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The price of Bitcoin rose almost 1% in the last 24 hours to $43,078 as of 4:30 a.m., with trading volume increasing 4% to $29.09 billion.
The situation may soon improve: JPMorgan says around $36 billion will flow from other cryptocurrency investment products into BTC exchange-traded funds (ETFs).
Bitcoin price prediction
Bitcoin price rose significantly after the launch of the BTC ETF, but suddenly fell due to the sell-off and stabilized above the support level of $42,000.
Currently, this support does not appear to be pushing the coin any further lower and will allow it to stage a recovery in the coming days.
Bitcoin is in an uncertain situation, technical indicators are mostly neutral and it is difficult to predict what will happen next.
The coin's Relative Strength Index (RSI) is at 54.55, which places it in the neutral zone and slightly close to the overbought zone.
Meanwhile, the Bollinger Bands are not too narrow, but not too wide either, as the following graphic shows.
In other words, the coin is currently stable after retesting the $42,000 support and is strong enough not to fall further.
If JPMorgan is right and new money flows into the BTC ETF and BTC, this period of stability will not last long.
Additionally, BTC's price will historically increase when the coin halves its block reward, which will happen around April.
If BTC starts recovering soon, it is likely to easily return to the $46,000 resistance level. After that, it should reach $48,000 and break the resistance, which will be much more difficult.
However, the main goal is to reach the $50,000 mark, an important milestone both for the coin and on a psychological level. If BTC manages to break out and stabilize, the coin could continue to rise and potentially return to its all-time high of $69,000.
Alternatively, traders are also looking for support at $40,000 in case Bitcoin breaks above $42,000 and continues falling. However, this is unlikely as the support at $42,000 remains stable for four days.
A promising alternative to Bitcoin
Even if Bitcoin regains value, which could bring significant profits to its holders, there is a more promising alternative to the coin.
Bitcoin Minetrix (BTCMTX) is a project that provides a cloud mining platform where users share their coins and receive credit, which is then used to mine BTC.
The proposal has attracted widespread attention as Bitcoin is set to halve the reward for another block in April 2024. After that, the price is likely to rise sharply again, as it did in 2021 and 2017.
Meanwhile, Bitcoin Minetrix has decided to make its platform fully decentralized and transparent to ensure user safety, knowing that many may have had bad experiences with cloud miners.
So far, the community seems to be appreciating his approach, as the project has managed to collect $8.6 million in pre-sales as of this writing. The BTCMTX token is currently trading at $0.0129 and will rise again in less than five days.
Mining costs are expected to increase with the April halving. @RiotBlockchain, @TeraWulfInc and @CleanSpark_Inc are well positioned, but how do you think other miners are doing? 🚀⛏️
On the other hand, #BitcoinMinetrix has also raised over $8,400,000! 📣 pic.twitter.com/BwdYTokrWF
– Bitcoinminetrix (@bitcoinminetrix) January 15, 2024
In this case, buying now ensures users benefit from a lower price and a likely explosion at launch.
You can receive BTCMTX in exchange for ETH or USDT, or buy directly with a credit or debit card.
Visit Bitcoin Minetrix here.
Related news:
New cryptocurrency mining platform: Bitcoin Minetrix
- Please check
- Decentralized and secure cloud mining
- Earn free Bitcoins every day
- The original token is already in pre-sale: BTCMTX
- Betting Rewards: Over 100% APR
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