Bitcoin (BTC) Price Prediction 2024: Will BTC Hit $100k This Year?

The Bitcoin price is down a fraction in the past 24 hours to trade for $67,353 as of 04:40 a.m. EST on trading volume that plunged 6%.

Bitcoin (CRYPTO: BTC) price fell 0.04% in the past 24 hours to trade at $67,353 as of 04:40 a.m. EST on Monday. Trading volume also dipped 6%.

The apex cryptocurrency price dropped 3% in the past seven days, but rose 6% in the past 30 days, CoinGecko data showed.

As Bitcoin price continued to record lower highs with a series of red candlesticks for three consecutive days, 75,516 traders were liquidated across the cryptocurrency market.

This brought the total liquidations to $158.54 million, Coinglass data showed.

The largest single liquidation order happened on the Binance exchange, where the liquidated BTC/USDT value was $2.69 million.

Analysts observed that if the downtrend extends for Bitcoin price to slip below the $67,000 threshold, more traders were likely to be liquidated.

Possible sweep of 67K again to nab those last liquidations left on $BTC pic.twitter.com/eKRpLm448d

— Francky (@franckster25) May 30, 2024

Trader and analyst Crypto Rover on X said a strong move above the $74,000 threshold would see more than $9 billion worth of BTC shorts liquidated.

There will be over $9b worth of #Bitcoin short liquidations if $BTC hits $74k. pic.twitter.com/g579DCxv7h

— Crypto Rover (@rovercrc) May 29, 2024

Meanwhile, all eyes were on BlackRock as the firm’s iShares Bitcoin Trust (NYSE:IBIT) became the world’s largest Bitcoin spot exchange-traded fund (ETF). It surpassed Grayscale’s Grayscale Bitcoin Trust (NYSE:GBTC) in terms of BTC holdings.

Total assets now approach $20 billion since its listing in the US at the beginning of this year. BlackRock held a total of 288,670 Bitcoin, slightly more than Grayscale’s 287,450 Bitcoin.

#BLACKROCK HAS FLIPPED GRAYSCALE IN TERMS OF THE NUMBER OF #BITCOIN📷 HOLD. 👀 pic.twitter.com/t8PrwEMSho

— hinchibun (@hinchibun) May 30, 2024

BlackRock also made headlines after filing an updated version of its spot Ethereum ETF S-1 application. It came after VanEck made a similar move, as part of a series of filings expected in the coming weeks as the SEC prepares to review the applications.

The filing sparked optimism among crypto enthusiasts, who anticipated significant price movements for Ethereum after ETH ETF approvals on May 23.

BLACKROCK FILED AN UPDATED VERSION OF ITS SPOT ETHEREUM ETF S-1 APPLICATIONhttps://t.co/FqVaudgusR pic.twitter.com/n3RoETGIsY

— Phoenix » PhoenixNews.io (@PhoenixTrades_) May 29, 2024

Bitcoin Price Prediction

Bitcoin price showed signs of dumping, testing immediate support at the Bollinger indicator’s centerline at $66,825 (Chart).

The confluence of this buyer congestion level and the support offered at $66,547 was critical for Bitcoin price. If it breaks, BTC could spiral all the way to the $60,500 support.

A breakdown of the $60,500 threshold, followed by an extended leg down to record a lower low near the $55,000 threshold, would negate the big-picture bullish outlook.

Notice the Relative Strength Index (RSI) that is subdued and could drop below the mean threshold of 50 if the bears have their way. The Moving Average Convergence Divergence (MACD) also hinted at a possible sell signal, which though already executed, is pending confirmation. An extended slip below the orange band of the signal line could trigger more selling pressure.

It is also impossible to ignore the red histogram nodes on the volume profile whose sizes are dwindling. This suggests a burgeoning bearish sentiment that could see the downtrend extend for Bitcoin price.

GeckoTerminal: BTC/USD 1-day chart

On the other hand, if the RSI holds above the threshold of 50, Bitcoin price could bounce above the $66,547 support level. To confirm the continuation of the climb, however, BTC bulls must achieve a stable close above $71,147 in the one-day timeframe.

While Bitcoin price maintained the risk of more bearish sentiment, some trader are pivoting to 99BTC, a new learn-to-earn ICO that YouTuber Crypto Boy said had the potential