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The Bitcoin price has tumbled by 0.5% in the last 24 hours to trade at $42.7K as of 12:30 a.m. EST with BTC losing almost 3% in a week that saw the landmark launch of spot BTC ETFs (exchange-traded funds) in the US.
Morgan Stanley said that breakthrough development is “a potential paradigm shift in the global perception and use of digital assets.” Understanding the interplay and nuances between traditional fiat currencies, E-money, and stablecoins is crucial, said head of digital asset markets Andrew Peel.
“This dynamic is set to significantly influence the future of international trade and finance, potentially reshaping the global economic and financial landscape,” he said. “Investors and policymakers alike must pay attention and keep informed with the rapidly changing digital asset ecosystem, considering wide-ranging implications on global businesses and nation-states, as well as the macro investor landscape.”
Peel highlighted the ”remarkable” adoption of Bitcoin globally, with 106 million people now holding the king of cryptocurrencies worldwide, and the presence of Bitcoin ATMs in 84 countries.
“A clear shift towards reducing dollar-dependency is evident, simultaneously fueling interest in digital currencies such as Bitcoin, stablecoins, and CBDCs [Central Bank Digital Currencies],” he said.
Bitcoin Price Prediction: Technical Analysis
Looking at an in-depth analysis of 1 hour BTC/USD charts, the crypto king could be headed toward a recovery in the short term, as shown by several indicators. The Relative Strength Index (RSI) moves north as it approaches the 50 mark, showing bullish momentum on BTC.
The MACD has also maintained movement in the green zone after an earlier attempt to revert to the red zone. This shows fading bear momentum as bulls regain control.
The Awesome Oscillator (AO), used in gauging market trends, is moving towards the zero line with green histograms. This shows a solid bullish trend on the Bitcoin price as bulls now look to break past the new $43.7K resistance level, with the price now moving within range.
1-hour BTC/USD charts | Source: TradingView
However, despite indicators pointing towards a bright future, Roman_Trading, addressing his 50K followers on X (formerly Twitter), believes Bitcoin is ultimately forming a head and shoulder reversal pattern, which will likely see a near 30% price correction in the next 25-30 days so long as the RS forms.
$BTC 1D
This is my scenario for the next 25-35 days.
Ultimately forming an HS reversal & likely seeing a near 30% price correction so long as the RS forms.
Too many bear divs, overall market wide exhaustion, & $SPX / $DXY confluence.#Bitcoin #cryptocurrency #cryptonews pic.twitter.com/8CtZ46953o
— Roman (@Roman_Trading) January 13, 2024
Meanwhile, as the Bitcoin price corrects following the ETF approvals, investors seeking exponential growth opportunities may want to consider Bitcoin Minetrix, a project that’s ranked among the top presales in 2024.
The resounding support from investors is evident, with a substantial $8.3 million already secured in BTCMTX’s token presale, and surging towards the targeted $9.1 million.
Bitcoin Price Prediction: Is BTCMTX A Better Investment With The Looming Halving?
Bitcoin Minetrix is a groundbreaking solution for mining operations. It reduces mining costs, providing users with an alternative that eliminates the need for expensive specialized equipment.
Exclusive to gas token holders, this innovative cloud mining offers a more equitable distribution of benefits, encouraging active participation within the ecosystem.
Discovering the perks of #BTC cloud mining!
💡 Entry-level simplicity: no technical know-how needed.
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🏠 Say goodbye to space, noise, and heat disruptions.
🔄 No resale worries – let mining companies handle upgrades! pic.twitter.com/enQbatCTpz— Bitcoinminetrix (@bitcoinminetrix) January 6, 2024
Token Staking
Bitcoin Minetrix accepts various payment methods, including bank cards, Ether, and Tether. BTCMTX tokens, priced at $0.0128 each, can be staked to generate profits.
Renowned crypto analyst Jacob Bury anticipates a tenfold surge in BTCMTX at launch.
With the impending halving event in April and analysts speculating about a Bitcoin price pump, Bitcoin Minetrix positions its investors for substantial returns upon the platform’s launch.
But a price increase is coming in less than two days, and the available tokens are selling out fast. Swift investor action is strongly recommended to secure BTCMTX tokens.
To explore the benefits of this pioneering cloud mining effort, secure BTCMTX tokens promptly through the official website. Participating in this avant-garde cloud mining venture is an opportunity that should not be overlooked.
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