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The Bitcoin price has surged by 0.5% in the last 24 hours to trade at $42,675 as of 5:05 a.m. EST, with daily trading volume surging 14% to $25 billion.
This rise coincides with Arthur Hayes saying that the market cap of the BTC and overall crypto market combined will skyrocket by $1.3 trillion in 2024.
Hayes said in a blog that spot Bitcoin ETFs will create fresh trading opportunities.
“The bitcoin markets will now experience a consistent and enduring arbitrage opportunity,” said Hayes.
However, Hayes holds a bearish perspective on Bitcoin in the short term and expects its price to undergo a 30% correction to as low as $38,000 before the next leg up.
Bitcoin Price Continues The Uptrend Within The Rising Channel
The Bitcoin price continues the bullish uptrend within the accumulation stage as the price recovers after a rebound on the lower boundary of the rising channel.
If the momentum sustains, the price could break above the $49,000 resistance level, reaching new highs.
Bitcoin Price Indicators Remain Bullish, Bulls Target A New High Above $49000
The Bitcoin price indicators are still bullish as price trades above the 50-day and 200-day simple moving averages (SMAs), with a golden cross at the pivotal level of $28,500, affirming the bullish momentum.
The relative strength index (RSI) is trading upwards above the 50-neutral level. A continued momentum could push the RSI into the 70 overbought level.
A sustained effort may break the $49,000 barrier, allowing the bulls to drive the price upward, targeting higher levels.
However, the bears might intervene to drive the price down. In this case, the Bitcoin price might slip below the rising channel, forcing the bulls to retreat to the $38,000 level.
Meanwhile, as traders look for a clear signal on BTC’s direction, you may want to diversify into BTCMTX, given its potential for lucrative returns.
Bitcoin Minetrix (BTCMTX) Presale Secures Over $8.6 Million, Buy Fast
The final phase of the Bitcoin Minetrix (BTCMTX) presale is closing iin with funding of over $8.6 million secured.
The project is racing to reach the $9.5 million target within the next three plus days. Currently, the price per token for BTCMTX is $0.0129.
Big accomplishment for #BitcoinMinetrix!
Surpassing the $8,600,000 milestone! 🌐 pic.twitter.com/r3i9wdtSbg
— Bitcoinminetrix (@bitcoinminetrix) January 17, 2024
Bitcoin Minetrix is a decentralized platform for tokenized cloud mining, enabling ordinary individuals to engage in Bitcoin (BTC) mining through the stake-to-mine feature.
To mine on the BTCMTX platform, you need an Ethereum-compatible wallet like MetaMask to purchase and stake BTCMTX tokens.
Embarking on a new era of cloud mining with #BitcoinMinetrix! 💎
Users earn #BTCMTX staking credits, controlling their mining power.
Ethereum’s smart contracts provide auto-managed, decentralized allocations for a secure experience. ⛏️🔐 pic.twitter.com/m2QaOlXNlZ
— Bitcoinminetrix (@bitcoinminetrix) January 16, 2024
Get BTCMTX Now, Join The $30,000 Minedrop Competition
You have the opportunity to join the $30,000 minedrop airdrop competition. The reward will be distributed among ten lucky winners. Additionally, you can also stake your tokens and get rewards determined by your share of the staking pool and an annual return percentage of 75%. Over 555 million tokens are already staked.
Choosing #BitcoinMinetrix for mining simplicity! 💡
Embracing worry-free mining with cloud solutions, eliminating the need to worry about selling equipment.
With #BTCMTX overseeing upgrades, users can focus on their $BTC journey without the headaches of outdated hardware. ⛏️ pic.twitter.com/Qtg4kLNCi4
— Bitcoinminetrix (@bitcoinminetrix) January 15, 2024
Alessandro De Crypto, a crypto analyst on YouTube, offers clear guidance on how to buy BTCMTX and increase profits using its staking-to-mine feature.
To join the presale, visit the BTCMTX website, connect your digital wallet, and swap your ETH or USDT for BTCMTX tokens. You can also buy directly using your bank card.
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