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Bitcoin Price Prediction: Anthony Pompliano Says BTC Bull Run Has Begun, Setting The Stage For These Bitcoin Derivatives To Explode

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Bitcoin price is down 0.7% in the last 24 hours to trade for $42,693 as of 2:30 a.m. EST time as trading volume rose  2%.

Despite the value drop over the past day and the miniature surge in trading volume, Bitcoin price remains 12% above its market value two weeks ago and 20% north over the last month. This has investors still optimistic even as short positions continue getting liquidated.

According to one veteran trader, once Bitcoin price starts moving, the $48,000 psychological level will be tagged very fast.

Meanwhile, Pomp Investments founder Anthony Pompliano believes the much-awaited BTC bull run has already commenced. His comment, which came during an interview with CNBC Television, was inspired by Bitcoin price testing the $43,000 psychological level.

According to Pompliano, the king of crypto is repeating a historic four-year price pattern that has been seen in between previous halving events where miner rewards were reduced by 50%. As such, he asked rhetorically “how high will Bitcoin go in this bull market?”

Commenting on the recent Bitcoin price rally to $40,000, Pompliano attributes the surge to two main factors. First, the expected spot Bitcoin exchange-traded funds (ETFs) approvals in January and expectations that the Federal Reserve will begin cutting interest rates as soon as in early 2024.

Notably, during the Wednesday FOMC, Fed chair Jerome Powell hinted at easing, with the markets moving as the 1-year interest rate outlook fell from 5.1% to 4.6%.

Pompliano also observes that the markets continue to front-run the possibility of a recession coming as the economy remains tight. On this speculation, a return to quantitative easing could see risk-on assets like BTC rally.

Bitcoin Price Outlook As Crypto Markets Front Run Macroeconomics

Bitcoin price continues to trade within a weekly supply zone, stuck within this order block since early December.

It faces strong opposition from the midline of the supply barrier, which extends from $40,423 to $46,827. To confirm the continuation of the trend, the price must break and close above the mean threshold or midline of the zone at $43,860.

Increased buying pressure above current levels could see Bitcoin price overcome the weekly supply zone, flipping it into a bullish breaker and moving above the $48,000 psychological level. In a highly bullish case, the gains could extend to tag the $60,000 psychological level standing 40% above current levels.

The position of the Relative Strength Index (RSI) above 50 points to a strong price strength. This coupled with the green histogram bars of the Awesome Oscillator (AO) and the Moving Average Convergence Divergence (MACD), which remains in the positive territory, accentuates the bullish outlook.

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TradingView: BTC/USDT 1-week chart

On the other hand, the RSI has deviated to the south, suggesting momentum is falling. If it crosses below the 70 level, it would signal that BTC is ripe for selling.

Traders heeding the sell signal, Bitcoin price could extend the fall, possibly flipping the $40,000 psychological level from a support to a resistance. Further south, the price could spiral below the $37,800 key support, below which it would be exposed to a cliff towards the $30,000 psychological level.

Meanwhile, ahead of the anticipated 2024 rally, investors have turned to two Bitcoin derivatives, BTCMTX and BTCETF. These two projects present themselves as critical alternatives to Bitcoin, and feature among the top five best cryptos to buy in 2023.

Promising Alternatives To Bitcoin

BTCMTX and BTCETF are two promising alternatives to Bitcoin, with remarkable rewards for token holders.

BTCMTX

The token powers the Bitcoin Minetrix ecosystem, a stake-to-mine project committed to making Bitcoin ownership a reality even for the ordinary folk. This is through its unique Bitcoin cloud mining mechanism, where you stake your tokens for credits and then redeem or burn these credits for mining hash power.

The token is selling for $0.0122 in the current stage, due to end in less than two days before the price rises again. Presale sales have now reached $5.316 million, out of a target objective of $6.079 million.

Visit Bitcoin Minetrix to buy BTCMTX in the presale here.

BTCETF

It is the native token for the Bitcoin ETF Token ecosystem, and selling for just $0.0068 in the current stage. Presale sales have reached $4.116 million out of the $5.059 goal.

Advertised as the only project that rewards token holders, Bitcoin ETF Token maps out the Bitcoin ETF journey. It rewards token holders as spot BTC ETFs are approved.

The project has a 5% burn tax in play, applicable to every transaction. This helps reduce the circulating supply of BTC tokens in the market.

Reducing the supply of the tokens helps increase demand, and thus also the price.

Visit Bitcoin ETF Token website to buy BTCETF in the presale here.

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