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The Bitcoin price fell a fraction in the past 24 hours to trade at $50.9K at 1:30 a.m. EST as the crypto king continues to consolidate.
This comes after former US president Donald Trump appeared to soften his stance on BTC, saying ”it’s taken a life of its own” and that he can ”live with it.”
”More and more, I’m seeing people wanting to pay bitcoin,” he added. ”And you’re seeing something that’s interesting.”
That’s quite a shift from a man who back in 2021 said Bitcoin ”seems like a scam,” and who might be the next president.
🇺🇸 TRUMP SHARES HIS THOUGHTS ON BITCOIN
"Well, a lot of people are doing it. I always liked one currency. I call it a currency.
I like the dollar. But a lot of people are doing it, and frankly, it's taken a life of its own.
You probably have to do some regulation, as you… pic.twitter.com/mLrblAQBUi
— Mario Nawfal (@MarioNawfal) February 23, 2024
Bitcoin Price Prediction: Bitcoin Markets Exhibit Uncertainty
The Bitcoin price has exhibited a downtrend over the past few days, indicated by a general decline in the highs and lows of the candlesticks. This has been accompanied by periods of high volatility, as indicated by the long wicks on the green and red candlesticks, suggesting significant market buying and selling pressure and uncertainty.
Checking the indicators in the Bitcoin chart below, we see the Money Flow Index (MFI) is currently at 20, typically in the oversold region. This suggests that the asset might be undervalued at this point, and there could be potential for a price increase if buyers enter the market.
On the other hand, the Average Directional Index (ADX) value is at 24.45. Generally, an ADX value below 25 indicates a weak or non-trending market. However, since it’s close to 25, the market may start trending soon or be in the early stages of forming a trend. Analysts, however, speculate a retracement to as low as $46K amid the consolidation. Yakuza told his 21K followers on X that there’s only a slim chance of that happening.
Is #Bitcoin preparing for another move to the upside?
BTC price is caught up in a channel consolidating
Currently, there is no clear direction as to where it will go next.
There is a slim chance we retrace back to $46k the 0.5 fibs level, or to the 0.618 nominal retracement… pic.twitter.com/wB9yNfGEvN
— Yakuza (@YakuzaInCrypto) February 23, 2024
Bitcoin Price Prediction: Should We Expect Another Breakout Soon?
The formation of a bullish falling wedge, which means a likely breakout, adds more weight to the prospects of another breakout in the short term. We expect a short downward momentum, as evidenced by the last candle stick, which is bearish, before breaking out of the wedge resistance.
2-hour BTC/USD chart | Source: TradingView
Meanwhile, Bitcoin Minetrix, a cloud mining project, is presenting itself as a good investment option for investors seeking explosive gains with analysts ranking the project among 2024’s best presales.
A Good Alternative
Bitcoin Minetrix combines cloud mining and staking to replace the need for costly equipment, space and energy, making Bitcoin mining affordable for almost anyone.
Investors can buy its native token, BTCMTX, and stake it on its platform in return for credits that allow the mining of Bitcoin.
Illustrating the distinctions between #BTCMTX and conventional cloud mining. ⛏️🪙
1️⃣ Utilizing ERC-20 #Tokens eliminates transaction requirements.
2️⃣ Miners manage their power by accruing credits through staking.
3️⃣ Smart contracts on #ETH streamline security and staking. 📜🔒 pic.twitter.com/RlrQRx20RW
— Bitcoinminetrix (@bitcoinminetrix) February 22, 2024
Staking offers an amazing 60% annual yield (APY) and investors may also enter the project’s $30,000 minedrop competition and win one of 10 $3,000 prizes. More than 696 million BTCMTX tokens have already been staked.
With analysts anticipating a pump in the Bitcoin price in the run up to the Bitcoin halving in April, BTCMTX looks very well positioned for gains in the upcoming Bitcoin bull run.
Jacob Bury, a well-known cryptocurrency analyst and YouTuber, says BTCMTX has the potential to be the next 10X gainer on debut.
The Bitcoin Minetrix (BTCMTX) presale has already raised over $11.3 million in initial fundraising and is rapidly approaching its $12.178 million goal.
BTCMTX tokens are currently priced at $0.0136, but to acquire them at that level you must act soon with a price hike coming in about 21 hours.
To participate in the presale, visit the official BTCMTX website and exchange your ETH or USDT for BTCMTX. You may also use your bank card to make direct purchases.
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