Bitcoin Price Prediction: As Matrixport Says BTC ETFs Will Be Rejected, This Bitcoin Derivative Hurtles Towards $7.5 Million In Presale

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The Bitcoin price plunged 5% in the last 24 hours to trade for $43,183 as of 12:20 a.m. EST with trading volume surging 48%.

It comes after a broader market crash, triggered by a Matrixport report that said the Securities and Exchange Commission will not approve spot BTC exchange-traded funds (ETFs) this month. Head of Research at Matrixport Technologies, Markus Thielen, authored the report, which is headlined, “Why the SEC will reject all Bitcoin spot ETFs”.

Matrix on Target projects a January rejection for Bitcoin Spot ETFs by the SEC, cautioning traders to hedge long exposure. With #SEC Chair Gensler’s skepticism towards #crypto, a potential -20% #Bitcoin price drop is anticipated upon #ETF denial, though a positive end-of-2024… pic.twitter.com/IgaMhBJtiP

— Matrixport (@realMatrixport) January 3, 2024

Key Takeaways From The Matrixport Blog That Caused A Market Crash

The research said that the ETF applications were missing important requirements that the SEC expected. As such, it could cause the postponement of the expected approval of Bitcoin spot ETFs until the second quarter of this year.

The report also noted, “The current five-person voting Commissioners leadership critical for the ETF approval of the SEC is dominated by Democrats.” Indeed, only Hester Pierce, alias Crypto Mom, and Mark Uyeda, are Republicans, the rest are Democrats. They comprise Jamie Lizárraga, Caroline Crenshaw, and chair Gary Gensler. No more than three commissioners of the SEC may belong to the same political party.

Thielen also noted that the “SEC Chair Gensler is not embracing crypto in the US, and it might even be a very long shot to expect that he would vote to approve Bitcoin Spot ETFs.”

It also indicated that a crash could wipe out $5.1 billion in long positions that had been added amid the expectation of ETF approval news. Theoretically, such a turnout could cause a 20% drop in Bitcoin price, sending it into the $36,000 to $38,000 range.

Matrixport Report Helps Trigger Market Crash

In the aftermath, the market slumped, with the Bitcoin price dropping 8.51% from $45,308 to $41,454. It triggered at least $540 million in total market liquidations, according to data from Coinglass. Total open interest slumped by almost a billion, from $18.66 billion to $17.72 billion.

Bitcoin Open Interest Liquidations — Total Open Interest and Liquidations Chart

Up to $166.37 million positions were liquidated, made up of $138.55 million longs and $27.81 shorts. From a total of $540 million total liquidations, it translates to $373.63 million altcoin positions were liquidated, which is arguably the largest altcoin liquidation event in two years.

With this crash, Bitcoin Minetrix, a cloud-mining project takes the spotlight, offering less risk and committed to making BTC ownership a reality.

Bitcoin Price Outlook As Billions Go Down The Drain On BTC’s 15^Th Birthday

With the crash, Bitcoin price dropped below the lower boundary of an ascending parallel channel on the daily timeframe. However, it has since restored within the bullish chart pattern.

It appears poised for more gains, considering the Relative Strength Index (RSI) is moving north to show rising momentum. Also, the histogram bars of the Awesome Oscillator (AO) are flashing green while the indicator itself is in the positive territory. These add credence to the bullish thesis.

Increased buying pressure could see Bitcoin price shatter past the upper boundary of the channel, to set atop the $48,000 psychological level. In a highly bullish case, the gains could see Bitcoin price foray above the $50,000 or in highly ambitious cases, the $60,000 level.

Converse Case

On the flip side, should the Matrixport report churn out to be true, Bitcoin price could crash. Amid heightened risk in the market, momentum has been waning, against a climbing price action. This has culminated in a bearish divergence, where the RSI heads lower while the price action heads higher. Often, this precipitates a correction.

Also, the Average Directional Index (ADX) indicator, which quantifies trend strength, shows that the Bitcoin price uptrend has waning momentum. This could precede a downtrend.

If Thielen’s $36,000 to $38,000 retraction fails to hold, Bitcoin price could descend to the $30,000 psychological level. A break and close below this level would invalidate the bullish outlook.

Enlightened investors have already started to buy Bitcoin Minetrix tokens, which gives them an entry into a cloud mining ecosystem that makes BTC ownership easy and achievable regardless of status or technical expertise.

What is #BitcoinMinetrix?

🌐 #BTCMTX is a tokenized cloud mining platform that allows everyday people to mine $BTC in a decentralized way.

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Solving a huge problem by removing the risk of third-party cloud mining scams. pic.twitter.com/7oQCQAMSqi

— Bitcoinminetrix (@bitcoinminetrix) January 3, 2024

Experts anticipate 100X growth potential after launch, with the coin featuring among analysts’ top choices for the best altcoins to invest in for maximum returns.

Promising Alternative To Bitcoin

Standing among five new cryptocurrencies to invest in this year, Bitcoin Minetrix, powered by the BTCMTX token, has decentralized and tokenized Bitcoin mining, putting it on the cloud. This means hassles relating to space, cost, heat and time have been eliminated as well as risks relating to third party involvement.

Delve into the vibrant world of #BitcoinMining, set to skyrocket into a $12 billion industry by 2027!

Through #BitcoinMinetrix, we're transforming accessibility and safety in mining, utilizing innovative cloud mining and staking methods for everyone. 🌐⚒️ pic.twitter.com/AFhLqpEfcD

— Bitcoinminetrix (@bitcoinminetrix) January 2, 2024

The project is in the presale stage, now boasting upwards of $7.422 million in sales, hurtling towards the $7.5 million mark as BTCMTX tokens sell for $0.0126 in stage 17. This stage of the presale will end in two days, meaning now is the last chance to buy BTCMTX at lower prices before an increase.

#BitcoinMinetrix Stage 17 has started!

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— Bitcoinminetrix (@bitcoinminetrix) January 1, 2024

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