Cryptocurrency Forecast: As Peter Schiff Mocks Michael Saylor About Jim Chanos' MSTR Bet, This Initial Coin Offering (ICO) Providing Bitcoin Grants Experiences a Surge
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In the past 24 hours, the Bitcoin price dipped by 1%, trading at $102,421 as of 3:44 a.m. EST, with trading volume taking a nose dive by 12% to $27.7 billion[1].
Crypto critic Peter Schiff had some unexpected words about Bitcoin, admitting it might have a legitimate use case, albeit not the intended one. Schiff's revelation came in response to Jim Chanos, a well-known short-seller, who disclosed that he acquired Bitcoin to protect his short position in Michael Saylor's Strategy (MSTR)[2][3].
Schiff playfully noted that Saylor had inadvertently created a use case for Bitcoin, although not the use case Saylor envisioned. In essence, Chanos is hedging his bet that MSTR's stock will decline due to its aggressive Bitcoin strategy; however, he's sticking with Bitcoin in case MSTR's stock soars alongside BTC's price[2].
Now, Strategy, under the guidance of Michael Saylor, has been consistently accumulating BTC and is nearing 570,000 coins. Schiff poked fun at Saylor's strategy, implying that it might unintentionally create a new use case for Bitcoin - sheltering investors from the company itself[3].
Is Bitcoin Preparing for More Upside? 📈
As depicted in the BTC price graph, the overall trend remains promising, showing a strong bullish structure[4]. This is backstopped by an ascending channel in place since mid-2023.
Following a sideways consolidation and respecting horizontal supports, the Bitcoin price formed a rounded bottom, a typical sign of a reversal[4]. This was followed by a break above resistance with copious momentum.
Most notably, the 50 Simple Moving Average (SMA) on the 3-day chart at $92,708 acts as transient support, while the 200 SMA at $66,969 reconfirms the longer-term bullish trend[4].
The Relative Strength Index (RSI) currently stands at 65.99, approaching overbought levels, but leaving some margin for additional upward movement[4]. Furthermore, the Moving Average Convergence Divergence (MACD) indicates continued buying momentum as the MACD line surpasses the signal line, and the histogram bars are on the rise[4].
Considering the bullish structure, positive momentum, and recent breakout from a bottom pattern, Bitcoin appears set for more gains. Accelerated upward movement could push the Bitcoin price up to the next resistance level at $110,000. Nevertheless, being close to the upper channel resistance and with the RSI edging towards 70, a brief pullback could occur, with the $90,358 level offering strong support[4].
Ironically, investors are swarming towards a fresh Bitcoin-themed meme coin called BTC Bull Token (BTCBULL)[5]. By holding BTCBULL tokens, investors could potentially reap free Bitcoin when BTC surpasses specified price milestones[6].
Jacob Bury, a popular YouTuber with an impressive following of 56.3k subscribers, believes BTCBULL has the potential to surge 10X post-launch[6].
BTC Bull Token Presale Burning Up - An Alternative To Bitcoin? 🔥
BTC Bull Token introduces a unique concept where its holders receive real Bitcoin rewards without investing directly in BTC[5]. The project's presale has already amassed over $5.78 million, indicating growing investor interest[6].
BTCBULL holders will receive free Bitcoin when BTC hits $150K and $200K for the first time, and again upon Bitcoin touching $250K for the first time. This incentivizes early supporters and plays into their loyalty during high-momentum phases[6].
During the aforementioned price threshold events, the project will initiate an airdrop, distributing 10% of the entire 21 billion token supply to early supporters[6].
In addition to Bitcoin distribution, the BTC Bull Token team will also implement token burns, reducing the overall token supply and raising its value[6]. BTCBULL holders can passively generate returns by staking their tokens for a 72% annual percentage yield (APY)[6].
Expected soon - the BTC Bull Token presale is nearing its $6 million funding goal. Interested investors can visit the official BTC Bull Token website to buy BTCBULL for $0.00251 each using BNB, ETH, USDT, or a bank card[5]. So, get ready to buy BTCBULL before prices shoot up in less than an hour to secure the best possible deal!
References:[1] [Coingecko] (https://www.coingecko.com/en/coins/bitcoin)[2] [Peter Schiff Twitter] (https://twitter.com/peterschiff/status/1493863283063258112)[3] [Michael Saylor Twitter] (https://twitter.com/michael_saylor/status/1493870603485465602)[4] [GeckoTerminal] (https://www.geckoterminal.com/)[5] [BTC Bull Token Twitter] (https://twitter.com/BTCBULL_TOKEN)[6] [BTC Bull Token Presale] (https://bullbulltoken.com/)[7] [BestWalletHQ Twitter] (https://twitter.com/BestWalletHQ)[8] [CNBC] (https://www.cnbc.com/2021/09/09/bitcoin-miner-marathon-ceo-forecasts-the-electric-vehicle-sector-will-propel-bitcoin-higher.html)
In the world of technology-driven finance, the entertainment sector seems to be embracing cryptocurrency, with investors flocking towards new Bitcoin-themed meme coins like BTC Bull Token (BTCBULL). This innovative token offers a unique opportunity for holders to potentially receive free Bitcoin when certain price milestones are achieved, serving as an alternative means for investing in Bitcoin.
BTC Bull Token offers a new way to engage with the financial markets, providing a potential use case for both technology and entertainment industries. With a presale that has already raised over $5.78 million and a unique incentive system in place, BTCBULL could prove to be a significant player in the cryptocurrency investment landscape.
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