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Bitcoin Price Prediction: As Ark Invest Says Investment Portfolios Should Hold 20% Of BTC, More Than $10 Million Has Been Socked Into This Bitcoin Derivative

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Bitcoin price
Bitcoin price

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The Bitcoin price fell 1.3% in the last 24 hours to trade at $42.1K as of 8:30 a.m. EST. 

The fall came as Cathie Wood’s ARK Invest said an optimal investment portfolio should hold about 20% of Bitcoin and that such an allocation helps to maximize ”a portfolio’s risk-adjusted returns.”

ARK said in its Big Ideas report for 2024 that Bitcoin has had a low correlation of just 0.27 with traditional asset classes over the past five years and that the king of cryptocurrencies is a counterbalance to traditional asset classes.

“Bitcoin is not just a new investment option but a vital component for diversifying investment portfolios,” it said. “Over the last seven years, Bitcoin has registered an annualized return far surpassing that of major asset classes.”

Bitcoin Price Analysis

Looking at an in-depth analysis of 1-hour BTC/USD charts, we see that the price is currently trading near the lower Bollinger Band, which typically suggests that Bitcoin will potentially be oversold in the short term.

Traders might interpret this as a buying opportunity, expecting the price to revert towards the middle band (the 20-period SMA). However, caution is warranted as prices can stay at the lower band or even move lower if the downward trend is strong.

The Relative Strength Index (RSI) is around 42, which is below the typical overbought threshold of 70 and above the oversold threshold of 30. With the RSI leaning towards 50, this could provide room for either a potential rebound in the Bitcoin price.

On the other hand, the Awesome Oscillator (AO) shows a transition from red to green bars, which suggests that the short-term momentum is shifting from bearish to potentially bullish. This could be an early sign of a possible change in trend or a short-term correction upwards.

The Average Directional Index (ADI) is at 32.97, indicating a moderate trend strength. This suggests that the current trend, which has been bearish as indicated by the recent long red candles, has some strength to it but is not extremely strong. A value above 25 typically indicates a strong trend, but it’s not so high as to consider the trend to be very powerful.

Additionally, the last few candles show small bodies with wicks on both sides, indicating indecision in the market after a bearish move. This could mean that sellers are losing control and buyers might be preparing to step in.

1-hour chart | Source: TradingView

Bitcoin Price Prediction: What Are The Chances BTC Will Dip Further?

Overall, the technical indicators suggest a bearish trend with signs of potential exhaustion. The proximity to the lower Bollinger Band, the RSI nearing oversold levels, and the AO indicating a shift in momentum could mean there might be a potential for a short-term upward price correction. 

However, the moderate strength of the trend, as shown by the ADX, suggests that any bullish moves may be within a broader bearish context.

In line with this, Mags told his 53.7K followers on X that BTC may go sideways or even dip a bit before an “inevitable“  pump.

Meanwhile, as the Bitcoin price pumps, investors looking for presales with spectacular returns in 2024 are finding the Bitcoin Minetrix cloud mining project an attractive new alternative.

A Rewarding Substitute for Bitcoin?

By combining crypto staking with cloud mining, Bitcoin Minetrix is opening up Bitcoin mining to the masses.

With its stake-to-mine capability, Bitcoin Minetrix’s cloud mining platform strives to provide customers with complete control over their mining activities.

You may participate in decentralized Bitcoin mining using the cloud mining credits you earn by staking your BTCMTX tokens, and you won’t have to worry about the fraud that plagues external cloud mining providers.

Staking BTCMTX on the platform is also another way to get passive income. The staking pool pays out incentives to those who take part in it, and the return each year is 66%. There are now more than 630 million tokens invested.

Being a token holder of BTCMTX also grants access to the Minedrop contest. There is a total of $30,000 up for grabs in this tournament, with ten lucky winners taking home $3,000 apiece.

With experts anticipating a pump in the Bitcoin price amid the looming halving event in April, now is a good entry point. Early participation in the presale guarantees significant gains post-launch on top exchanges, as pointed out by cryptocurrency expert Conor Kenny, with over 179,000 subscribers on YouTube.

More than $10 million has been raised during the BTCMTX presale, and it is rapidly approaching its $10.3 million goal. BTCMTX tokens sell for $0.0132, but a price hike is coming in less than four days.  

Interested investors should act fast before the increase. To get started, go to the BTCMTX website, connect your digital wallet, and exchange your USDT or ETH for BTCMTX tokens. A bank card is another option for investors.

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