While Bitcoin Battles Inside Price Channel, Traders Are Buying This Bitcoin-Themed Coin That Raised $1 Million in 3 Days
The price of Bitcoin continues to struggle around the $25,500 mark as it battles to hold a rising price channel established during September.
The number-one-ranked cryptocurrency plummeted during mid-August as traders currently attempt to defend the support to prevent further declines.
Meanwhile, traders are turning their attention to a Bitcoin-themed coin that raised over $1 million in just three days.
Bitcoin BSC ($BTCBSC) is turning heads as traders rush to get positioned due to its groundbreaking staking mechanism, set to cause a supply shock on the open market.
What you'll learn 👉
Bitcoin Battles to Hold September Price Channel
The price of Bitcoin is now down by a steep 20% from the 2023 highs set in mid-July.
The cryptocurrency plummeted beneath a descending price channel in mid-August, causing it to drop into the May 2022 lows of around $25,420.
Since then, the cryptocurrency has established a short-term rising price channel as traders defend the lower boundary over the weekend.
The following chart is a long-term outlook of Bitcoin since April;
The rising price channel is better viewed on the following four hour chart;
As you can see, $BTC has formed a rising price channel, with the bulls currently defending the lower boundary.
The series of higher lowers and higher highs since the start of September is promising. However, a break beneath this price channel could see a further plummet in $BTC prices.
Looking ahead, if the sellers break beneath the channel’s lower boundary, the first support lies at $24,415 – provided by the May 2022 lows.
This is followed by support at $25,000, $24,750 (June 2023 lows), $24,500, and $24,235 (December 2020 resistance).
If the bears continue to drag Bitcoin further beneath $24,000, additional support lies at $23,500, $23,000, and $22,650 (December 2020 support).
Investors Rush to Bitcoin BSC For High Stake-to-Earn Rewards
As Bitcoin continues to move in uncertainty, traders are starting to flock to a newly emerging Bitcoin-themed alternative that they believe can provide significant returns.
Traders are rushing to the Bitcoin BSC ($BTCBSC) presale as they believe its unique staking mechanism will cause a supply shock on the open market, causing a sudden price surge once the token launches.
The project has already crossed the $1 million fundraising milestone in just three days, showing the building hype behind this project.
Bitcoin BSC ($BTCBSC) is following the success of a recent string of Bitcoin derivatives, such as BTC 2.0 and BTC20 – which provided a 5x return for early adopters at its peak.
Bitcoin BSC is an upgraded version of Bitcoin, built on the Binance Smart Chain, that integrates a verified staking contract that releases $BTCBSC tokens in line with the original Bitcoin block rewards schedule.
Those staking $BTCBSC earn a percentage of the rewards through the environmentally friendly Proof-of-Stake consensus algorithm.
The more $BTCBSC staked in the contract, the higher the percentage of earnings from the staking pool.
Experts believe that the staking concept will help alleviate the market’s selling pressure once the token is launched, creating a long-term passive income utility token.
The stake-to-earn feature is designed to incentivize long-term participation from the community, and it reinforces their commitment to the project through rewards.
In addition, PoS is less energy-intensive when compared with Bitcoin mining and doesn’t require expensive mining machinery.
Furthermore, investors in the presale can already start staking, allowing them to earn up to 500% APY in rewards;
The best part about the staking is that all rewards are compounded, meaning they increase further the longer they’re left in the pool.
The staking contract has been fully verified and audited by Coinsult, one of the top security firms in the industry. Therefore, investors can be confident that the staking mechanism is fully secure.
Being built on the Binance Smart Chain, Bitcoin BSC can introduce new concepts to the Bitcoin theme while having the same security and technology as Ethereum.
Transactions on the Binance Smart Chain are much faster than Ethereum, and they’re also much cheaper.
As the blockchain is based on the Ethereum codebase, the Bitcoin BSC token will be accessible through regular DeFi wallets like MetaMask and Trust Wallet – making it a highly accessible token.
Furthermore, Bitcoin BSC can build an ecosystem of dApps to build on its network, expanding the use case of the $BTCBSC token into fields like decentralized lending and yield farming.
Supply Shock Potential? Why Do Investors Expect 20x Returns?
Experts predict at least a 20x return from $BTCBSC when the token is launched on decentralized exchanges.
They reason that the majority of tokens will be locked in staking, causing a supply shock on the open market.
Being Bitcoin-themed, the total supply for Bitcoin BSC will be 21 million $BTCBSC.
The project is rewinding the clock to April 2011, when there were 6.125 million $BTC in circulation, priced under a dollar.
Therefore, the Bitcoin BSC presale is selling 6.125 $BTCBSC at $0.99 – providing the opportunity for investors to get positioned in the upgraded Bitcoin at the lowest prices.
Once the hard cap is reached, 14.875 million $BTCBSC will be sent to the secure and immutable staking contract, letting users stake their $BTCBSC to earn rewards for the next 120 years.
In addition, any unsold $BTCBSC will also be sent straight to the staking contract.
As a result, most of the $BTCBSC token supply will already be locked in the staking contract, unable to be bought by newcomers on the open market.
Furthermore, experts believe most presale investors will be staking their tokens to take advantage of the impressive APY returns, further exacerbating the supply shock for newcomers.
With most tokens locked in the staking contract, newcomers will be forced to pay significantly higher prices once the token has launched – providing upward 20x returns for early adopters.
Therefore, investors earn simultaneously from the $BTCBSC rewards and the increasing value of the $BTCBSC token.
Welcome to #BitcoinBSC!🪙
— Bitcoinbsc (@Bitcoinbsctoken) September 5, 2023
The green BEP-20 version of #Bitcoin on BNB Smart Chain, taking you back to Bitcoin's 2011 roots!
Stake $BTCBSC and earn rewards.
Don't miss it – join the #Presale today!🚀
https://t.co/oM0YP8IlbV pic.twitter.com/vJjLltzQQG
Overall, Bitcoin BSC is setting the stage for an explosive launch following its presale.
Investors can check out the Bitcoin BSC whitepaper for more information or follow the project’s Twitter and Telegram accounts for the latest updates.
Investors are encouraged to act quickly, as the presale is expected to last only a short time at this rate. It provides the only opportunity to get positioned beneath $1 or face the pain of paying higher prices once the token launches and starts to trend on DexTools.
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