Bitcoin Price Prediction: BTC falls over 2% as Bitcoin Minetrix surges toward $10 million funding.

adminJanuary 23, 2024

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Bitcoin price has traded down 2.2% over the past 24 hours. $40.9K 9:30 AM EST.

Bitcoin price prediction

A deeper analysis of the 2-hour BTC/USD chart reveals that Bitcoin price has fallen below the 20-day simple moving average (SMA), which is usually a bearish signal.

To assess overbought or oversold conditions, we look at the Relative Strength Index (RSI), which measures the magnitude of recent price changes, and see readings below the 50 line.

This moves the bears to the lower half of the RSI spectrum signal, which is currently under their control, and pushes the price lower. RSI has not yet reached oversold territory, indicating that there is still room for the price to decline further before a potential reversal occurs.

Moreover, the moving average convergence divergence (MACD), a trend-following momentum indicator that shows the relationship between two moving averages of a security’s price, is in negative territory. This bearish crossover suggests that the downward momentum in Bitcoin price is strengthening.

The Awesome Oscillator (AO), designed to measure market momentum, is showing red bars, reinforcing the bearish sentiment indicated by MACD. An increase in the red histogram bar indicates that the bearish momentum may continue.

2-hour BTC/USD chart | Source: TradingView

Implications for Bitcoin Price Trajectory

Considering technical analysis, the immediate outlook for Bitcoin appears bearish. If the support level does not hold, investors could brace for further declines. However, it is also important to recognize that Bitcoin is famous for quick and unexpected reversals, and any news or market stimulus can trigger a trend reversal.

Accordingly, analysts are now looking at the halving event as the next catalyst for Bitcoin price rise.

at the time #Bitcoin If a halving occurs, there will be a supply shock to Bitcoin.
Demand greatly exceeds supply.
Then we will see the beginning of the greatest bull market in history.
— Crypto Rover (@rovercrc) January 22, 2024

While the price of Bitcoin has been struggling, the Bitcoin Minetrix ICO has surged past $9 million as it heads toward its $9.9 million target, with each BTCMTX token priced at $0.013. Analysts rank during Highest pre-orders in 2024.

A compelling alternative?

BTCMTX is Bitcoin Minetrix A project that introduces tokenized cloud mining, a groundbreaking approach that allows community members to participate in decentralized Bitcoin mining.

Traditional Bitcoin mining has deterred many potential participants due to the exorbitant costs associated with the hardware and the prevalence of fraudulent activities. Bitcoin Minetrix Addressing these issues protects investors and alleviates the challenges of traditional mining, such as high electricity costs and requirements for significant physical space.

#Bitcoin Metrics Enables a cloud mining environment by integrating stake holdings and cloud mining.
Leading the way in tokenized cloud mining with a focus on transparency, autonomy, and security. #BTCMTX We do our best to provide you with a reliable route. $BTC Mining enthusiast. 🌐⚒️ pic.twitter.com/Mrxv0Hnrst
— Bitcoin Minetrix (@bitcoinminetrix) January 22, 2024

To mine Bitcoin with Bitcoin Minetrix, users need to stake BTCMTX tokens on the Ethereum network through the Stake-to-Mine model, which allows them to participate in the mining process and earn Bitcoin (BTC) rewards.

With the halving event scheduled for early April, analysts expect Bitcoin price will perform well this year. In light of this, analyst Jacob Bury identifies BTCMTX as one of the top three pre-sales of 2024 and says it has the potential for a 10x gain upon launch.