Bitcoin

Bitcoin Price Prediction: BTC surges more than 4% as BlackRock Bitcoin ETF accumulates $500 million in BTC in one day and halving is expected to fuel this new ICO.

adminFebruary 15, 2024

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The price of Bitcoin has surged 4% over the past 24 hours, trading at $52,413 as of 7:10 a.m. ET, with trading volume down 11%.

This surge comes despite recent negative comments about BTC by U.S. Securities and Exchange Commission Chairman Gary Gensler. Gensler, appearing on CNBC Wednesday morning, added that Bitcoin is not decentralized and is the token of choice for ransomware.

Meanwhile, BlackRock’s IBIT Bitcoin ​​exchange-traded fund (ETF) reportedly accumulated $500 million in BTC in a single day on Tuesday. According to market observers, this comes as the BlackRock ETF provides the necessary approval for institutional investors around the world to dip their toes into Bitcoin.

BlackRock currently has $5.1 billion worth of assets under management, while Grayscale’s GBTC still leads the field with over $22.9 billion in assets.

As interest in Bitcoin grows, investors seem to be losing interest in gold. Bloomberg Intelligence ETF analyst Eric Balchunas highlighted in a post on X that investors continue to pull money out of gold ETFs.

Bitcoin Price Prediction Amid Growing Interest in ETFs

Bitcoin price remains strong, as evidenced by the continued high highs on the daily chart of the BTC/USDT trading pair. , remains within range of the ascending parallel channel, a bullish technical formation that promises further profits as long as the price holds.

Nonetheless, caution is warranted considering the RSI (Relative Strength Index) position of 82 means BTC is massively overbought. Nonetheless, upside potential continues to be favorable. This is because the RSI is maintaining an upward trend, indicating that momentum is still rising and is often fueling a continued rise in the Bitcoin price.

It is also worth noting that both the Awesome Oscillator (AO) and the Moving Average Convergence Divergence (MACD) continue to show resilience, as evidenced by the presence of massive amounts of histogram bars in positive territory.

Additionally, MACD is still moving above its signal line (orange band), indicating a strong upward cycle.

As investors increase their purchasing power, the price of Bitcoin will likely increase its upside, breaking resistance due to the channel cap. These measures would focus on a $55,000 blockade and would represent an increase of around 6% over current levels.

In a very optimistic case, the price of Bitcoin could rise to the psychological level of $60,000, which would imply a 15% increase from the current price.

BitcoinBitcoin

TradingView: BTC/USDT 1-day chart

converse case

However, if profit booking continues, Bitcoin price could move lower, testing the middle line of the rising parallel channel. A lower leg could allow BTC to fall into a supply area that currently acts as a bullish breaker between $44,300 and $46,760. A decisive candle close below the midline of this order block at $45,554 will invalidate the bullish argument. This will open the way for the corruption to continue.

This directional bias could push Bitcoin price up to the $41,880 support level. This represents a 20% decline from current levels.

Even amid the bullish outlook for BTC, some investors are looking to the BTCMTX pre-sale as an alternative to play the Bitcoin bull market. That’s at least in part because it’s a project analysts consider one of the top projects for explosive growth in 2024.

A promising alternative to Bitcoin

BTCMTX is a powerful token for the Bitcoin Minetrix ecosystem, which operates as a tokenized cloud mining platform that allows community members to mine BTC in a decentralized manner.

The token continues to gain popularity even as the countdown to the April halving continues. Forward-thinking investors are eager to take action in hopes that this event could trigger the next bull cycle.

Bitcoin Minetrix protects investors from high hardware costs and deceptive fraud issues that have undermined confidence in BTC mining. It also ensures that you don’t have to go through the heat, space requirements, and all the other hassles that come with traditional BTC mining.

The project has already raised a whopping $10.9 million in pre-sales, out of its $12.785 million target.

The token is currently selling for $0.0135. With a price increase scheduled within 5 days, this is your last chance to secure your tokens at the lowest price.

Visit Bitcoin Minetrix to buy 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 50% or more

Bitcoin MinetrixBitcoin Minetrix


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adminFebruary 15, 2024

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