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The Bitcoin price is down by a fraction over the last day to trade for $40,012 as of 5:10 a.m. EST time, with trading volume slumping 32%.
Despite the plunge, the BTC price reclaiming the $40,000 psychological level is no mean feat, especially considering the broader market volatility amid ongoing Grayscale Bitcoin Trust (GBTC) redemptions.
Near term volatility while the GBTC gets sorted out.
They have a pile of coins however.
Unloading a lot of them as redemptions is in full swing.
I'm surprised you haven't mentioned the E.Warren crypto bill that cannot be complied with and effectively shuts down crypto in the US…— EntropicX (@mauro_zallocco) January 18, 2024
Meanwhile, BitMEX co-founder Arthur Hayes says the Bitcoin price risks falling to $30K on ‘supercharged’ inflation. He attributed the bearish outlook in the BTC market to upcoming turbulence in the US and global economy.
"Yellen or Talkin'?" is an essay on why I think the $BTC slump is pointing to a TradFi mini-financial crisis, and it will bottom in the $30k to $35k range.https://t.co/uwiLscKwzW pic.twitter.com/zRpUcE6TIz
— Arthur Hayes (@CryptoHayes) January 23, 2024
Bitcoin Price Could Find Support Between $30,000 And $35,000, Hayes Says
The first quarter of 2024 will see the Bitcoin price encounter multiple obstacles that could present as downside catalysts, said Hayes. Among them:
- The Red Sea conflict between the United States and the Houthis with its impact on global shipping
- Increased shipping costs “could cause a surge in inflation in the third and fourth quarter of this year,” said Hayes, attributing this to weather and geopolitics.
- The US presidential election race
- The Federal Reserve policy
“A 30% correction from the ETF approval high of $48,000 is $33,600” may be in the works, he said. His prediction puts the initial support between the $30,000 to $35,000 range, a stance that inspired his 29 March 2024 $35,000 strike puts purchase.
Further, Hayes indicates in the blog that any level below the $35,000 mark would be a good entry point for investors looking to buy the dip.
As a side note, it is worth mentioning that Ran Neuner, an analyst and executive at Crypto Banter, advised caution for investors looking to buy the dip. He said, “You’re not going to catch the bottom and if you miss the run-up you will kick yourself!” The analyst added, “My theory, start buying now. If we go down to $34k, buy all the way down. But don’t miss the pump!”
The average “respectable”correction in a bull market is 30%.
We are 20% down already and there may be 10% left to go…
You’re not going to catch the bottom and if you miss the run up you will kick yourself!
My theory, start buying now. If we go down to $34k, buy all the way…
— Ran Neuner (@cryptomanran) January 23, 2024
Bitcoin Price Outlook As Arthur Hayes Anticipates A Correction To $30,000
The Bitcoin price is sitting on the support offered by the 100-day Simple Moving Average (SMA) at $39,459. The outlook of the Relative Strength Index (RSI), which is deviating to the north, suggests momentum is beginning to rise. If sustained, this momentum indicator could soon cross above the signal line (yellow band), executing a buy signal.
Nevertheless, owing to the fact that the RSI is still below the 50 midline, the Bitcoin price strength is low. This means the bears have the advantage, accentuated by the Moving Average Convergence Divergence (MACD), which is below its signal line (orange band) and in negative territory. Adding credence to the bearish outlook is the Awesome Oscillator (AO), which is also in negative territory, showing the bears are dominating the BTC market.
Enhanced seller momentum could see the Bitcoin price lose the support offered by the 100-day SMA at $39,459, with a possible extension to the $37,800 support. A break and close below this level would clear the clog for BTC to extend the fall towards the 200-day SMA at $33,623. If this level fails to hold, BTC could roll over to the $30,000 psychological level, 25% below current levels.
Converse Case
On the other hand, if the 100-day SMA holds as a support level, the Bitcoin price could push north. This could see BTC overcome the 50-day SMA in its path at$42,934. Higher, it could breach the $43,750 barricade before venturing into the ascending parallel channel.
In a highly bullish case, the gains could send the Bitcoin price to shatter the resistance confluence between the midline of the channel and the $48,000 critical roadblock. This would bring the $50,000 psychological level within reach, 25% above the current price.
Meanwhile, analysts say BTCMTX is one of the best penny cryptos to buy now with the potential for exponential growth.
Promising Alternatives To Bitcoin
Standing among the top five crypto presales to buy in 2024, BTCMTX is a new altcoin that provides buyers entry into a decentralized cloud mining space. It powers the Bitcoin Minetrix ecosystem, a project committed to making Bitcoin ownership easy and achievable for everyone. “We are tokenizing cloud mining to ensure a secure and transparent experience,” says its website,
Discovering the advantages of #BitcoinMinetrix:
Seamless accessibility for added convenience. 🌍
Optimized cost framework for improved efficiency. 💰
Serenity assured with no concerns about resale value. 🔁 pic.twitter.com/GU3rNat14T
— Bitcoinminetrix (@bitcoinminetrix) January 24, 2024
Bitcoin Minetrix uses a cloud mining project, decentralizing and tokenizing the entire process. Those who buy BTCMTX can stake their holdings for credits and then redeem or burn these credits for mining hash power. This is different from the traditional BTC mining approach, eliminating hassles such as noise, heat, and the need for space, while reducing costs and curbing third-party risks.
🚀 Exploring the differences between #BitcoinMinetrix and Traditional Cloud Mining! 💡
Safety and Security: 🔒#BTCMTX: Decentralized, user-owned tradable #Tokens.
Traditional: Cash deposits required. pic.twitter.com/l1nHJE6BdT
— Bitcoinminetrix (@bitcoinminetrix) January 25, 2024
The presale already boasts upwards of $9.239 million in sales as it closes on its target objective of $9.906 million. The BTCMTX token sells for $0.013, but move fast to secure it at that price with a price hike coming in about 20 hours.
#BitcoinMinetrix attains another remarkable milestone!
Surpassing $9,200,000. 💰 pic.twitter.com/Tlj6ACRT67
— Bitcoinminetrix (@bitcoinminetrix) January 25, 2024
Visit Bitcoin Minetrix to buy BTCMTX here.
Also Read:
- How To Buy Bitcoin Minetrix On Presale – Alessandro De Crypto Video Review
- Bitcoin Minetrix Presale Has Just Hours Left: Last Chance to Buy Before Price Rise
- Bitcoin Price Prediction: BTC Plunges 4% To Below $40K, But The Bitcoin Minetrix Presale Has Rocketed Past $9 Million
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