buy PEPU using either ETH, BNB, USDT or fiat currency.
Its sale has only 17 days left to run, with PEPU selling at its final presale price of $0.01295.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
