Bitcoin Price Prediction: As K33 Research Says BTC ETFs Are ''Nailed On'' For January, This Cloud Mining Platform Surges Past $5.6 Million In Presale

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Bitcoin price is down almost 1% to trade for $42,761 as of 6:40 a.m. EST with a 13% drop in trading volume.

It comes as the market prepares for the holidays, with early signs showing that the Christmas rally may not be as significant as in previous years, despite BTC holders having high hopes for the first month of 2024.

K33 Research has indicated that approval of spot bitcoin exchange-traded funds (ETFs) in the United States looks “nailed on” for January. The report bases its view on the ongoing engagements between the US Securities and Exchange Commission (SEC) and the institutional players in the race for ETF approval.

The applicants have submitted multiple amendments with the intention of appeasing the SEC, mostly recently by accepting cash redemptions instead of in-kind crypto redemptions. The latest to bend the knee on that front was Ark Invest and 21Shares, joining Valkyrie, BlackRock, Fidelity Investments, and Invesco.

ARK bends the knee, joins the Cash Creations Club in order to make it to the starting gate. BlackRock probably next.. https://t.co/z3clix3qHb

— Eric Balchunas (@EricBalchunas) December 18, 2023

Meanwhile, the Bitcoin price action has consolidated into a symmetric triangle on the daily timeframe, with the next directional bias pending confirmation.

Bitcoin Price Outlook As BTC Fills A Symmetric Channel

Bitcoin price action has consolidated within a symmetric triangle, coiling up for the next move. Technical indicators such as the Relative Strength Index (RSI) show that the bulls are flocking the scene, evidenced by its upward trajectory.

Amid rising momentum, if the trajectory of the RSI sustains, it could soon cross above the signal line (yellow band). Such a crossover is often interpreted as a buy signal, which if the bulls heed to, could enhance the uptrend.

The position of the Awesome Oscillator (AO) and the Moving Average Convergence Divergence (MACD) in the positive territory also accentuates the bullish thesis.

Increased buying pressure could see Bitcoin price rise, breaking past the upper boundary of the triangle to flip the $43,528 resistance level to a support.

Further north, the gains could extend past the $44,700 range high before a possible confrontation with the $48,000 psychological level. Such a move would constitute a 12% climb above current levels.

On the other hand, if the bears have their way, Bitcoin price could drop, losing the support offered by the lower boundary of the triangle. This would be confirmed by a flip of the $40,580 support into resistance, setting the tone for a continuation of the downtrend.

In the dire case, Bitcoin price could extend the fall to test the $37,800 level, below which the bullish outlook would be invalidated.

With the K33 Research expressing optimism for BTC ETF approvals in January, enlightened investors have shifted their gaze to BTCMTX, a stake-to-mine project that makes your BTC ownership goal attainable.

It is among the top five crypto presales to buy before 2024, with analysts anticipating 10X growth potential.

Promising Alternative To Bitcoin

BTCMTX is the powering token for the Bitcoin Minetrix ecosystem, providing a hassle-free BTC mining experience for traders and enthusiasts.

In 2008, #Bitcoin utilized mining to ensure security. 🛡️

Initially easy, it later became intricate and expensive.

Cloud mining faced scams, causing skepticism. ❓

Today, major corporations restrict individuals' access. #BTCMTX strives to enable $BTC mining for everyone. 🌟 pic.twitter.com/ze5Vm3kKo9

— Bitcoinminetrix (@bitcoinminetrix) December 19, 2023

Bitcoin Minetrix is a tokenized cloud mining platform where even everyday people can mine BTC in a decentralized fashion. The project has tokenized cloud mining, thereby ensuring there is a safe and transparent experience.

#BitcoinMinetrix embodies a tokenized cloud mining system, enabling regular users to participate in decentralized $BTC mining.⛏️

This platform mitigates third-party cloud mining risks, offering full operational autonomy. 🔐 pic.twitter.com/4jekB8X6lr

— Bitcoinminetrix (@bitcoinminetrix) December 16, 2023

Further, the project has solved the daunting challenge of third-party related swindles, conferring control into the hands of token holders.

#BitcoinMinetrix vs Traditional Cloud Mining

Evaluating the Risks: 📈#BTCMTX = Reliable withdrawals and flexible selling possibilities.

Conventional cloud mining = No refunds, payouts subject to market fluctuations. pic.twitter.com/ixPLVkWhYO

— Bitcoinminetrix (@bitcoinminetrix) December 9, 2023

Bitcoin Minetrix is in the presale stage, boasting an outstanding $5.6 million in collections so far, as it races towards the $6.258 million target. In the current stage, interested investors can buy BTCMTX for $0.0123, with the price tag due to change in less than two days.

Only 2 days left for #BitcoinMinetrix Stage 14! ⏳

To seasoned #Bitcoin miners:

What guidance would you offer to beginners starting their mining expedition? ⛏️ pic.twitter.com/kkoBw26nsC

— Bitcoinminetrix (@bitcoinminetrix) December 20, 2023

Visit Bitcoin Minetrix website to buy BTCMTX in the presale here.