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Bitcoin’s price surged by nearly 5% in the last 24 hours to trade at $43,070 as of 5 a.m. EST, while daily trading volume jumped 26% to $25.1 billion.
Bitcoin recovered after retesting the support at $41k, which many took as a sign that BTC is starting a new bull run that might cause the coin to break past resistances.
If true, BTC could potentially skyrocket to a new yearly high.
Two recent Bitcoin spot ETF-related developments have boosted sentiment around the king of cryptocurrencies.
The first one is tied to BlackRock, which suggested a ticker for its proposed spot Bitcoin ETF filing. According to the most recent amendment to its filing, the world’s leading asset manager offered the ticker IBIT.
The update to the filing also included some new language regarding the creation and redemption mechanism that is to be deployed by the fund.
Another significant development came from the CEO of Grayscale Investments, Michael Sonnenshein, who predicted that the arrival of spot Bitcoin ETFs opens digital assets to the $30 trillion market for advised wealth.
JUST IN: 🇺🇸 Grayscale CEO tells CNBC a spot #Bitcoin ETF would "unlock" #BTC for about "$30 trillion worth of advised wealth." pic.twitter.com/yaM1riX9FI
— Bitcoin Magazine (@BitcoinMagazine) December 18, 2023
Bitcoin Price Forecast With New ETF-Related Developments
Bitcoin price has significantly recovered with the start of the new week, despite recent predictions that the bears are about to take over the market.
The coin broke the main bullish pennant pattern in the four-hour timeframe, which is why many now expect a big bullish wave to come.
Previously mentioned developments regarding Bitcoin spot ETFs also contributed to securing a bullish sentiment among buyers.
Furthermore, the coin’s recent dip to $41k likely encouraged many to move in and buy the dip, thus pushing the price further up.
BTC is expected to break the barrier at $43k and head further up. Some predictions believe that it could surge by as much as 15% in days to come. However, multiple technical indicators suggest that the coin’s price might be rejected again in the short term.
Bitcoin has seen the narrowing of Bollinger bands, and its Relative Strength Index (RSI) score has entered the overbought zone.
Both of these are bearish signals, which suggest that the price is likely to see another drop.
Earlier predictions also suggested that BTC would have another surge before the bear market takes over, pushing the price down to the mid-$30k range, which is still possible.
The market uncertainty is high for now, and BTC could follow either of the two scenarios.
Promising Alternative To Bitcoin
One of the best alternatives to Bitcoin is a project called Bitcoin Minetrix (BTCMTX). This is a cloud mining platform for Bitcoin that seeks to make Bitcoin mining easy and safe for anyone interested in mining the world’s oldest cryptocurrency.
It all works simply: Users purchase the project’s native token, BTCMTX, stake it on its platform and receive credits in return.
These credits are then used to mine BTC and receive rewards without buying expensive equipment or having to pay high electricity bills.
Furthermore, the platform is fully decentralized, safe, transparent, and audited to assure stakeholders that it is safe to use, unlike many cloud miners in the past, who turned out to be fraudulent.
The project’s presale became one of the biggest in 2023 and had already raised over $5.52 million.
#BitcoinMinetrix has successfully raised more than $5,400,000! 🪙 pic.twitter.com/eD8FvCkXJQ
— Bitcoinminetrix (@bitcoinminetrix) December 19, 2023
Its token, BTCMTX, currently sells for $0.0123 apiece, but in less than three days, the token will see a price increase. So purchasing it early has its advantages.
If you buy BTCMTX, you can get it in exchange for ETH and USDT or purchase it via credit or debit card.
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