The Bitcoin price is showing significant volatility today on Monday, dipping to $67,000 as the US government moved $2 billion worth of its BTC holdings.
The monthly close and the Federal Reserve’s FOMC meeting on Wednesday are also adding to the selling pressure.
However, experts are advising investors to zoom out on the Bitcoin price chart.
For instance, popular crypto trader Elja (@Eljaboom) reveals that Bitcoin is approaching a significant golden cross in the 12-hour time frame. The last time this pattern occurred, BTC rallied by 174% in the aftermath.
If it manages to secure a golden cross in the coming days, the Bitcoin price could be heading to $100k.
In such a scenario, BRC-20 tokens such as ORDI and SATS could also deliver outsized returns. The new BRC-20 coin 99Bitcoins is also in high demand and could offer up to 10x returns.
Bitcoin Price Nears Golden Cross
A Golden Cross is a bullish technical pattern which occurs when a short-term moving average surpasses a long-term moving average.
In this case, the 50-day Simple Moving Average is set to cross the 200-day Exponential Moving Average. The last time this phenomenon occurred was at the end of October 2023, when BTC was trading below $27k. The Bitcoin price immediately responded with a 174% rally, reaching a new all-time high of $74k.
BTC has had a good month in July, climbing nearly 32% from its local bottom to hit $70,000 today.
Republican Presidential candidate Donald Trump has been the catalyst behind Bitcoin’s recovery. The failed assassination attempt on his life kickstarted the recovery and his speech at the Bitcoin Conference on Sunday provided a major boost.
Trump promised that he would establish a Bitcoin Strategic Reserve, claiming that his government would not sell any BTC it holds or acquires in the future.
The largest cryptocurrency has dipped to $67k as the US government moved nearly $2 billion worth of BTC, followed by panic selling from whales.
However, experts believe that the trend for Bitcoin remains bullish. After all, the market knows that such temporary selling pressure – as also seen in the case of German government sell-offs – only offers an opportunity to buy the dip.
All eyes are now on the FOMC meeting on Wednesday. The CME FedWatch tool is showing a 94% likelihood of no change in the Fed’s benchmark rates. However, Fed Chair Jerome Powell’s speech post-FOMC could provide a major boost to BTC.
After all, the market is extremely confident regarding a rate cut in September. Powell’s indication of the same could spark a recovery in Bitcoin and a push towards a new all-time high.
99Bitcoins Could Also Explode In August
Smart money traders are no longer underestimating BRC-20 tokens such as ORDI and SATS. These remain highly undervalued and show a strong correlation with BTC. Were the Bitcoin price to create a double cross and push towards $100k, these can offer strong returns.
A new high-potential BRC-20 token – 99Bitcoins (99BTC) – is going live in August. 99BTC has already raised over $2.5 million in its presale, indicating significant interest in it from investors.
The strong early demand isn’t a surprise. The 99Bitcoins brand has a strong community backing, with nearly 3 million subscribers on its website and YouTube channel. Its popular crypto education platform is renowned for its excellent resources and was launched even before the Ethereum blockchain.
99BTC is designed to capitalize on this established community, offering attractive rewards and perks to all token holders. These include free crypto for completing learning materials, access to VIP groups and alpha trading setups.
99BTC buyers can also stake their holdings and earn staking rewards at an APY much higher than the industry average. If this isn’t enough, they can register for the 99Bitcoins airdrop and win the chance to earn $1000 in BTC.
With such attractive rewards in store, experts are signalling heavy adoption for 99BTC after its launch. Some believe that it could offer anywhere between 10x and 100x returns after launch.
However, the presale is ending on August 6th, giving investors less than 9 days to buy the token at its discount price.
