Bitcoin Price Prediction: With inflows into the BlackRock Bitcoin ETF the 5th highest among all ETFs, experts say this ICO could be the best cryptocurrency to buy right now.

adminFebruary 8, 2024

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The price of Bitcoin has fallen slightly over the past 24 hours, trading at $42,930 as of 4:30 a.m. ET, with trading volume down 7% to $16.58 billion.

Bitcoin activity may become even stronger, with data showing BlackRock’s Bitcoin exchange-traded fund (ETF) inflows at $3.2 billion this year are already the fifth highest among all U.S. ETFs.

First holder reported $GOIt’s a Canadian asset manager called Redwood, and it appears to have sold local-purpose Bitcoin ETFs with fees exceeding 1% and bought US-based ETFs. $GO The first $5 billion is free, after that it’s 25 basis points. Huge cost migration hitting cryptocurrency funds. pic.twitter.com/d0OC5vHkWn
— Eric Balchunas (@EricBalchunas) February 6, 2024

Considering the fact that IBIT has reached this huge milestone just a few weeks after its launch, it is clear that demand is as high as expected.

The only funds that beat this include large long-term index ETFs from Vanguard and iShares that provide exposure to the S&P 500 or the entire stock market.

Bitcoin price prediction

Bitcoin has been trading sideways for almost a week now, with only a few significant moves. This shows that the coin has strong resistance to beat $43.5,000.

The recent positive news regarding spot ETFs and the hype surrounding the upcoming halving is likely to spark a strong surge over the next couple of months just before the halving occurs.

Historically, coins will surge in price and then see a post-halving correction, which will grow into a massive bull market about 6-12 months later.

However, in the near term, the coin is still struggling to break out below $40,000. However, several technical indicators suggest that the price may surge in the near future, possibly within the next 24 hours.

Bitcoin price February 7

One such indicator is the Relative Strength Index (RSI) score of the coin, which has just risen from oversold territory to reach neutral territory, as seen in the chart above. This means bulls have taken a plunge and bought the dip, potentially pushing the price back up.

Meanwhile, the Bollinger Bands are also widening and the price is getting closer to the upper band, which is also a bullish sign.

Buying pressure will determine whether BTC can reach and surpass this resistance in the near term, but there is a chance that BTC could surge to $43.5,000.

A promising alternative

Bitcoin Minetrix (BTCMTX) is currently one of the most promising alternatives to Bitcoin itself. The project has developed a cloud mining platform that allows you to mine Bitcoin without buying expensive equipment or paying huge electricity bills.

Above all, being fully decentralized and fully transparent is what sets it apart from the weak or fraudulent platforms that have kept cloud mining away from cryptocurrency users over the past few years.

How Bitcoin Minetrix works is simple. Simply purchase and stake BTCMTX tokens. In return, you will receive credits to mine Bitcoin on the platform. And that’s it.

#Bitcoin Metrics Stage 23 will be completed in just 4 days!
Can you explain what hashing does? $BTC mining? 🤔💻 pic.twitter.com/zRpeBVcg1O
— Bitcoin Minetrix (@bitcoinminetrix) February 1, 2024

With Bitcoin expected to see a massive price surge due to the upcoming block reward halving and the popularity of new spot ETFs, now is the time to acquire Bitcoin.

However, it is too expensive for most people to purchase, so mining it is the next best option. Bitcoin Minetrix allows you to do this indefinitely by staking your BTCMTX tokens.

To date, presales for the project have raised $10.38 million and are approaching the $11.2 million goal.

If you decide to participate in the pre-sale, you can get tokens in exchange for ETH, USDT, or purchase them directly with your credit/debit card. The current price is $0.0133 and the price increase will occur within 3 days.

Visit BTCMTX here.