Last updated: May 16, 2024 8:13 pm EDT | 4 minutes of reading

Bitcoin Price Prediction

Bitcoin is trading just above $65,000, experiencing a 1.25% correction after a recent rally. This upward movement was driven by weaker US CPI data, dovish FOMC sentiment and a breakout of a symmetric triangle pattern.

Despite this slight downward correction, Bitcoin price prediction remains optimistic, especially with Andrew Tate’s announcement to invest $100 million in Bitcoin and decreasing the supply of BTC on exchanges.

Bitcoin supply on exchanges reaches new lows amid market rally

Bitcoin (BTC) supply on centralized exchanges (CEX) has fallen to new lows following strong market activity over the past 48 hours. According to the on-chain analytics firm GlassnodeBitcoin supply on exchanges now stands at 1,728,782 BTC, reflecting a significant decrease as bullish sentiment grows.

In the last 24 hours, 23,654 BTC left exchanges, with weekly outflows reaching 19,859 BTC. Monthly flows also fell, moving just 9,509 BTC. This reduction suggests growing upward pressure as traders move their assets off exchanges.

Key points:

• Binance recorded outflows of 7,155 BTC, while Coinbase Pro recorded outflows of 16,075 BTC.
• The mass migration of exchanges indicates long-term holding and bullish market sentiment.
• positive IPC Data and new institutional spot ETF disclosures have fueled recent market activity.

This week, several traditional financial firms disclosed their exposure to spot Bitcoin ETFs, driving prices even higher.

Andrew Tate plans $100 million investment in Bitcoin

Andrew Tate, a British-American social media personality and former professional kickboxer, has announced plans to invest heavily in bitcoin, expressing his dissatisfaction with traditional banks and their practices.

“I’m about to abandon the decree completely,” Tate declared. “I’m done with banks and their scams.”

Tate shared his plans on the social media platformdeclaring its intention to move away from fiat currency and invest $100 million in bitcoin.

I know I shouldn’t do this in chaotic times, but I’m about to leave the decree completely and invest over 100 million in BTC.

And I’ll even prove that I did it.

I’m done with the banks.

I ended up with their money.

Put an end to fraud.

Then I’m going for a boat ride.

– Andrew Tate (@Cobratate) May 15, 2024

He emphasized his frustration with the banking system and expressed confidence in his decision, even planning to present his proof of investment later.

Key points:

• Tate intends to transfer $100 million from fiat currency to bitcoin.
• He criticized banks, calling their practices fraud.
• Despite some skepticism from X users, Tate is committed to his investment in crypto.

Andrew Tate, known for his controversial online presence and previous career as a kickboxer, has been involved in cryptocurrency-related news before.

Romanian authorities seized significant assets from him, including Bitcoin. In a criminal lawyer video, Tate promoted Bitcoin for tax evasion and suggested launching his own cryptocurrency. He was also part of the meme stock movement, investing $6 million in Game stopdespite his net worth being around $11 million.

Bitcoin Price Prediction

Looking at the technical side of the market, Bitcoin Price Prediction is showing signs of retracement, dropping below the $66,600 level. It has already completed a 38.2% Fibonacci retracement around the $64,750 level, which currently acts as the main support for BTC and is also the center point today. As long as Bitcoin remains above this level, the chances of a bullish recovery will be high.

In this scenario, immediate resistance will likely be around the $66,600 level. If Bitcoin breaks this level, the next resistance would be around $67,820, with $69,000 acting as an additional hurdle.

On the other hand, if the market continues to show a bearish correction, breaking below the $64,750 level could send BTC towards the $63,300 level.

Bitcoin Price Prediction – Source: Tradingview

Furthermore, the 50-day exponential moving average (EMA) on the four-hour time frame is likely to support BTC around the $63,150 level, increasing the chances of a bullish recovery from this level. However, increased selling pressure could lead to a bearish crossover below the 50-day EMA, with $61,500 or $61,200 likely acting as additional support levels.

Lastly, the Relative Strength Index (RSI) has already moved out of the overbought zone and is currently around 62, which is still in bullish territory.

Current trend: We need to keep an eye on the $64,750 and $63,300 levels as these are crucial for buyers. Chances of a buying trend above these levels remain strong.

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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 can lose all your capital.

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