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Bitcoin Price Prediction: As BlackRock Tops $1 Billion In BTC ETF Trading And Vanguard Blocks Clients From Buying, This Bitcoin Cloud Mining Platform Is Primed To Explode On The Halving

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Bitcoin price
Bitcoin price

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Bitcoin price is down 1% in the last 24 hours to trade for $45,788 as of 4:30 a.m. EST time, with trading volume dropping 15%.

The muted price action came despite trading in spot BTC exchange-traded funds (ETFs) getting off to a roaring start on Jan. 11. ETF trading volumes hit millions of dollars minutes after trading commenced, and billions within the hour. By the close of business, trading volume had soared to $4.6 billion.

Bloomberg’s ETF expert Eric Balchunas revealed that the 11 approved ETFs saw 700,000 individual trades, which is double that of Invesco’s QQQ trust based on the Nasdaq index.

According to Blockworks live Bitcoin ETF Tracker, BlackRock trading volumes are nearing the $1 billion mark today, recording $996.7 million as of 4:55 a.m. EST time. This is after topping the $1 billion mark on Thursday.

Bitcoin ETF Tracker
Bitcoin ETF Tracker

Vanguard Blocks Clients From Buying Spot Bitcoin ETFs

Meanwhile, Vanguard, a $7.7 trillion asset manager, is blocking clients from buying spot BTC ETFs. The exclusion from its brokerage platform has raised concerns, prompting calls for a boycott.

Vanguard said that “Spot Bitcoin ETFs will not be available for purchase on the Vanguard platform” because they “do not align” with the asset classes that “Vanguard views as the building blocks of a well-balanced, long-term investment portfolio.”

Some investors expressed frustration and a Wall Street Journal report noted that Vanguard’s decision amplifies the debate over the accessibility of crypto investments.

Some customers were so miffed that they said they closed their accounts.

Senior engineering manager at Coinbase Yuga Cohler declared intention to convert his Roth 401(k) savings at Vanguard to Fidelity, where he could gain exposure to spot Bitcoin ETF trading.

Neil Jacobs, a Bitcoin commentator, said he would transfer funds out of Vanguard because of the “terrible business decision.”

Back to the skyrocketing trading volume, a lot remains to be said concerning its implication for the Bitcoin price. To begin with, the lackluster performance of BTC on the first trading day could quickly go the opposite way despite investors flocking to ETFs lured by enticing ETF inflow headlines.

Bitcoin Price Outlook As BTC Hits Two Year Peak

After crossing the $48,900 level on January 11, Bitcoin price hit a two-year peak. The last time BTC came this high was in December 2021.

Bitcoin price is trading within the weekly supply zone ranging from $40,467 to $46,999. A continuation of the primary trend will be confirmed once the supply order block is flipped to a bullish breaker, above the $48,000 psychological level.

Enhanced buyer momentum could see Bitcoin price extend north to clear the January 11 high of 48,969. In a highly bullish case, the gains could extend for BTC to complete an 8% climb to the $50,000 psychological level.

The Awesome Oscillator (AO) is in positive territory, flashing large volumes of green histogram bars. This suggests the bulls have established a strong presence in the BTC market. This favors the upside.

Bitcoin price
TradingView: BTC/USDT 1-week chart

Conversely, with the Relative Strength Index (RSI) at 77, BTC is already overbought and a pullback could be underway. Increased seller momentum could see Bitcoin price could drop, testing the midline of the weekly supply zone at $43,916. An extended fall could see BTC find support due to the critical level of $37,800, or lower, the centerline of the Bollinger indicator at $34,959.

If the aforementioned buyer congestion levels fail to hold as support, Bitcoin price could nosedive to the $30,000 psychological level. A break and close below this level would invalidate the big picture bullish thesis.

Meanwhile, now that the spot BTC ETF campaign has concluded, the market is looking ahead for the BTC halving, slated for April, and the next big catalyst likely to boost Bitcoin’s price.

With this, forward-looking investors are flocking to BTCMTX, a token that grants them entry into an ecosystem where Bitcoin ownership is possible even for the ordinary folk. It features among the top 3 crypto presales to buy into and analysts’ top choices for cryptocurrencies to buy in 2024.

Promising Alternatives To Bitcoin

BTCMTX is the powering token for the Bitcoin Minetrix ecosystem, a stake-to-mine project that uses a cloud-mining mechanism. BTCMTX token holders stake their holdings for mining credits, and then redeem these credits for mining hash power.

The project is in the presale stage, recording upwards of $8.286 million of its $9.103 million target as investors look to get in on the action ahead of the halving.

Analysts say this penny crypto has potential for exponential growth. Investors looking to buy BTCMTX can do so on the website, where each token is selling for $0.0128.

To buy BTCMTX in the presale, visit the website here.

Also Read:

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