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The Bitcoin price dropped 0.23% in the last 24 hours to trade at $43,898 as of 5 AM EST with trading volume surging almost 52% to $24.12 billion.
With all eyes on the possible imminent approval of spot Bitcoin ETFs (exchange-traded funds), a Coinshares executive said the investment vehicles will not be a “sell the new event” for BTC.
Instead, an ETF approval is expected to open up the asset to many more wealthy individuals who previously did not have access to Bitcoin in a way they were comfortable with, he said.
With that being the case, analysts expect Bitcoin to see more inflows that will boost its value.
Analysts remain upbeat on the likelihood of approvals for spot BTC ETFs this week and Bloomberg analyst Eric Balchunas saying there’s now only about a 5% chance of rejection.
Well said although I probably go with 5% at this point. But you gotta leave a little window open for these things.
— Eric Balchunas (@EricBalchunas) January 6, 2024
Bitcoin Price Prognosis
Following Bitcoin’s flash crash on Jan. 3 the coin entered a period of stability, although technical indicators kept sending bullish signals, especially over this last weekend.
Bitcoin’s RSI score kept suggesting that the coin is overbought, while the Bollinger bands got unusually narrow for BTC.
But the coin’s RSI score now reads 53.63, suggesting that it is in a neutral zone, while Bollinger bands have witnessed a significant widening, which is also a bullish signal.
More than that, the chart below suggests a symmetrical triangle formation, which investors take as time for BTC to decide which way it will move in from here.
Although Bitcoin has transitioned from a highly bearish to a bullish trajectory, technical analysis say it is still not ready for its next massive bull run and likely won’t be for another 6-12 months.
However, the ETF approval will likely increase its price and in the short term BTC will likely breach the $44k resistance and try to move past it back to the one at $46k.
However, a lot will depend on the market sentiment, which will, in turn, be dictated by the regulator’s Bitcoin spot ETF decision.
Promising Alternative To Bitcoin
While most eyes are on spot Bitcoin ETFs, opportunity seekers should not forget that BTC is now only a few months away from its next block reward halving.
This is why a project called Bitcoin Minetrix (BTCMTX) has become one of the season’s largest and most popular presales.
Bitcoin Minetrix is a cloud mining platform that allows anyone to buy and stake its BTCMTX token, which grants them credits that they can use to mine Bitcoin.
They can do it without expensive mining rigs or massive electricity bills, so many have jumped on the opportunity to get some BTCMTX, especially with the halving approaching.
🌐The Stake-to-Mine concept is a novel idea that promises to bring #Bitcoin mining back into the realm of possibility for ordinary #Crypto aficionados, for several reasons.
Users of #BTCMTX need only an #Ethereum compatible wallet such as #MetaMask, making things very simple.🔐 pic.twitter.com/XJmuATMaXW
— Bitcoinminetrix (@bitcoinminetrix) January 4, 2024
Furthermore, the project is fully decentralized and transparent, as it is aware of the bad reputation that cloud miners have earned in the past due to being fraudulent or poorly managed.
Instead, it points out that 1 BTC mined in 2013 appreciated 27,300% in 10 years. With the next decade expected to be crucial for crypto adoption and usage, Bitcoin Minetrix seeks to offer users the ability to get their Bitcoins now and benefit from its future price surge.
The token’s presale reflects the high demand, as it has already raised over $7.83 million, becoming one of the largest presales of the season. And with a target of $8 million it’s close to selling out.
So if you are interested, act quickly. Those interested in joining in and buying Bitcoin Minetrix can do so in exchange for ETH or USDT using Best Wallet, Wallet Connect, or Metamask, or purchase the token directly via credit or debit card.
Visit and buy Bitcoin Minetrix here.
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