BTC eyes bounce to $70k after declines: What’s the outlook for Bitbot?

BTC price dropped sharply after reaching new ATH above $73k
Analysts say Bitcoin remains bullish; a bounce could help Bitbot price.
Bitbot is currently in presale but is creating waves as the world’s first non-custodial Telegram trading bot.

Bitcoin (BTC) price saw a significant decline this week, with the value of the flagship cryptocurrency dropping below $67,000. 

Despite this, bullish sentiment around the BTC price remains. Could the potential rebound help Bitbot (BITBOT), a new project that has the trading space highly anticipating its launch? 

Bitbot: Telegram bot pioneering non-custodial crypto trading

The crypto trading bot market on Telegram is getting bigger as the trading community looks to tap into the most advanced, AI enabled features and tools.

While it’s down to about $1.3 billion by market cap following recent declines, analysts have pointed to potential breakout growth for Telegram bots as crypto’s bull cycle strengthens. PAAL AI, Unibot and Banana Gun are currently some of the most popular trading bots in the market.

But Bitbot, the world’s first non-custodial Telegram trading bot, is gunning for dominance. Not only does it pack all the institutional-grade trading tools, it brings these to retail traders via a platform that puts the security of users’ assets first.

The incidents that had Unibot and Banana Gun users impacted in 2023 have helped spotlight Bitbot’s non-custodial security solution.

The project has teamed up with top digital assets self-custody provider KnightSafe to pioneer MPC custody for Telegram bot users. This capability to trade with the top tools while retaining full control of your assets’ private keys is coming to the space via Bitbot.

BTC price dropped sharply, but are bulls poised to retest $70k?

Bitcoin outpaced global assets in the recent months as it skyrocketed to a new all-time high near $74k earlier this week. According to CoinGecko data, Bitcoin notched its peak of $73,737.94 on March 14, 2024.

However, the cryptocurrency’s price declined 10% from the new ATH as BTC price dropped to lows of $64,866 on March 17. 

Bulls are now eyeing a rebound to the pyschological $70k area. But as bears continue to threaten, buyers may need to turn the $66k-$65k zone into a key support area to prevent a bearish flip to the $60k level.

If prices bounce higher from current levels though, a retest of the $70k mark could hint at a new leg up. This outlook is currently helped by the Fear & Greed Index, which remains elevated at 79.

Aggressive accumulation in the BTC market may intensify in coming weeks as the Bitcoin halving approaches. The spot BTC ETFs market in the US is also likely to continue heating up, particularly as more asset investment providers and advisors add Bitcoin ETFs to products offered to clients.

Current market conditions could thus be an opportunity to position. Many investors are aware of this dynamic and are eyeing top gems likely to outpace peers in 2024 and beyond.

Bitbot price prediction

As Bitbot looks to launch its ground-breaking bot to the public, crypto traders keen to ride the underlying strength of the BITBOT token have aggressively allocated to its presale. Access to all bot features as well as the unique revenue-sharing mechanism stands out for users.

Given its top security focus and the projections for the crypto trading market, analysts have pointed to Bitbot as a potential 100x token in 2024.

Bitcoin’s likely bull market flip to new highs in the year also adds to the positive outlook for BITBOT. The token’s upcoming launch on trading exchanges is also a key factor. This latter aspect will follow BITBOT’s presale conclusion.

Currently, Bitbot has raised over $1 million in stage 5 of the presale, with BITBOT tokens priced at $0.0122. 

By the end of stage 15, the final ICO round, the token’s price will have risen to $0.02. Post-presale demand could easily push prices higher.

To learn more about Bitbot, visit the official website.

The post BTC eyes bounce to $70k after declines: What’s the outlook for Bitbot? appeared first on CoinJournal.

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