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Bitcoin price rose 0.8% in the last 24 hours, maintaining spot prices. $43.3K 8:30 AM EST.
This comes as follows Bitcoin achieved the highest on-chain transaction volume in January than any month since September 2022 and more than triple the amount recorded in September last year, according to data compiled by The Block.
In January, approximately $1.21 trillion worth of Bitcoin moved on-chain, more than three times the $550 billion moved in September. This upward trend appears to have been fueled by expectations about the launch of Bitcoin ETF (Exchange Traded Fund) in the United States on January 11th.
Bitcoin price prediction
Looking at the 1-hour BTC/USD chart, we can see that the price is moving above the 50-day simple moving average (red line) and the 200-day SMA (blue line), indicating a near-term bullish trend. The 50-day SMA is also above the 200-day SMA, forming a golden cross showing a bullish edge.
The moving average convergence divergence (MACD) line is above the signal line (orange line) and appears to be diverging positively, supporting the bullish outlook for Bitcoin. The histogram is also positive and increasing, further confirming the bullish momentum.
The most recent candles also show an upward trend, with the latest candles looking quite bullish.
1-hour BTC/USD chart | Source: TradingView
X analyst Jelle supports his bullish outlook, telling his 58.8KX followers that Bitcoin has formed a megaphone pattern to form a $60,000 target.
The target for this bullish megaphone pattern is $60,000.
But you won’t believe it. #Bitcoin pic.twitter.com/TVWZDaeYzd
— Jelle (@CryptoJelleNL) February 5, 2024
Bitcoin Price Prediction: How Likely is a Fall?
The Relative Strength Index (RSI) is at around 70, on the threshold of overbought territory. This indicates that the market may be overly bullish and there may be a possibility of a downturn or consolidation.
Accordingly, AlphaBTC predicts that there will be a Bitcoin correction before another push-up to retest 46k, with a more significant correction expected in late February.
I’m still learning more about this. #Bitcoin I made that correction before doing another pushup to test the 46k zone again, then made a bigger correction at the end of February.
I think $BTC Check 41K first, but if it breaks and closes outside the channel, you’ll need to reevaluate. pic.twitter.com/6BWrN9oO1G— AlphaBTC (@mark_cullen) February 5, 2024
Meanwhile, with the price of Bitcoin surging, experts have identified Bitcoin Minetrix, a new cloud mining project, as one of the best cryptocurrencies. Expand investment in 2024. The pre-sale of the tokens generated over $10.2 million, demonstrating tremendous investor confidence in the project.
China’s latest crackdown #Cryptocurrency Mining represents a major shift in the regulatory environment. 🇨🇳
Will these efforts toward energy conservation lead to a more sustainable future? #Cryptocurrency, or will they simply move mining operations elsewhere? 🌍#Bitcoin Metrics have… pic.twitter.com/3GkQeLND6F
— Bitcoin Minetrix (@bitcoinminetrix) February 5, 2024
Good investment option?
By integrating cloud mining and staking, Bitcoin Minetrix It eliminates the need for expensive mining equipment and makes affordable Bitcoin mining accessible to everyone.
Bitcoin Minetrix’s stake-to-mining functionality allows users to manage all aspects of their cloud mining experience. You can participate in decentralized Bitcoin mining using cloud mining credits earned by staking BTCMTX tokens without the risk of fraud that comes with third-party cloud mining services.
Second way to make money platform You are staking BTCMTX without doing anything. The staking pool incentivizes participants and earns 65% annually. The number of staking tokens reached 640 million.
Another way to earn BTCMTX tokens is by participating in Minedrop contests. Ten lucky winners will each receive $3,000 in this contest, bringing the total prize pool to $30,000.
🎉 #Bitcoin Metrics $30,000 Minedrop is now available! 🎉
Get ready for your chance to win $30,000 worth of prizes $BTCMTX!
For your chance to win one of 10 $3,000 prizes, follow the steps in the link below. $BTCMTX Goods! 💰
➡️ https://t.co/v1UKskxi4Y pic.twitter.com/nseOBTNO9N— Bitcoin Minetrix (@bitcoinminetrix) October 5, 2023
expert We expect Bitcoin price to rise before the April halving, making BTCMTX a good candidate for a spectacular debut. Jacob Bury, a prominent cryptocurrency analyst with over 27,000 YouTube subscribers, has endorsed the project and predicted a potential 10x surge upon launch.
More than $10.2 million has been raised to date; BTCMTX Pre-sale We are moving toward 11 million. The current price of 1 BTCMTX token is $0.0133, and a price increase is expected within 5 days.
You can purchase BTCMTX tokens with USDT, ETH or bank card.
Visit the official website here.
Related news
A new cryptocurrency mining platform – Bitcoin Minetrix
- Thanks to Coinsult
- Decentralized, secure cloud mining
- Get free Bitcoin every day
- Native token currently in pre-sale – BTCMTX
- Staking Rewards – APY 50% or more
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