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The Bitcoin price rose 1.7% in the last 24 hours to trade at $51,751 as of 04:28 a.m. EST on trading volume that plunged 16% to $28 billion.
This comes as FundStrat’s head of research, Tom Lee, believes the BTC price could hit $150,000 this year. According to Lee, the optimistic outlook for Bitcoin can be attributed to several factors. Firstly, the demand for Bitcoin is on the rise following the approval of spot Bitcoin ETFs earlier this year. Secondly, Lee anticipates a relaxation in monetary policies, aligning with widespread expectations.
FundStrat head of research Tom Lee doubled down on his bullish outlook and said that $BTC could reach as high as $150,000 this year.
What is your price prediction for #Bitcoin ? pic.twitter.com/CLxEUeAW5R
— Conor Kenny (@conorfkenny) February 22, 2024
Additionally, he points to the upcoming halving event in April as a pivotal moment. This event is expected to reduce the supply of Bitcoin, which is likely to contribute to an increase in its price.
Lee remains optimistic about Bitcoin’s price, saying that it has been holding up, with a drawdown not likely to happen soon.
Bitcoin Price Bullish, Trading Within the Ascending Triangle
Since the start of February, the price of Bitcoin has been on an upward trajectory, as shown by an inverse head and shoulders pattern. This pattern provided the momentum for bulls to push the price higher during a markup phase, although they encountered resistance at $53,000. Following this rejection, the price has seen fluctuations, trading within the confines of an ascending triangle.
BTC is trading above the 200-day Simple Moving Average (SMA), indicating bullish momentum. If the price sustains the momentum, BTC may be able to overcome the 50-day SMA hurdle. However, the moving average (MA) cross formed at $42,875 supports the bullish sentiments.
The Relative Strength Index (RSI) is rebounding from oversold levels to trade above the 50-midline level. This shows growing buying pressure as the RSI heads to the overbought region.
Moreover, the Moving Average Convergence Divergence (MACD) line (blue) is trading below the signal line (orange) but above the zero line, which may signal an impending bullish reversal. The red bars on the histogram further support this sentiment, as they reduce in size towards the zero line.
Additionally, the Stochastic Oscillator 14 3 3 line (green) is crossing above the trigger line (orange), indicating a bullish moving average crossover and signaling an impending bullish rally.
Bitcoin Price Prediction
The Bitcoin price analysis indicates bullish prospects for the BTC price, evident from the price trending within the ascending triangle. The bulls are aiming at breaking out above the upper boundary of the triangle, currently targeting $56,000, as they clear out the resistance at $53,000.
However, if the bears take charge of the price, it may cause a retrace back to the next support zone at $48,371.
Meanwhile, investors are diversifying their portfolio with Bitcoin Minetrix, a BTC derivative that’s racing towards its $12.178 million target for funds raised and that analysts say has the potential to 10X on launch.
BTCMTX Secures $11.2 Million – Best Bitcoin Derivative To Buy Now
You may have encountered some issues with Bitcoin mining in the past, but not anymore. Bitcoin Minetrix (BTCMTX) is a revolutionary new platform that allows users to stake $BTCMTX tokens and earn mining credits to mine Bitcoin through a cloud-based system.
It aims to fix the intricacies that come with Bitcoin mining, including high hardware costs and deceptive scams.
Examining the Cost Entry Point for #BitcoinMinetrix versus Traditional Cloud Mining: 🔍
💰 #BTCMTX: Economical – (No obligatory minimum purchase)
💸 Traditional Cloud Mining: Expensive – (Significant minimum payment required) pic.twitter.com/EqBGNevcoA
— Bitcoinminetrix (@bitcoinminetrix) February 22, 2024
You can currently purchase BTCMTX tokens at $0.0136 each, but, with the price set to increase in less than three days, act fast to secure quick gains.
Stake BTCMTX, 60% Annual Rewards
You can also stake your acquired BTCMTX tokens and receive a high annual percentage yield (APY) of 60%, with over 693 million BTCMTX tokens already staked. When you stake, you acquire tradable ERC-20 token credits, which are burned to give you BTC cloud mining power.
Moreover, by buying and staking on the platform, you can become a contender in the $30,000 minedrop competition. Ten winners will be selected from all the entries, each receiving a $3,000 prize.
Crypto analyst Jacob Bury says that BTCMTX has the potential for 10X gains after its upcoming launch.
To take part in the presale, visit the BTCMTX official website and swap your ETH or USDT for BTCMTX. You can also make purchases directly using your bank card.
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