Bitcoin Price Prediction: This BTC Derivative Offers One Last Buying Opportunity as 10X Research Sells ‘Everything’ on Imminent Correction Risk

adminApril 17, 2024

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bitcoin price fell Bearish sentiment has been highlighted, with shares up more than 4% in the last 24 hours and trading at $62,853.75 as of 8:05 a.m. EST.

BTC’s misfortunes may not be over yet. Markus Thielen, founder of 10X Research, warns that both stock and cryptocurrency markets are approaching a “critical turning point” and could be headed for a significant correction.

He cited persistent inflation, the possibility of a smaller-than-expected interest rate cut and rising bond yields as reasons for the downside outlook.

“We sold everything last night,” Thielen wrote on April 16. study notes.

Bitcoin Price Loses Key Support

BINANCE:BTCUSDT Chart Image Credit: StevenWalgenbach

BTC/USDT 4-hour chart (Source: TradingView)

Bitcoin price fell below the $63,301.31 support level in the last 12 hours and then below the next major point at $61,860.81 during the same period. However, the bulls were able to stop the major cryptocurrency from closing the four-hour candle below $61,860.81. If bulls are unable to beat the bears over the next 12 hours, BTC could be at risk of testing the $60,325.83 support level in the near term. It has not been visited even once since March 5th.

Conversely, if buyers regain control over the Bitcoin price, it could recover above the recently broken $63,301.31 level. A four-hour candle that closes above this point could be identified as a buying entry by traders, which could result in a wave of buying pressure. BTC could potentially rise to $66,263.84 after attempting to challenge the $65,104.05 barrier over the next 24 hours.

Bitcoin Price May Not Fall Yet

Technical indicators on the BTC 4-hour chart suggest that the Bitcoin price may continue to decline over the next 24-48 hours. Both the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) indicators favor sellers. This is after the respective technical indicators triggered key bearish technical signals.

Over the past 24 hours, the MACD line has crossed below the MACD signal line. Traders typically identify this as a sign that a cryptocurrency has entered a negative trend. Meanwhile, RSI has been breaking below the simple moving average (SMA) line over the past few hours, indicating that sellers have gained an advantage over buyers. As a result, it may be easier for bears to drive Bitcoin prices down than for bulls to drive them higher during the same period.

With the risk of the Bitcoin price falling further in the future, investors may turn to the upcoming Bitcoin derivatives pre-sale, including: Bitcoin Minetrix You can get 10 times your profit.

After raising more than $13 million through an ICO, the project team is offering investors one last chance to purchase before launch.

Provides passive income paid in BTC

In just a few days, BTC’s next halving event will take place. This event is expected to further increase the value of major cryptocurrencies as it will become more difficult to earn new BTC by halving mining rewards.

This decrease in supply and the increased demand coming from spot Bitcoin ETFs (ETFs) in the U.S. could lead to a surge in prices for market leaders.

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at @MarathonDH to @RiotPlatformsWatch how they prepare for their shifts.
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— Bitcoin Minetrix (@bitcoinminetrix) April 10, 2024

Bitcoin Minetrix offers investors a way to earn passive income paid in BTC through its innovative cloud mining platform. Getting started is very simple and requires a quick three-step process.

First, investors must purchase the project’s native BTCMTX tokens. After purchasing, you will need to stake your tokens in exchange for gas rewards. Finally, for investors to claim their share of Bitcoin Minetrix’s cloud mining power and start earning BTC, these rewards must be burned.

Until now, Bitcoin mining has been a complex task that only the most technically skilled individuals can complete. However, Bitcoin Minetrix’s stake-to-mining model makes mining the market leader in the cloud as simple as staking Ethereum tokens.

Moreover, the high level of decentralization makes mining with Bitcoin Minetrix safer as there is no risk of a central party exploiting the system for personal gain.

Small-scale miners are likely to flock to Bitcoin Minetrix

Analysts predict that small, unsustainable BTC mining operations will be forced to close up shop due to reduced revenues following the halving.

These small operators can choose Bitcoin Minetrix as the project is responsible for the operation and maintenance of the mining machines. Investors will also rush to take advantage of the passive income opportunities offered through the project.

Considering the central role of the token in the overall ecosystem, this potential increase in interest could have a positive impact on the price of BTCMTX. Therefore, early investors can earn 10x profits in the short term.