Bitcoin Price Prediction: CryptoQuant Warns Of BTC Liquidity Crisis On TradFi Demand As Analysts Say This Bitcoin Alternative Might Be The Best Crypto To Buy Now

On Mar 8, 2024

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The Bitcoin price climbed 1% over the last 24 hours to trade at $67,928 as of 8:50 a.m. EST as the king of cryptos continues to ride a wave of Bitcoin ETF (exchange-traded fund) liquidity.

This comes as the chief executive of CryptoQuant, Ki Young Ju, tells his 335,600 followers on X that traditional finance investors are accumulating around 6,896 BTC per day.

”They accumulated 103,726 BTC over the past 7 days,” Ki said. “It’s an unprecedented level of accumulation.”

Should investors continue to scoop up BTC at this pace, he predicts that Bitcoin will see a sell-side liquidity crisis this year.

The Bitcoin Price Approached A Critical Juncture

4-hour chart for BTC/USDT (Source: TradingView)

The Bitcoin price has been in a consolidation phase between $65,600 and $68,900 over the past 48 hours. It has, however, printed a series of higher highs and higher lows in the last couple of days, resulting in the formation of a positive trend line. This could lead to BTC breaking out of the current sideways channel towards the upside soon.

The next 8 hours will be crucial for the Bitcoin price. If it is able to overcome the resistance at $68,900 during this period, it may continue climbing in the following 24-48 hours.

Conversely, failing to close a 4-hour candle above this barrier in the coming 8 hours could invalidate the bullish thesis. In this alternative scenario, BTC may retest the $65,600 support level. If bears keep exerting pressure on BTC at this point, then it could fall to as low as $62,600 in the short term.

A potential early indication of this bearish scenario playing out will be when the Bitcoin price falls below the aforementioned positive trend line.

Technicals Give No Clear Signal Of What’s Next For The Bitcoin Price

Technical indicators suggest the Bitcoin price is at a decisive point, with no indication of what BTC will do next. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators on the 4-hour chart suggest the market is still trying to determine BTC’s future movements.

Although the RSI is positioned bullishly above its Simple Moving Average (SMA) line, the gap between the two lines is almost negligible. BTC’s upside potential is also almost equal to its downside potential, as the RSI rests in neutral territory at 50.

The MACD line is also near the same level as the MACD Signal line, giving no clear indication of whether BTC will rise or fall in the short term. Traders and investors may want to keep an eye on how BTC reacts around the approaching apex connecting the positive trend line and the $68,900 resistance level to try and gauge BTC’s next movements.

While investors try to decide what is next for the Bitcoin price, they could consider diversifying via the Green Bitcoin presale, which is surging towards $2.5 million in funds raised.

A More Eco-Friendly BTC

Green Bitcoin (GBTC) aims to be a more eco-friendly alternative to the market leader. To achieve this, the altcoin was deployed on the computationally cheaper Proof of Stake Ethereum network, as opposed to the energy intensive Proof of Work Bitcoin blockchain.

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Being an Ethereum-based token means that GBTC can offer a native staking solution to investors that is not reliant on third party providers, which it does.

But GBTC’s staking program is a more gamified solution. Token holders are able to participate in daily challenges to test their Bitcoin prediction skills. Through their gamified engagement with the staking platform, investors stand to win significant rewards, including bonuses as high as 100%.

Potential To Surge On BTC Rally, Bitcoin Halving

Bitcoin’s latest rally and the introduction of institutional investors into the mix may be extremely beneficial for smaller Bitcoin derivative projects such as Green BTC. The token is also poised to ride a wave of optimism ahead of the upcoming Bitcoin halving.

GBTC tokens are selling for $0.6882 and investors can use ETH, USDT or a bank card to acquire them. Investors will want to hurry though, as the altcoin’s price is set to increase in the subsequent stages of its presale.

GBTC can be purchased here.

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