Bitcoin Price Prediction: As Morgan Stanley Says BTC and CBDC Could Threaten Dollar Dominance, Experts Say They Consider This Bitcoin Cloud Mining Platform With 10X Potential.

adminJanuary 17, 2024

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The price of Bitcoin has risen 0.25% over the past 24 hours, trading at $42,811 as of 2 a.m. ET, with trading volume surging 15%.

Nonetheless, Andrew Peel, head of digital assets at Morgan Stanley, warned that there could be a potential “paradigm shift” in the way digital assets are perceived and used, which could impact the value of the US dollar (USD).

Peel believes the dollar’s dominance of foreign exchange reserves, currently at around 60%, could be threatened by the collective scale of digital assets, led by Bitcoin and central bank digital currencies (CBDCs).

The change was accelerated last week by the launch of a spot Bitcoin exchange-traded fund (ETF) in the U.S., Peel said. He added that CBDCs also allow for faster cross-border payments without the need for a common currency.

Bitcoin Price Outlook As Dollar Dominance Is Threatened

After the 8% crash on January 12, Bitcoin price fell below the limit of the ascending parallel channel. It continues to trade below the confluence between the Bollinger indicator’s central line and the horizontal line at $43,826.

However, the Relative Strength Index (RSI) indicates that the decline has widened, moving south to show downward momentum. The Moving Average Convergence Divergence (MACD) indicator is also heading south after crossing below the signal line (orange band) on January 12th.

If the bears have their way, the price of Bitcoin could fall below the confluence between the lower Bollinger band and the $40,726 horizon, with a further possibility of a decline towards the psychological level of $40,000.

In a worst-case scenario, the Bitcoin price could fall to the psychological $30,000 level, below which any bullish argument would be invalidated.

bitcoin price

TradingView: BTC/USDT 1-day chart

On the other hand, the Bitcoin price can benefit from late buyers and underprivileged investors buying dips. Increasing buying pressure could push BTC price back into the upward channel. Further north, the price could break the channel’s midline at $48,000, with the potential for further upside. In a very bullish case, BTC could tag the psychological level of $50,000.

Meanwhile, many investors are turning to cloud mining project Bitcoin Minetrix, and analysts say it is one of the cryptocurrencies to watch in 2024. This project is also one of the three best pre-sales to get involved with early on.

A promising alternative to Bitcoin

BTCMTX is the ticker of the Bitcoin Minetrix ecosystem, a stake-mining project that makes BTC ownership achievable. To achieve this, BTCMTX token holders can stake their holdings into credits and then redeem these holdings with mining hash power.

Do you follow these ideas? #Cloud Mining for $BTC? 🌟⚒️
It’s the way to me #Bitcoin Without the hassle of owning hardware.
💰 No upfront costs for equipment required.
🔧 All you need is basic technical know-how. pic.twitter.com/MavCGFFphW
— Bitcoin Minetrix (@bitcoinminetrix) January 9, 2024

The project is currently in the pre-sale phase and has so far generated more than $8.674 million in sales, out of a target amount of $9.509 million.

As the April halving approaches, mining costs are expected to soar.@RiotBlockchain, @TeraWulfIncand @CleanSpark_Inc You’re in a good position, but what are your thoughts on how other miners will adapt? 🚀⛏️
on the other side, #Bitcoin Metrics We have now raised over $8,400,000! 📣 pic.twitter.com/BwdYTOkrWF
— Bitcoin Minetrix (@bitcoinminetrix) January 15, 2024

Analysts say BTCMTX is one of the penny cryptocurrencies with potential for exponential growth. Investors who want to purchase BTCMTX can do so on the website where each token is sold for $0.0129.

Visit the Bitcoin Minetrix website to purchase BTCMTX here.