Bitcoin Price Prediction: Santiment Says Reddit User Was Fastest Buying BTC Dip, Experts Urge Traders To Do The Same With This Booming Pre-Sale.

adminJanuary 27, 2024

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Bitcoin price rose 2.8% in the last 24 hours, maintaining spot prices. $40.9K 9:30 AM EST.

Amid the Bitcoin price rebound, research by Santiment found that Reddit users were the quickest to buy the dip during the recent BTC price drop, unlike pessimistic or undecided users on other social media networks like Telegram and X.

Bullish terms like “buy” and “bottom” have seen a surge in Santiment’s Reddit social volume indicator, but X and Telegram users are still in bearish mode, the company said.

📈🧐 #Bitcoin It has rebounded above $40,000, and social platforms are divided over how to respond to widespread volatility after 2018. #ETFs Approved 2 weeks ago. when #telegram, #reddit, #Xand #4chan It’s all extreme #stress or
(Continued) 👇 pic.twitter.com/B6u5WV164R
— Santiment (@santimentfeed) January 25, 2024

Bitcoin Price Analysis: Bitcoin Bulls Are in Charge.

Looking at the 1-hour BTC/USD chart analysis, we can see that the price has recently risen significantly with a large green candle, indicating intense buying pressure over the past hour.

The price is currently above the 200-day moving average (200 SMA) and the 50-day moving average (50 SMA), which are generally bullish indicators. If the 50-SMA crosses the 200-SMA (the ‘golden cross’), a long-term bullish trend may emerge.

Additionally, the relative strength index (RSI) is around 58.52, which is lower than the overbought threshold of 70. This indicates that the price has room to rise before the asset becomes overbought. On the other hand, the average directional index (ADX) is 21.32, indicating that the current trend is strengthening, while a value above 20 indicates a growing trend.

The Awesome Oscillator (AO), which is also used to measure trend, has a positive value of 707 and the histogram bar is green. This indicates that the current market momentum is in favor of Bitcoin.

Technical indicators show a near-term bullish trend, as evidenced by RSI and ADX, suggesting further upside is possible.

1-hour BTC/USD chart | Source: TradingView

Meanwhile, as the price of Bitcoin recovers, investors looking for profitable opportunities are increasingly turning to Bitcoin Minetrix. Overwhelming pre-sales in 2024.

This ICO offers tokens for just $0.0131 per unit and has already secured an impressive $9.4 million in funding, with a target of $10.3 million.

an attractive alternative

Bitcoin Minetrix We aim to democratize Bitcoin mining and make it accessible to everyone in the community.

The core of the project There is an architecture that is taken to the mine. Users can participate in Bitcoin mining and earn Bitcoin (BTC) rewards by staking the project’s native token, BTCMTX, on the Ethereum network. This approach provides a more comprehensive and cost-effective way to mine Bitcoin.

#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 are doing our best to provide you with a reliable route. $BTC Mining enthusiast. 🌐⚒️ pic.twitter.com/Mrxv0Hnrst
— Bitcoin Minetrix (@bitcoinminetrix) January 22, 2024

In this way, it eliminates significant obstacles to traditional mining, such as prohibitive hardware costs, high energy costs, and the need for large spaces.

While analysts exist optimistic The news is that the price of Bitcoin will rise in the coming months due to the halving event scheduled for early April. BTCMTX is well positioned to take advantage. Crypt analyst and YouTuber Jacob Bury predicts that its value is likely to increase tenfold upon launch.