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The Bitcoin price is up 1.2% in the last 24 hours to trade at $43,849 as of 7:50 a.m. EST as trading volume dropped 11% to $32 billion.
The rise comes as Peter Schiff, a renowned critic of Bitcoin and advocate for gold, cautions that the approval of spot Bitcoin ETFs might trigger a steep correction.
Be careful what you wish for. The promise of a U.S. listed spot #BitcoinETF has been supporting the #Bitcoin price and speculative demand for years. Once the ETFs are launched and the highly anticipated institutional and other new investor demand does not show up, look out below!
— Peter Schiff (@PeterSchiff) January 2, 2024
Schiff says that the prospect of spot Bitcoin ETFs has supported the Bitcoin price for years and warns that institutional demand for the product may fail to materialize.
The Bitcoin Price: Bulls Trade Bullish Pennant
The Bitcoin price has formed a bullish pennant, indicating a bullish trend continuing above the $45,000 threshold.
The general momentum remains bullish as it maintains its position above the 50-day and 200-day simple moving averages (SMAs).
The Relative Strength Index (RSI) also trades downward, approaching the 50 midline level at 59. However, with some push, the RSI could reach the overbought level of 70.
The Bitcoin Price: Bulls Poised to Surpass $45000 Resistance
The presence of the bullish pennant offers an opportunity for the bulls to propel the price upwards. The bulls are working hard to recover their lost profit, indicating a rebound at the $42,000 level.
A sustained push could help breach the $45,000 resistance, setting the BTC price upward as bullish investors focus on achieving the $50,000 mark (as marked by the arrow).
As Bitcoin traders await the breakout, investors are rushing to buy Bitcoin derivative BTCMTX as they anticipate the approval of spot Bitcoin ETFs.
Bitcoin Minetrix Presale Closes in on $7.9 Million Goal
Bitcoin Minetrix (BTCMTX) has successfully garnered $7.5 million in its presale initiative, racing towards its $7.9 million target. Investors have approximately 19 hours remaining to engage in the presale at the current discounted rate of $0.0126.
Exciting Update! 📢#BitcoinMinetrix proudly reveals another major milestone, exceeding $7,500,000 raised! 🪙 pic.twitter.com/r4LHnlqd4T
— Bitcoinminetrix (@bitcoinminetrix) January 5, 2024
As an investor, the BTCMTX platform allows you to use the stake-to-mine feature to generate passive income. Additionally, holding BTCMTX tokens ensures a substantial annual percentage yield (APY) of 86%.
The platform has also created a $30,000 minedrop airdrop competition that you can participate in and stand a chance to win a $3,000 reward among the ten eligible winners.
Conor Kenny, a crypto analyst and YouTuber with over 173k subscribers, shares valuable insights on how to acquire Bitcoin Minetrix and optimize returns through its stake-to-mine functionality
You can participate in the presale by visiting the BTCMTX website and connecting your digital wallet to swap your ETH or USDT for BTCMTX tokens or directly buy using your bank card.
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