The Bitcoin price edged up by a fraction of a percent in the last 24 hours to trade at $63,448 as of 03:20 a.m. EST on trading volume that skyrocketed 94% to $29.75 billion.
This comes as macro economist Raoul Pal says that Bitcoin is preparing for a price explosion. In a video posted on Real Vision’s YouTube channel, the former Goldman Sachs executive says BTC tends to move in sync with global liquidity cycles.
Pal shared a graph suggesting that global liquidity will increase in the next three months, and that BTC could soar beyond $200k.
“This is definitely a beautiful graph,” he said. “It contains both private and public sector liquidity from major global economies in the GMI (Global Macro Investor) global weekly liquidity index. I think it’s perfect. Bitcoin has been tracking this ten weeks in advance.”
Bitcoin Price Could Continue Soaring
The Bitcoin price has been on a sustained bullish stance from September 6, trading within the rising channel pattern, from the $53,200 support zone, according to data from GeckoTerminal .
The recent continued uptrend has driven the price of Bitcoin to trade above both the 50-day and 200-day Simple Moving Averages (SMAs), a confirmation of the bullish rally.
If the bulls sustain the current trend, the Bitcoin price may soar even further, as they currently target $72,000.
Bitcoin Price Chart Analysis Source: GeckoTerminal.com
However, the Relative Strength Index (RSI) seems to be dropping from the 70-overbought region, currently at 59, an indication that BTC is currently on the verge of experiencing some bearish sentiments.
If the bears take control of the price, the pressure may drive the price of Bitcoin below the lower boundary of the rising channel, with $61,294 and $59,440 (50-day and 200-day SMAs) acting as the immediate support levels.
Meanwhile, investors are rushing to buy a new Pepe alternative called Pepe Unchained (PEPU) , which is soaring toward $15 million in funds raised, making it one of the most successful presales of the year.
According to 99Bitcoins, a prominent crypto analyst on YouTube with over 706K subscribers, $PEPU has the potential to soar 100X after launch.
Pepe Unchained Presale Surges Past $14.7 Million
Pepe’s latest and most badass version, complete with its own Layer 2 chain on Ethereum, has now amassed over $14.7 million in its presale.
Much of the recent influx of capital came after Pepe Unchained announced developer grants for builders looking to expand its L2 ecosystem.
The OG Pepe token was built on the Ethereum blockchain and has long been confined by its Layer-1 technology, which is highly characterized by network delays and rising gas fees.
Pepe Unchained is a token that is based on PEPE devising a plan to break free from his chains and embrace the future with Pepe Unchained. With the new ICO, Pepe Unchained leverages Layer 2 blockchain technology to take the project into the future ”unchained.”
The project is thus set to tackle the scalability, speed, and efficiency issues that often plague meme coins built on Layer-1 blockchains like Ethereum.
Token holders can earn passively through the platform’s staking system , which offers 142% in annual rewards.
You can buy $PEPU tokens for $0.00983 each currently. With a price hike coming in less than 11 hours, buy soon for the best deal.
To join the presale, buy $PEPU from the official website here using ETH, USDT, or a bank card.
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