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The price of Bitcoin has fallen 0.23% over the past 24 hours to $43,898 as of 5 AM EST, with trading volume up nearly 52% to $24.12 billion.
With all attention focused on the possible imminent approval of a spot Bitcoin exchange-traded fund (ETF), a CoinShares executive said the investment vehicle would not be a “new event sell” in BTC.
Instead, he said, the ETF approval is expected to open up the asset to more wealthy individuals who previously couldn’t access bitcoin in a way they were comfortable with.
Therefore, analysts expect Bitcoin to increase in value through more inflows.
Analysts remain optimistic about the chances of a spot BTC ETF being approved this week, with Bloomberg analyst Eric Balchunas saying the odds of rejection are currently only around 5%.
Well, although at this point it’s probably going to go to 5%. But for these things you have to keep a small window open.
— Eric Balchunas (@EricBalchunas) January 6, 2024
Bitcoin price prediction
Although Bitcoin has plateaued since its flash crash on January 3, technical indicators have continued to send bullish signals, especially over the past weekend.
Bitcoin’s RSI score continues to suggest that the coin is overbought, while the Bollinger Bands have become unusually narrow for BTC.
However, the coin’s RSI score currently stands at 53.63, suggesting that it is in the neutral zone, while the Bollinger Bands have witnessed significant widening, which is also a bullish signal.
Aside from that, the chart below suggests a symmetrical triangle formation with investors taking their time deciding which direction BTC will move from here.
Bitcoin has transitioned from a very bearish to a bullish trajectory, but technical analysis suggests that it is not yet ready for the next major bull run, and it likely won’t be until another 6-12 months.
However, the ETF approval is likely to push the price higher and in the near term, BTC will try to break the $44,000 resistance and push it back towards the $46,000 resistance.
However, much will depend on market sentiment, which will likely be determined by regulators’ decision to launch a Bitcoin spot ETF.
A promising alternative to Bitcoin
While most eyes are on Bitcoin ETFs, opportunity seekers should not forget that BTC is now just a few months away from its next block reward halving.
This is why a project called Bitcoin Minetrix (BTCMTX) became one of the biggest and most popular presales of the season.
Bitcoin Minetrix is a cloud mining platform that allows anyone to purchase and stake BTCMTX tokens, providing credits that can be used to mine Bitcoin.
Since this can be done without expensive mining equipment or huge electricity bills, many people have jumped at the chance to obtain BTCMTX, especially with the halving approaching.
🌐The Stake-to-Mine concept is a novel idea that promises the following benefits: #Bitcoin Mining back into the realm of ordinary possibility #Cryptocurrency A fanatic for many reasons.
user #BTCMTX only need #Ethereum Compatible wallets such as: #MetaMaskThings have become very simple.🔐 pic.twitter.com/XJmuATMaXW
— Bitcoin Minetrix (@bitcoinminetrix) January 4, 2024
Moreover, the project is fully decentralized and transparent, knowing the bad reputation cloud miners have gotten in the past due to fraud or poor management.
Instead, they point out that 1 BTC mined in 2013 increased in value by 27,300% in 10 years. With the next decade expected to be critical for cryptocurrency adoption and usage, Bitcoin Minetrix seeks to provide users with the ability to earn Bitcoin now and benefit from future price increases.
The presale of tokens reflects high demand, as it has already raised over $7.83 million, making it one of the largest presales of the season. And with a goal of $8 million, it’s close to selling out.
So if you’re interested, act quickly. Those interested in signing up and purchasing Bitcoin Minetrix can use Best Wallet, Wallet Connect, or Metamask to exchange for ETH or USDT, or purchase tokens directly via credit or debit card.
Visit Bitcoin Minetrix here to purchase.
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 100% or more
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