Bitcoin Price Breaches $70K – is a Crypto Bull Run Imminent?

Bitcoin Price Breaches $70K – is a Crypto Bull Run Imminent?

The post Bitcoin Price Breaches $70K – is a Crypto Bull Run Imminent? appeared first on Coinpedia Fintech News

Bitcoin is teetering on another all-time high (ATH) as it crosses $70K for the first time in over one month. 

Currently trading at $70.9K, market participants are stoked about the potential for another widespread crypto bull market rally.

Bitcoin’s Momentum to Ignite the Next Crypto Rally

With liquidity flowing back into risk-on crypto assets, analysts anticipate the market’s next leg-up is looming.

At its current price of $71.1K, Bitcoin has soared 6.7% today, 13.9% this week, and 9.2% this month.

It holds a $1.4 trillion market cap and a $50 billion 24-hour trading volume, up 146% today.

Analyst RV Crypto noted Bitcoin’s accelerating momentum in a recent tweet, speculating that altcoins are poised to “go parabolic” as a result.

In an earlier tweet, the analyst labelled the past month’s selloff as a “bear trap” and speculated that it may have marked the lowest prices until the next bear market.

“I hope you didn’t fall for the bear trap. That was potentially the lowest price until 2025. Instead of adding more, many people got scared and (sold/stayed) sidelined,” he wrote.

Meanwhile, well-known trader Captain Faibik noted that Bitcoin has broken out from a descending channel. This pattern is deemed bullish and often marks the beginning of a trend reversal to the upside.

Based on the analyst’s prediction, Bitcoin could advance toward $86K in the coming weeks.

While this is indeed bullish for the market leader, it could prove even more beneficial for altcoins.

Market commentator Max Schwartzman noted that while Bitcoin’s price is rising, Bitcoin dominance is falling.

Bitcoin dominance measures Bitcoin’s market share, so a falling dominance suggests altcoins are gaining strength.

“Altcoins will moon. Sit on your hands and ride this. You earned it by holding through the recent price action. The best is yet to come,” he said on X.

Indeed, with such a bullish market landscape forming for altcoins, traders are searching for projects with the highest potential. 

One altcoin gaining tremendous interest recently is the 99Bitcoins token, a new presale that has raised over $1.4 million so far.

Will 99Bitcoins Token Benefit as Crypto Market Gains Strength?

99Bitcoins is a prestigious media outlet with a track record dating back to 2013. While the platform is well-established, it has not stopped innovating and challenging the industry norms.

Alongside its readership, 99Bitcoins hosts over 700K YouTube and 2.8 million email subscribers. However, its latest initiative, the 99Bitcoins token, helps usher in a novel Learn-to-Earn platform that rewards users for learning about crypto.

The project’s website notes that more people will be drawn to the industry as the crypto bull market advances, hence skyrocketing demand for the new incentivized learning platform.

But adding to the excitement, learners require the 99Bitcoins token to access the Learn-to-Earn layer, aligning its demand with the platform’s success.

The utility token also provides added benefits, such as crypto trading signals, BRC20 tools and education, and a VIP community group.

$99BTC operates under Ethereum’s ERC20 token standard, but there are plans to migrate to Bitcoin’s BRC20 ecosystem later in 2024.

The project’s presale is ongoing, and investors can stake their tokens to earn passive rewards. They can garner approximately a 1,100% APY, but this will fall as the staking pool grows.

Meanwhile, incremental price hikes are hard-wired into the 99Bitcoins token presale, so those seeking the lowest price must act quickly.

Visit 99Bitcoins Token Presale