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Bitcoin price went up by 1% in the last 24 hours, trading at $43,160 as of 5 a.m. EST, while trading volume fell almost 1% to $25.9 billion.
On a weekly chart, the coin’s price is 1.4% lower than seven days ago, but Bitcoin is still over 16% higher monthly. The coin’s performance shows that Bitcoin continues to struggle with resistance at $44k.
However, a former executive at Goldman Sachs, Raoul Pal, believes that the bull run has yet to begin despite significant gains that the crypto industry realized in 2023.
In a recent YouTube video, Pal said that the next bull cycle could last for years, allowing Bitcoin to skyrocket to $1 million by 2025.
While some may see this as an overly optimistic prediction, Pal suggested that the current bull market cycle is similar to the one from 2016/2017. At the time, a massive influx of liquidity made digital assets skyrocket.
Bitcoin went from $600 to $20k in only about a year. He also believes that the current bull run is still in its infancy, even though Bitcoin passed the halfway point of its former ATH at about $69k.
Bitcoin Price Prognosis
Bitcoin’s price dropped recently after another unsuccessful attempt to reach and breach the resistance at $44,000. The coin did not breach even the resistance at $43.8k this time. Instead, it was rejected for $43,000.
While it is already bouncing back up at the time of writing, many remain doubtful of its ability to go beyond the mentioned resistances.
With that said, Pal’s prediction may encourage market participants and finally allow BTC to overcome these obstacles.
Several technical aspects suggest that BTC does still have plenty of room to grow, such as reasonably wide Bollinger bands and the Relative Strength Index (RSI) score, which indicates that BTC price currently finds itself in a neutral area, being neither overbought nor oversold, as can be seen on the chart below.
Bitcoin is exhibiting signs of stabilization, with its price trapped between $43k and $43.8k. Assuming that the coin does not go under $43,000, there is still a chance that BTC will be able to breach the resistances holding it down.
Apart from the immediate resistance at $43.8k, the coin faces additional ones at $44,679 and $45,962, which will be its following challenges should it surpass the $44k barrier.
Alternatively, BTC has support preventing its drop at $43k, $41,683, and $40,649. If the price falls below that level, the next support is $39,378.
Promising Alternative To Bitcoin
While bulls see Bitcoin surging in the months to come, the chances are that an alternative to BTC called Bitcoin Minetrix (BTCMTX) can bring even more significant gains to its buyers.
The project’s token, BTCMTX, has encountered massive interest during the presale, which is still ongoing.
So far, Bitcoin Minetrix has raised over $6.5 million, while its token’s price currently sits at $0.0125. In less than four days the token will see another price increase so buying it before that locks in some early gains.
Bitcoin Minetrix is also expected to see a massive increase in the value of its token once it officially goes live. The reason is that staking this token grants users credits, which can be used to mine BTC using Bitcoin Minetrix’s cloud mining platform.
Opt for #BitcoinMinetrix for seamless mining!
Entering cloud mining and waving goodbye to concerns about selling hardware. 🚀#BTCMTX manages upgrades, empowering users to concentrate on their $BTC journey, free from outdated equipment hassles. pic.twitter.com/JX3G4zG2BP
— Bitcoinminetrix (@bitcoinminetrix) December 27, 2023
With the ability to mine BTC with no expensive equipment and massive electricity bills, especially with the upcoming block reward halving, the demand for BTCMTX will likely surge.
Bitcoin Minetrix is a fully decentralized and transparent cloud miner, so its users do not have to worry about the project potentially being another scam, like many other centralized cloud miners that emerged in the past.
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