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The Bitcoin price was able to print a slight gain over the past 24 hours to trade at $39,978.38 as of 10 am EST.
Gold Expected To Outperform Bitcoin In 2024
Meanwhile, Bloomberg senior commodity strategist Mike McGlone believes Bitcoin is likely to outperform the stock market on a risk-adjusted basis in 2024, but adds that gold may outperform the king of cryptocurrencies.
Despite the bullish approval of spot Bitcoin ETFs (exchange-traded funds) and the upcoming halving, macroeconomic factors may prevent BTC from reaching a new all-time high in 2024, according to the analyst.
In an interview with CoinTelegraph, McGlone said that the U.S. market may finally enter a recession this year, which should drive the stock market down. This should also impact the leading cryptocurrency negatively.
“When the stock market and beta goes down, Bitcoin goes down more,” McGlone said. In this environment, he expects gold and long Treasury bonds to come out on top.
The Bitcoin Price Could Drop In The Next Few Days
Daily chart for BTC/USDT (Source: TradingView)
A medium-term bearish technical flag is on the verge of being triggered on BTC’s daily chart. Currently, the 20 Exponential Moving Average (EMA) line is dropping towards the 50 EMA line. This suggests that momentum for the Bitcoin price was more bearish over the last 20 days compared to the past 50 days. The last time these two EMA lines crossed bearishly was on Aug. 16, 2023, and resulted in BTC dropping from a high of $29,259.85 to $25,166 in the following couple of days.
These two lines intersecting in the next 48 hours may signal that BTC has entered into a bearish cycle. This could put the Bitcoin price at risk of dropping below the current support at $40,000 and test the $38,000 mark soon. A break below this subsequent support level may then lead to the bitcoin price falling to as low as $35,390 in the next few days.
Bitcoin Price: BTC May Consolidate
This bearish thesis may be invalidated if the Bitcoin price manages to close the next two daily candles above $40,000. In this more bullish scenario, BTC may consolidate for a couple of days before attempting a challenge at the $42,450 resistance level. A break above this threshold could then clear a path for the Bitcoin price to rise to the next barrier at $44,430.
While the Bitcoin price shows signs of a potential correction, Bitcoin Minetrix is gaining traction at an alarming speed with its presale surging past $9.2 million.
A New Era In Bitcoin Cloud Mining
🚀 Exploring the differences between #BitcoinMinetrix and Traditional Cloud Mining! 💡
Safety and Security: 🔒#BTCMTX: Decentralized, user-owned tradable #Tokens.
Traditional: Cash deposits required. pic.twitter.com/l1nHJE6BdT
— Bitcoinminetrix (@bitcoinminetrix) January 25, 2024
Bitcoin Minetrix has investors excited as it shows the potential to give the Bitcoin cloud mining sector a much-needed face lift. Through its innovative platform, the project incorporates decentralization to drastically lower the barrier to entry for anyone looking to get started with Bitcoin cloud mining.
This may make it an extremely popular platform in coming months as Bitcoin is set to become more scarce following the halving event in April.
Its unique stake-to-mine model is also a clever blend of Bitcoin mining and staking, giving investors the best of both earning opportunities. It also gives investors access to one of the very few passive income opportunities that are paid in the leading cryptocurrency, while not having to maintain large and complex machinery themselves.
Investors Identify BTCMTX As A 10x Opportunity
Bitcoin Minetrix’s presale has performed phenomenally well and has raised more than $9.2 million. Currently selling for $0.013, BTCMTX can be purchased on the project’s website using either ether (ETH), Tether (USDT) or bank card.
Investors will want to hurry, as the crypto’s price is set to increase in about 16 hours. With the approval of spot Bitcoin ETFs in the U.S., Bitcoin Minetrix may be the last opportunity for smaller non-institutional investors to gain exposure to Bitcoin at a low price.
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