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The Bitcoin price traded at $47.9K as of 8:30 a.m. EST after surging 10.3% in the past week amid bullish sentiment that’s been boosted in recent days by the start of the Chinese New Year of the Dragon.
The surge has prompted BitMEX founder Arthur Hayes to eat humble pie after he said earlier that he was shorting BTC in expectation it would slump as low as $35k before rallying again.
Now Hayes says he’s no longer short the king of cryptos and expects Bitcoin to hit a new all-time high of $70k by the end of the year.
Meanwhile, US President Joe Biden also made headlines after sharing a photo of himself with laser eyes on his X (formerly Twitter) account. Because it was Bitcoin bulls who started using such glowing eyes, it appeared at first that Biden had turned into a Bitcoin ambassador.
In fact, the tweet was an obscure reference to the Kansas City Chiefs’ victory against the San Francisco 49ers in the 2024 Super Bowl.
Just like we drew it up. pic.twitter.com/9NBvc5nVZE
— Joe Biden (@JoeBiden) February 12, 2024
Bitcoin Price Prediction
Analyzing 1-hour BTC/USD charts, we notice the candlesticks within the Pitchfork channel are quite volatile, with wicks on both sides, suggesting indecision between buyers and sellers with Bitcoin trading at 0.33% below its previous 24-hour price. The Money Flow Index (MFI) is at 42.29, which is somewhat neutral but leans towards the lower side, indicating that there isn’t significant buying or selling pressure at the moment.
On the other hand, the Average Directional Index (ADX) is at 16.14, indicating a weak trend. An ADX value below 25 often suggests that there’s no strong trend in the market and the price moves could be more random or based on range-bound conditions.
Despite the recent uncertainty, Bitcoin looks to be on track for a pump in the long term as market activity indicates. This can be attributed to recent data suggesting Wall Street ETFs are buying 12.5x more Bitcoin per day than the network can produce.
₿𝗥𝗘𝗔𝗞𝗜𝗡𝗚: Wall Street ETFs are buying 12.5x more #bitcoin per day than the network can produce, increasing the demand and price.pic.twitter.com/RHmkGw8k1o
— Documenting ₿itcoin 📄 (@DocumentingBTC) February 12, 2024
Bitcoin Price Prediction: What Are The Chances BTC Won’t Keep Pumping?
With the price now moving above the Pitchfork Median line (Red line) but below the resistance, the Bitcoin price could see a pump in the short term as there is still space to retest the resistance. However, should the price break above the upper trend line of the descending Pitchfork channel with significant volume, it could indicate a potential trend reversal.
Given the ADX indicates a weak trend and the MFI is neutral, there’s also the potential for price to continue moving sideways within the channel, especially if it fails to break out.
1-hour BTC/USD chart | Source: TradingView
Meanwhile, many investors are turning to Bitcoin cloud mining project Bitcoin Minetrix. Its presale has blasted past $10.7 million as it hurtles towards its $11.5 million target. It’s also ranked by analysts among the top presales for 2024.
An Optimal Substitute?
Bitcoin Minetrix makes Bitcoin mining easier and cheaper for almost everyone by integrating cloud mining with staking, which removes the need for expensive mining hardware.
Introducing #BitcoinMinetrix: Your gateway to simplified #Bitcoin mining! 🚀⛏️
With the tokenized cloud mining platform, anyone can mine $BTC in a secure and transparent way.
Say goodbye to third-party scams and take control of your mining journey. pic.twitter.com/b9fZpDbDMH
— Bitcoinminetrix (@bitcoinminetrix) February 8, 2024
Users have full command over their cloud mining using Bitcoin Minetrix’s stake-to-mine functionality. By staking your BTCMTX tokens, you may earn cloud mining credits that can be used for decentralized Bitcoin mining. Because of this, the risk of fraud associated with third-party cloud mining services is also removed.
Another passive method to make money on the website is by staking BTCMTX, which presently returns 63% per year. Staking has reached around 661 million tokens. In addition, there is a Minedrop contest, where ten fortunate winners will get $3,000.
🎉 #BitcoinMinetrix $30,000 Minedrop Is Now Live! 🎉
Get ready for your chance to win a share of $30,000 in $BTCMTX!
Follow the steps in the link below for the chance to win one of ten $3,000 $BTCMTX Prizes! 💰
➡️ https://t.co/v1UKskxi4Y pic.twitter.com/nseOBTNO9N— Bitcoinminetrix (@bitcoinminetrix) October 5, 2023
Popular cryptocurrency expert and YouTuber Jacob Bury, with 27k followers, has given his stamp of approval to Bitcoin Minetrix, predicting a potential 10x increase in value upon launch.
With analysts speculating on a Bitcoin price pump amid the looming halving event, Bitcoin Minetrix is also perfectly positioned to benefit.
With the price of BTCMTX tokens due to increase in less than three days from the current $0.0134, interested investors should act fast to secure the lowest price.
You may buy BTCMTX tokens with several other cryptocurrencies, including ETH and USDT, and even with a credit card.
Visit Bitcoin Minetrix at this link to make your purchase.
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