Bitcoin Price Prediction: ECB Official Says BTC Fair Value Is Zero, Arthur Hayes Sees It As “Unfathomable Highs”, Experts Say This Bitcoin Derivative Could Explode.

adminFebruary 25, 2024

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Bitcoin price has fallen less than 1% in the last 24 hours. Traded for $51,136 As of 5:58 a.m. EST, trading volume was down 14% to $23 billion.

This comes after two European Central Bank (ECB) officials, Ulrich Bindseil and Jurgen Schaaf, said Bitcoin is not a valuable financial asset because its fair value is zero. Their sentiments come despite the US approving a spot BTC ETF (exchange-traded fund).

The digital euro will be designed for payments, not investments, explain Ulrich Bindseil, Jurgen Schaaf and board member Piero Cipollone. The fear of bank customers moving large deposits from their banks to digital euros is outdated. pic.twitter.com/Wu8xHLuoVk
— European Central Bank (@ecb) February 19, 2024

ECB officials said the U.S. Securities and Exchange Commission’s (SEC) decision does not change its view that BTC is not a suitable means of payment or investment.

But BitMEX founder Arthur Hayes believes two catalysts could send Bitcoin soaring to “unfathomable heights.” One of the reasons for this is the launch of the spot BTC ETF, which continues to see massive flows of funds into the market.

BitMEX co-founder explains why he is bearish on Cardano ($ADA).
In a recent interview with Coin Bureau co-host Jessica Walker, Arthur Hayes, co-founder and former CEO of BitMEX, shared his insights on the current state and future of cryptocurrencies, with a focus on Bitcoin.
— DeFiMaestro🌈 (@maestro_fi32816) February 21, 2024

He also believes Bitcoin could explode due to the Federal Reserve’s interest rate cut in June.

Bitcoin price strengthens, finds support at $50,000

Bitcoin price chart analysis Source: Tradingview.com — BTCUSD Chart Analysis Source: Tradingview.com

Bitcoin price rebounded in February thanks to an inverted head and shoulders pattern. This allowed the bulls to push the price higher, but it met resistance at $53,000.

Over the past seven days, BTC price has been in a consolidation phase and is currently trading within a range.

BTC is currently trading slightly below its 50-day simple moving average (SMA), which is consistent with its price movements. However, the price is above the 200-day SMA, confirming the bullish outlook for BTC price.

The Relative Strength Index (RSI) is rebounding and heading north towards the center line of 44. This indicates increased buying pressure and an opportunity for investors to buy more.

BTCMAD BTCMAD

Moreover, the moving average convergence divergence (MACD) supports the current downward price trend as the moving average line (blue) is trading below the signal line (orange). There are signs that a bullish reversal is imminent as the red bar appears to be decreasing towards neutral levels.

Bitcoin price prediction

Although currently within a range, Bitcoin price bulls are attempting to take advantage of the ascending triangle pattern to push the price higher. Additionally, the RSI is currently below the mid-50 line but is heading north, indicating more buying coming in for a price surge. Bulls are trying to reach the psychological barrier of $55,000.

However, if the bears exert further pressure, $50,600 and $49,000 will become key support areas, acting as a buffer against downward pressure.

Meanwhile, investors looking for turbocharged returns on their investment are looking to Bitcoin Minetrix, a BTC derivative that analysts believe has explosive potential upon launch.

Bitcoin Minetrix raised $11.3 million, hitting its $12.1 million goal.

Bitcoin Minetrix (BTCMTX) Currently in Phase 27, presale has secured more than $11.3 million in seed funding and is on track to reach its goal of $12.178 million.

There are now 2 days left until the end of Stage 27. #Bitcoin Metrics!
How do advances in mining hardware affect the mining environment? #Bitcoin mining? 💻⛏️ pic.twitter.com/sfM36jAx9K
— Bitcoin Minetrix (@bitcoinminetrix) February 23, 2024

BTCMTX is set to revolutionize Bitcoin mining, an activity known to require complex and expensive hardware, through a decentralized mechanism. You can easily mine Bitcoin using ERC-20 staking credits, ensuring a secure and decentralized experience.

Explains the differences. #BTCMTX and traditional cloud mining. ⛏️🪙
1️⃣ Utilization of ERC-20 #token Eliminates transaction requirements.
2️⃣ Miners manage their power by earning credits through staking.
3️⃣ Smart Contract #ETH Simplifies security and staking. 📜🔒 pic.twitter.com/RlrQRx20RW
— Bitcoin Minetrix (@bitcoinminetrix) February 22, 2024

You can participate in the pre-sale by purchasing BTCMTX tokens, which are currently priced at $0.0136. Buy now before the price increases in two days.

Stake BTCMTX and earn passive income

BTCMTX has a staking option. Buy and stake the acquired BTCMTX tokens With over 694 million BTCMTX tokens already staked, you will receive an impressive Annual Percentage Yield (APY) of 60%.

By purchasing BTCMTX, you will also get a chance to become a lucky winner in the project. $30,000 Mind Drop Competition. Ten winners will each receive $3,000 worth of BTCMTX.

Prominent cryptocurrency analyst and YouTuber Jacob Bury believes BTCMTX has the potential to return 10x profits upon launch.

To participate in the presale, visit: BTCMTX official website Exchange ETH or USDT to BTCMTX. You can also make direct purchases using your bank card.