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Bitcoin Price Prediction: As CNBC Says BTC ETFs May Start Trading On Thursday Or Friday, Investors Flock To This Bitcoin Bull Run Play That’s Raised Almost $8 Million

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Bitcoin price
Bitcoin price

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Bitcoin price is up 7% in the last 24 hours to trade for $46,741 as of 1:00 a.m. EST time, with trading volume rising 95%.

It comes amid expectations of imminent spot Bitcoin exchange-traded funds (ETFs) approval.

Securities and Exchange Commission chair Gary Gensler further fanned the hopes of approval when he tweeted a reminder to investors who are considering investing in crypto assets – even though that message warned investors about fraudsters, risk Ponzi and pyramid schemes.

Elsewhere, CNBC reported that spot BTC ETFs could begin trading on Thursday or Friday after approvals on Wednesday.

CNBC anchor Kate Rooney said “two sources close to the process” told her that approvals will come on Wednesday, which is the deadline for Cathie Wood’s ARK and 21Shares Bitcoin ETF.  The sources added that the dates have been a “moving target,” she said.

An approval would be a landmark development for the industry. Live trading would serve as a significant step in BTC adoption and integration into traditional financial markets.

Meanwhile, many investors have shifted their focus to Bitcoin Minetrix, a cloud-mining ecosystem that offers easy entry into the Bitcoin market.

Bitcoin Minetrix has tokenized cloud mining such that even everyday people can mine BTC in a decentralized fashion. By tokenizing cloud mining, the project delivers a secure and transparent experience for every community member.

Bitcoin Price Outlook Amid Anticipation For Spot BTC ETF Approvals

After a prolonged consolidation along the mean threshold (midline) of the weekly supply zone at $43,860, Bitcoin price finally found the strength to overcome it. The fact that it recorded a daily candlestick close above this level remains a good sign, suggesting the continuation of the intermediary (1-day timeframe) trend.

Increased buying pressure above current levels could see Bitcoin price extend north overcoming the critical barrier at $48,000. In a highly bullish case, BTC price could extend north to tag the $50,000 psychological level, standing 6% above current levels. This is likely the take-profit level for most BTC longs, which means a correction could be expected once the king of crypto tags this level.

The trajectory of the Relative Strength Index (RSI) to the north supports this outlook, showing momentum is rising. The presence of the bulls in the BTC market is also bullish, evidenced by the growing volumes of green histogram bars of the Awesome Oscillator in the positive territory.

Bitcoin price
TradingView: BTC/USDT 1-day chart

On the other hand, the Average Directional Index (ADX) indicator, famous for quantifying strength, is flattening with a broadly southbound movement. This shows the upside steam may be running out. If the bears take over, Bitcoin price could lose the $43,860 support, potentially extending the fall below the $40,000 psychological level.

In a dire case, the slump could send Bitcoin price to the $37,800 critical level. A break and close below this level would set BTC on a cliff to the $30,000 mark, below which the bullish outlook would be invalidated.

However, forward-looking investors have moved to buy BTCMTX, the powering token for the Bitcoin Minetrix ecosystem.

Promising Alternative To Bitcoin

Bitcoin Minetrix aims to solve the huge problem in the sector through the elimination of the risk of third-party cloud mining scams. To this end, it has conferred control into the hands of token holders. Simply stake BTCMTX to earn credits, redeem or burn these credits for mining hash power, and use these to mine BTC.

The project is in the eighteenth stage of the presale, now recording upwards of $7.89 million in sales, from a target objective of $8.005 million.

The token features among analysts’ top picks for the best web3 projects for investors looking to capitalize on future projects. Interested investors can buy BTCMTX in the presale on the website, where each token is selling for only $0.0127.

Visit Bitcoin Minetrix website to buy BTCMTX in the presale here.

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