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The Bitcoin price has been trading sideways in the last 24 hours to sit at $42,913 as of 4:45 AM EST even as trading volume surged 17%.
The coin has seen a very low amount of volatility in the past week, with a few dips which were quickly followed by a recovery, as the coin continues to sit and wait just under the resistance at $43k.
This has been the case ever since BTC dropped below this level in mid-January of this year.
Still, Bitcoin bull Arthur Hayes, co-founder and former CEO of the crypto exchange BitMEX, expects it to skyrocket to a price of $1 million as investors run for cover amid a US banking industry crisis and bailout.
Resume the dump!
JAYPOW says US econ & banks strong to very strong.$NYCB says otherwise. Who is right the market or the central banker?
Time and compounding interest are two things even Neo-Keynesians can't wish away.
The bailout is coming, $BTC = $1mm
Yachtzee 😘😘😘 pic.twitter.com/yWLqly72jY
— Arthur Hayes (@CryptoHayes) February 5, 2024
In the past, traders and investors typically used gold to shelter from calamities that would devalue fiat currencies, but Hayes believes that Bitcoin is ready to take that role.
Bitcoin Price Prognosis
In the short term, however, Bitcoin continues to struggle against the $43k resistance which has been holding it from progressing for over a week now.
Fortunately, some technical indicators suggest that the coin might soon see another small surge that could help with breaching this level once again.
For example, the token’s Relative Strength Index (RSI) level is currently in a neutral zone, with a value of 48.23. As such, it signals that Bitcoin is neither oversold nor overbought, but could easily slip toward either end, depending on traders’ actions.
With that said, the coin’s trading volume has seen a slight rise, as mentioned earlier, and any increase in trading activity could lead to a price increase, especially if the demand starts to increase.
At the same time, Bollinger bands have seen a widening compared to the last several days, which is also taken as a bullish signal.
Should the coin’s price start to increase again, it will first have to breach the resistance at $43k, and then a stronger level at $43.5k, which has held BTC from moving higher up for the majority of the past month. After that, the coin will have a clear road to its next resistance at the $47.5k level.
However, if the bearish pressure pushes it down, BTC still has a fairly strong support at $40,000.
Promising Alternative To Bitcoin
With Bitcoin heading deeper an eventful year with a block reward halving, a potential rally, there are very few options that might offer more promise right now.
And yet, that is exactly the case when it comes to Bitcoin Minetrix (BTCMTX) — a Bitcoin cloud mining platform. The reason for this is the fact that buying BTC now could be a great investment, but buying BTCMTX and staking it in order to start mining Bitcoin could be much more profitable.
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With BTCMTX, users get to mine Bitcoin simply by buying and staking this token, which is currently selling for $0.0133 per unit. The mining itself requires no expensive mining rigs or huge electricity bills.
Simply by purchasing and staking the token, users will receive rewards in freshly mined Bitcoin, which might skyrocket to $1m per unit, if Hayes’ prediction turns out to be correct.
You can get BTCMTX right now by heading over to its platform and purchasing it in exchange for ETH or USDT, or even with your credit or debit card. The project’s presale has already raised $10.34 million, and is now targeting $11.2 million as its next goal.
Meanwhile, in less than four days, the token price will increase. So, if you are interested, act now to secure tokens at the lowest possible price.
Participate in the BTCMTX presale here.
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