The crypto market is rebounding, and smart money is chasing Bitcoin beta play with 100x potential – uncover the best crypto coin here.
It has been a turbulent first half of the week. If we can learn from how price action panned out in July, traders know there is hope.
In early July, prices plunged before expanding, lifting Bitcoin to $72,000.
The same setup is being seen. However, considering the depth of the dip, there are concerns.
Bulls are upbeat, especially now that prices have been firm in the last two days.
Will BTC Prices Bounce Back After Crashing?
The survival of Bitcoin, as we all know it, being the bellwether of crypto assets, is vital.
Any rally will rejuvenate the market, lifting sentiment.
The downturn seen on Monday, August 5, was mainly due to the unwinding of the massive Japanese Yen carry trade and economic uncertainty in the United States.
The Bank of Japan changed its monetary policy by raising rates after decades of an ultra-loose environment that has seen the yen plunge. With higher rates, the Yen strengthened, leading to a market downturn.
The decision was made worse by the rising debt in the United States, which now stands at over $35 trillion.
So far, there is no clear solution for handling this fiscal burden, which will increase the dollar’s pressure.
If the Federal Reserve slashes rates, BTC will likely recover steadily now that billions are poured into spot Bitcoin ETFs.
(BTCUSDT)
In the short term, the main resistance is at $60,000. A close above this level might trigger demand, lifting prices to $72,000 in a refreshing buy trend continuation formation.
$99BTC Launches Tomorrow: Don’t Sleep On Most Anticipated BRC-20 Launch of 2024
If Bitcoin and the crypto market recover, analysts are confident 99BTC, the native token of the 99Bitcoins learn-to-earn platform, will also soar.
99BTC will launch on August 8 and list on various DEXes after concluding its viral and hugely successful presale early this week.
The 99Bitcoins presale has already raised a jaw-dropping $2.6 million (huge in the BRC-20 space).
Confidence is in what 99Bitcoins introduces. 99BTC will reward users who learn more about crypto.
Those who complete educational courses or engage in community discussions receive tokens.
Since 99BTC is a utility that holders can stake and that it is connected to Bitcoin now that there are plans to convert it to BRC-20 tokens, there is room for growth, especially if BTC rallies.
Analysts across various social media channels, mostly YouTube, think 99BTC will easily fly, gaining 100X in the months ahead.
Those who want to ride the uptrend can get in early by loading immediately 99BTC launches on August 8.
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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.
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