The cryptocurrency market remains mired in uncertainty, grappling with both a lack of decisive direction and a severe liquidity shortage. Bitcoin remains unable to break out of the $26000 to $27,000 price range and continues to trade near the $26,500 mark.
Data from the information platform CoinGlass highlights that BTC volatility is at multi-year lows, clearly indicating a strong price action in the coming days. However, experts remain divided on whether this movement will be bullish or bearish in nature.
The SEC’s decision on the pending spot Bitcoin ETF applications, along with the Federal Reserve’s monetary policy, will decide whether the “Uptober” scenario will play out for BTC or if it will sweep the lows near the $20,000 price level.
In light of this unpredictability, the new Bitcoin BSC token has emerged as a potential alternative to BTC in the eyes of investors. $BTCBSC has already raised over $4.6 million in its presale and sold out its soft cap in just over two weeks, thanks to its high staking rewards and BEP-20 architecture
Bitcoin Price In Doldrums With All Eyes On BlackRock ETF Decision Next Month
With just a week remaining in September, Bitcoin bulls are eagerly waiting for October, owing to BTC’s stellar performance in this month during previous cycles – the largest cryptocurrency surged close to 6% in October in 2022 and a staggering 40% in 2021.
Michael van de Poppe, the co-founder of MN Trading who has close to 700k followers on X, believes that this year will not be any different and is preparing for an “Uptober” scenario. He also highlights that the global crypto market cap is also set to flip its resistance of the 200-Week Exponential Moving Average, which could also provide a major boost to BTC.
Trader @CryptoFaibik, who has 66k followers on X, also highlights that the Bitcoin dominance is staying above the major trend line, which gives it a strong bullish signal in the daily time frame. Analysts @CryptoKaleo and @DaanCryptoTrades also agree with this assessment and predict a strong inflow of capitals from altcoins to BTC.
Investors are also impressed by Bitcoin’s ability to hold the $26,000 price level, despite a strong correction in S&P 500 and NASDAQ-100. Market intelligence platform IntoTheBlock revealed that the unwillingness of BTC holders to sell before the SEC’s decision on pending spot ETF applications could be the reason behind the token’s resilience.
However, this anticipation could also lead to a strong selling pressure on BTC, particularly as experts project that the SEC will once again delay its decision for political reasons. As a result, data insight firm Glassnode is reporting that several key BTC indicators are turning bearish, especially as most short-term holders are now underwater on their positions.
Furthermore, the Federal Reserve’s hawkish monetary policy is also testing investors’ confidence. While the central bank met market expectations by pausing its monetary tightening earlier this week, Fed chair Jerome Powell informed that another interest rate hike can be expected. He also revealed that the benchmark rates could be much higher next year than previously forecasted, which could negatively impact the post-halving Bitcoin bull run.
As a result, analyst @CryptoTony__, who has over 330k followers on X and who is traditionally extremely bullish on BTC, expects the largest cryptocurrency to hit the $20,000 price mark before seeing any substantial upside.
Investors Pivot To New Bitcoin Alternative Bitcoin BSC That Offers 110% APY – $4.6M Raised so Far
Bitcoin’s dubious growth prospects has led to a strong surge of interest in high-utility BTC clones, with the new Bitcoin BSC emerging as the standout project.
The BTCBSC token has a straightforward mission – to offer a second opportunity to investors who missed out on Bitcoin’s meteoric rise the first time around. After all, it is unlikely that BTC will ever display a 30,000x bull rally ever again – even Cathie Wood’s $1 million price prediction would mean only 33x gains.
Thus, the token is priced at just $0.99 in its ICO, mirroring BTC’s value in the early days of 2011 when it was trading below the $1 mark.
Bitcoin BSC’s flagship feature is its on-chain staking mechanism, which is gaining strong traction amongst retail investors. The BTCBSC staking pool is currently offering a staggering APY of over 110%, which allows investors to generate attractive passive income, despite the current bear market.
On the other hand, experts such as Joe Parys believe that BTCBSC is one of the best Bitcoin alternatives out there, and predicts a strong growth during the next bull run.
The token is built on the cutting-edge BNB Smart Chain and follows the BEP-20 design, which makes it a faster, cheaper and greener version of BTC.
Thanks to its unique value proposition, Bitcoin BSC has already raised over $4.6 million in its ICO and is well on its way to sell out its hard cap of $6.063 million.