Bitcoin

Bitcoin Price Prediction: BTC Crashes Beyond $41,000 Barrier After 11% Surge, Highlighting the Huge Potential of Bitcoin Cloud Mining Platform.

adminDecember 4, 2023

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The price of Bitcoin has surged 11% over the past 24 hours, trading at $41,351 as of 2:45 a.m. ET. Because the king of cryptocurrencies has shaken the psychological level of $40,000.

BTC market dominance is now at 52% with a 55% increase in trading volume.

One of the most striking evidence of increasing buying pressure is the inverse correlation between Bitcoin and Tether (USDT) stablecoin dominance. As shown in the chart below, there is an inverse correlation between USDT dominance and BTC.

The dominance has recently broken from the triangle after 500 days of consolidation, with the rising trend line as the next major support level. A continued decline in dominance could push Bitcoin price upwards with a potential target of $43,000 to $48,000.

bitcoinbitcoin

With Bitcoin pumping hard, the enormous potential of Bitcoin Minetrix, a BTC mining platform, has become clear. This is because it makes Bitcoin ownership a reality for ordinary people through the stake-to-mine initiative.

Meanwhile, one analyst says Bitcoin is currently in an accumulation phase with buying from sellers at $40,000. With this, they anticipate more price spikes even as sellers become more exhausted.

However, renowned trader and investor Crypto Tony expects a correction even as Bitcoin price faces a weekly supply barrier.

bitcoinbitcoin
TradingView: BTC/USTD 1-week chart

Why is Bitcoin price falling?

With the approval of a spot Bitcoin ETF (ETF) not expected until January and the halving event in April, a likely driver of Bitcoin price is FOMO, or fear of missing out. This follows the halving event, which is widely expected to continue investors’ pre-approval and kick-start the next bull cycle.

Bitcoin Price Outlook As FOMO and Greed Drive BTC Markets

The trajectory of the Relative Strength Index (RSI) is pointing in a northerly direction, showing that momentum continues to rise.

Despite BTC overbought as evidenced by RSI above 70, Bitcoin price will continue to rise as long as this momentum indicator remains in a northerly direction. Therefore, traders with open positions should consider keeping them open until the RSI risks breaking below the 70 level.

Meanwhile, with RSI still trending north and the Awesome Oscillator (AO)’s histogram bar showing a green histogram bar with ever-increasing volume, bulls are leading the BTC market and Bitcoin price still has upside potential. There may be.

Buying pressure above current levels has eyes set on the psychological level of $50,000.

BTCBTC
TradingView: BTC/USDT 1-day chart

However, if traders give in to their pursuit of profits, the resulting selling pressure could cause the price of Bitcoin to fall. This could result in the loss of the support level at $38,467, or worse, the confluence of buyer congestion levels between the 50-day simple moving average (SMA) and the horizon at $35,343.

If seller momentum strengthens, the Bitcoin price could surge to the $33,641 support level or, in severe cases, extend to the $31,501 important support level. A decisive candlestick break below this level would invalidate the current bullish outlook and BTC is likely to test the psychological level of $30,000.

In a worst-case scenario, Bitcoin price could fall significantly, breaking above the 200-day SMA of $29,739 and falling below support below $25,133, collecting buy-side liquidity below it.

Meanwhile, Bitcoin’s strength has led many investors to turn to Bitcoin derivatives such as Bitcoin Minetrix. This has much more upside potential due to leveraged plays during a BTC bull market.

A promising alternative to Bitcoin

Bitcoin Minetrix offers a promising alternative to Bitcoin through its powerful token, BTCMTX. The token is being sold for just $0.012 due to massive buyer interest, bringing current sales to over $4.705 million out of the target target of $5.466 million.

The $0.012 price tag only applies to the current phase 11, which is scheduled to end in 3 days. When the next stage begins, the price increases. That means now is the time to buy BTCMTX at the early entry price.

The Bitcoin Minetrix project uses cloud mining as opposed to traditional BTC mining methods. This is advanced because investors only need to stake tokens for mining. Specifically, investors stake BTCMTX tokens for credits and then exchange these credits for mining hash power.

The cost of this cloud mining plan is much lower than traditional alternatives.

Visit the Bitcoin Minetrix website to purchase BTCMTX in the pre-sale here.

Also read:

A new cryptocurrency mining platform – Bitcoin Minetrix

Bitcoin MinetrixBitcoin 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

Bitcoin MinetrixBitcoin Minetrix


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adminDecember 4, 2023

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