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Bitcoin Price Prediction: As The BlackRock Bitcoin ETF Becomes First To Hit $2 Billion, This BTC Derivative Closes On $10 Million

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Bitcoin price
Bitcoin price

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The Bitcoin price has jumped by 1.7% in the last 24 hours to trade at $42.5K as of 1:09 a.m. EST. 

The recent pump comes as BlackRock’s iShares Bitcoin ETF (IBIT) achieved an impressive milestone by amassing $2 billion in managed assets on Friday, a first for recently launched spot Bitcoin ETFs. IBIT now ranks as the third most successful in terms of asset accumulation among the more than 600 ETFs launched in the past year in the US. 

Bitcoin Price Prediction: How High Can It Go?

Looking at an in-depth analysis of 2-hour BTC/USD charts, we see that the Bitcoin price is currently near the upper band of the Bollinger Bands (BB), suggesting it might be in the higher volatility range. The price is also moving above the 20-period Moving Average (Orange line) which generally indicates bullish momentum as bulls look to drive the Bitcoin price higher.

The Awesome Oscillator (AO) histograms show the market momentum. The transition from red to green bars indicates a change from bearish to bullish momentum. The Average Directional Index (ADX), the red line below the AO that’s also used in measuring the strength of a trend, is around 34, well above the 25 level that’s considered to indicate a strong trend.

The chart has also displayed a couple of Bullish Engulfing candle stick patterns, labeled (BE), a good indication of bullish dominance.

2-hour BTC/USD chart | Source: TradingView

Bitcoin Price Prediction: What Are The Chances Of A Bearish Reversal?

The Relative Strength Index (RSI) is oscillating around the 70 level with a reading above 70 typically indicating that an asset may be overbought and could be due for a pullback or consolidation.

XForceGloba told his 17K followers on X that a final correction to $35K is imminent with the Bitcoin price having achieved the $42K target in its recent price activity.

Meanwhile, as the Bitcoin price pumps, Bitcoin Minetrix is emerging as a compelling new option for investors seeking presales with explosive gains in 2024.

Is BTCMTX A Compelling Alternative to BTC?

Bitcoin Minetrix is an innovative solution in the Bitcoin mining space. Built on the Ethereum blockchain, it offers users an opportunity to earn passive Bitcoin rewards. The platform integrates the concepts of crypto staking and cloud mining, making Bitcoin mining accessible to a broader audience.

The BTCMTX presale has already garnered more than $9.6 million as it surges towards $10.3 million target.  BTCMTX tokens can be acquired at a price of $0.0131, but a hike is due in less than three days. 

Stake-To-Mine 

Bitcoin Minetrix’s cloud mining framework, endowed with stake-to-mine functionality, aims to endow users with full governance over their mining operations. Staking your BTCMTX tokens yields cloud mining credits, facilitating your engagement in decentralized Bitcoin mining while safeguarding against fraud common in external cloud mining services.

The platform also offers a chance to earn passive income through BTCMTX staking. Participants in the staking process receive rewards from the staking pool and a yearly yield of 69%. Currently, over 602 million tokens have been staked. 

Owning BTCMTX tokens also enables participation in the Minedrop contest. This contest allows contenders to vie for a $30,000 prize pool, with each of the 10 fortunate victors receiving a $3,000 prize.

As noted by Conor Kenny, a cryptocurrency analyst on YouTube with a subscriber base exceeding 179,000, early involvement in the presale promises substantial returns post-launch on leading exchanges.

To join, visit the BTCMTX website, link your digital wallet, and trade your ETH or USDT for BTCMTX tokens. Investors can also use a bank card.

Visit the official Bitcoin Minetrix website here.

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New Crypto Mining Platform - Bitcoin Minetrix

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Bitcoin Minetrix

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