The Bitcoin price fell 0.3% in the last 24 hours to trade at $48,312 as of 12:30 a.m. EST on an 8% jump in trading volume to $20 billion.
Despite the small fall, CryptoQuant CEO Ki Young Ju predicts that Bitcoin’s price could soar to $112,000 this year if the current trend of inflows linked to spot exchange-traded funds (ETFs) continues. His worst-case scenario for Bitcoin would see it climb to $55,000.
— Ki Young Ju (@ki_young_ju) February 11, 2024
“#Bitcoin market has seen $9.5B in spot ETF inflows per month, potentially boosting the realized cap by $114B yearly,” he said. “Even with $GBTC outflows, a $76B rise could elevate the realized cap from $451B to $527-565B.”
BTC/USDT Analysis by Tradingview
Bitcoin price has been on a gradual uptrend, with the bulls using the $25,217 support level as a launchpad to catapult prices high.
However, BTC is currently in the accumulation stage. After the price hit a resistance level at $49,000, signaling an anticipated break above the upper boundary of the bullish pennant.
If the momentum continues, the bulls could fly the price high, covering distance X, the same distance measured on the pennant as shown on the chart.
However, this rally may be short-term as traders expected the price to come down to the point of the break-out once the price covers the distance X up.
The BTC indicators are still bullish, with the price holding above the 50-day and 200-day simple moving averages (SMAs). Furthermore, the SMAs indicate a golden cross at $28266, confirming the anticipated bull rally for the Bitcoin price.
The Relative Strength Index (RSI) is trending upwards at 72 above the 70 overbought zone, indicating a rebound on the 50 midline level. If the momentum continues, it will push the RSI further into the overbought zone.
The bullish pennant still signals that the bulls have the opportunity to flare the price up as bullish investors focus on achieving a higher level above the $60,000 mark.
If the bears sustain the momentum, the price could reach $44,230, wiping out the profits made on distance X.
Meanwhile, as BTC traders await a favourable signal to enter, BTC cloud mining token BTCMTX continues to attract more investors. The token also offers lucrative opportunities for investors through its staking feature and an upcoming minedrop airdrop.
The Bitcoin Minetrix (BTCMTX) presale has already secured $10.7 million as it races towards its $11.5 million target.
Bitcoin Minetrix is a decentralized platform for tokenized cloud mining, enabling ordinary individuals to engage in Bitcoin (BTC) mining. The BTCMTX platform offers access to the stake-to-mine feature for investors who buy into the presale, enabling them to earn passive income.
The feature offers investors complete control over their mining activities, allowing them to earn cloud mining credits when they stake their BTCMTX tokens. It also provides them protection against potential scams from third-party cloud mining platforms.
Additionally, users earn rewards in the staking pool and an annual pay yield of 63% through staking their acquired BTCMTX.
Exploring the advantages of #BitcoinMinetrix:
🌐 Convenient access made easy.
💲 Enhanced efficiency with a streamlined cost structure.
🔄 Enjoy peace of mind, free from concerns about resale value.
— Bitcoinminetrix (@bitcoinminetrix) January 25, 2024
Investors who have bought the BTCMTX token have access to join the $30,000 minedrop airdrop competition, where they can compete with other participants for a $30,000 prize pool and stand a chance to receive a $3,000 reward among the ten lucky winners.
Jacob Bury, a crypto analyst on YouTube, says that BTCMTX could 10X on investment for early entrants. He has also invested substantially in the presale himself, anticipating lucrative returns.
Investors are rushing to buy more BTCMTX tokens at a discounted price of $0.0134 per token before a price hike in less than three days.
You only need an Ethereum-compatible wallet like MetaMask to purchase BTCMTX tokens, and can buy them on the BTCMTX website by swapping your ETH or USDT for BTCMTX tokens. You can buy directly using your bank card.
New Crypto Mining Platform - Bitcoin Minetrix