Bitcoin Price Prediction: As Franklin Templeton Says TradFi Underestimates BTC’s Scale, This New ICO Raises $634k In A Week Even As Crypto Slumps
The Bitcoin price climbed 2% in the last 24 hours to trade at $60,645 as of 03:11 a.m. EST on trading volume that surged 30% to $34 billion.
This comes as Jenny Johnson, Franklin Templeton’s CEO, says that traditional finance (TradFi) is underestimating the enormous scale of Bitcoin transactions.
In 2023, the Bitcoin blockchain processed over $36.6 trillion in transactions as the market recovered from a tough year, more than Visa and Mastercard combined, Johnson said.
Bitcoin Price Aims For A Bullish Rally
The Bitcoin price has been trading within a sideways pattern, as the bulls and the bears battle it out within a consolidation phase. BTC has been trading between the $61,000 resistance and the $56,670 support, according to data from GeckoTerminal .
The price of Bitcoin has now crossed above the 50-day Simple Moving Average (SMA) as the bulls aim to prompt a bullish stance to the upside. If the bullish rally continues, the price of Bitcoin could surpass the immediate resistance at $62,135, coinciding with the 200-day SMA.
Moreover, the Relative Strength Index (RSI) trades in equilibrium, currently at 55, which supports the token being in consolidation.
The Moving Average Convergence Divergence (MACD) is also bullish, as it crosses above the neutral line. The green bars on the histogram are also extending beyond the zero line, showing that the asset is on a positive momentum.
According to the Bitcoin price analysis, BTC shows signs of an incoming bullish rally, with the price already retrying the resistance zone. BTC could soar if the bullish stance is prompted at this level, as the bulls target $66,700.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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