Bitcoin Price Prediction: Matrixport Says BTC May Hit $50K This Week As This Bitcoin Derivative’s Presale Surges Past $7.3 Million

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The Bitcoin price is up a fraction of a percent in the last 24 hours to trade for $45,217 as of 1:25 a.m. EST time with a 17% surge in trading volume.

It comes as markets await the approval of spot Bitcoin exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC) that are widely expected by Jan. 10.

Meanwhile, Matrixport says the Bitcoin price could hit $50,000 this week amid speculation about how approvals might boost BTC and the broader market.

It attributes the anticipated rally to $50,000 to the futures market squeezing the spot market. Based on the report, the Bitcoin funding rate remained elevated across the Christmas holidays. This suggests that crypto traders’ bullishness remains intact with the expectation for an impending Bitcoin ETF approval.

Anticipate a substantial #Bitcoin surge to $50,000 in January, driven by an imminent #BitcoinSpot #ETF approval, institutional buying, and factors such as supply shortage and historical trends, with potential for #altcoin season and a funding rate reaching +66%.

Read the full… pic.twitter.com/sueG5LqENp

— Matrixport (@realMatrixport) January 2, 2024

Nevertheless, Matrixport anticipates an altcoin season because the Bitcoin dominance indicator has declined to 50.3%, historically proven to be an area where the crypto market falls into the beta rocket upside.

Bitcoin Price Outlook As Matrixport Anticipates Rally To $50,000

The Bitcoin price continues to consolidate above an ascending trendline, a move that promises more gains as long as this support is not lost. The Relative Strength Index (RSI) remains northbound, even though BTC is already overbought. This shows that buyer momentum is still rising.

The histogram bars of the Awesome Oscillator (AO) as well as those of the Moving Average Convergence Divergence (MACD) remain green in the positive territory. This, together with the fact that the MACD is still moving above the signal line (orange band) after crossing over it on October 16 adds credence to the bullish thesis.

It is also worth mentioning that the Parabolic Stop and Reverse (SAR) indicator continues to trail the Bitcoin price from below. For as long as this happens, it continues to provide support, propelling the uptrend. The fact that BTC price is also above the centerline of the Bollinger Band, trading in the upper half of this indicator is also a good sign, showing the odds favor the upside.

Increased buying pressure above current levels could see Bitcoin price clear out from the weekly supply zone, confirming the move above the $48,000 psychological level. In a highly bullish case, the gains could extrapolate for the price to tag the forecasted $50,000 level. Such a move would constitute a 10% climb above current levels.

In the highly ambitious case, extend a neck higher to the $60,000 psychological level or further north, tagging the $69,000 range high.

Converse Case

On the flip side, if the bears take over, Bitcoin price could drop, losing the support due to the ascending trendline and subsequently that which is offered by the Parabolic SAR at $37,814. Further south, the price could break below the $37,800 range, exposing BTC to a cliff.

The next logical point of support for Bitcoin price in such a turn of events would be the centerline of the Bollinger indicator at $34,044, or worse, the $30,000 psychological level, below which the prevailing bullish outlook would be invalidated.

While Bitcoin price confronts the weekly supply zone, enlightened investors continue to buy BTCMTX, a Bitcoin derivative that features among analysts’ list of top upcoming cryptocurrencies.

Promising Alternative To Bitcoin

BTCMTX is the native cryptocurrency for the Bitcoin Minetrix ecosystem, a cloud-mining project that has made owning Bitcoin easy and achievable. This is through decentralizing and tokenizing the process, eliminating third-party risks.

Delve into the vibrant world of #BitcoinMining, set to skyrocket into a $12 billion industry by 2027!

Through #BitcoinMinetrix, we're transforming accessibility and safety in mining, utilizing innovative cloud mining and staking methods for everyone. 🌐⚒️ pic.twitter.com/AFhLqpEfcD

— Bitcoinminetrix (@bitcoinminetrix) January 2, 2024

The project is in the presale stage, boasting an outstanding $7.322 million raised out of a target objective of $7.998 million.

🎉 Happy New Year, #BTCMTX Communtity! 🚀

Surpassing $7,200,000 is a stellar way to start 2024.

Here's to an incredible year ahead!#HappyNewYear #CryptoMilestone pic.twitter.com/IGO0Jv70AA

— Bitcoinminetrix (@bitcoinminetrix) January 2, 2024

Representing the evolution of BTC mining, Bitcoin Minetrix is not your ordinary project, marking a remarkable shift in the realm of mining, from PCs to the cloud. This explains why it merits the list of best crypto ICOs to buy in 2024 with the potential for big returns.

Embark on the intriguing evolution of #BitcoinMining!

Moving from PCs to embracing cloud mining marks a remarkable shift in this realm.#BitcoinMinetrix prioritizes transparency and welcoming approaches, guaranteeing safer and more efficient mining methods for all. 🔎⚙️ pic.twitter.com/T1lKeXK9zO

— Bitcoinminetrix (@bitcoinminetrix) January 2, 2024

Each Bitcoin Minetrix BTCMTX token is selling for $0.0126. The price tag will only last for the next three days before the price increases, giving investors an opportunity for affordable entry now.

Just 4 days remaining for #BitcoinMinetrix Stage 17!

How might #BitcoinMining technology spur innovation in other industries? 🌍⚙️ pic.twitter.com/KoeIZCV1s6

— Bitcoinminetrix (@bitcoinminetrix) January 2, 2024

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