Bitcoin Price Prediction: BlackRock’s Larry Fink Says Bitcoin Rally Shows ‘Pent Up Interest’ As This Presale Surges Past $1.6 Million

ByAli Raza

Updated: 17 October 2023

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The Bitcoin price surged again at the start of this week, reversing last week’s losses and even surging beyond its former levels. The coin is currently 7% higher than a month ago, although slightly less than 3% higher on a daily and weekly chart.

As mentioned, last week brought a significant price drop for the coin, leading it from $28k to $26.6k by October 11 after hitting this bottom.

During the next four days, including last weekend, BTC slowly climbed from $26.6k to $27k. However, the increase has been subtle, so BTC appeared to be trading sideways.

The situation took a turn on late Sunday, October 15, when the coin started seeing a price increase — a small one initially, only heading up to $27.2k, which was a resistance that prevented its continued growth.

With that slight recovery, the coin ended Sunday, and for the first few hours of Monday, October 16, it seemed things would not change too much.

However, that’s when the coin suddenly skyrocketed past the resistance and up to $28,000, drawing the traders in.

While many believed that $28k would be the resistance that would once again hold BTC from progressing, the coin took a surprising turn a few hours later, suddenly skyrocketing to $29,388, nearly reaching $39.4k.

This was a massive spike up, and the coin corrected as soon as it got to this level, crashing back down to $27.8k

However, it started to recover again, reaching $28.8k. While this was a steadier increase, the resistance at this level still rejected the Bitcoin price, which started dropping to $28,150 — a support it reached mere hours ago.

After that, BTC began to see growth again, but this time, it encountered resistance at $28.5k, preventing it from moving forward.

At the time of writing, the coin’s price is $28.4k, with its daily volume being 97% higher than 24 hours ago.

Why did Bitcoin Skyrocket to $29.4k?

While many were quite surprised by Bitcoin’s massive spike yesterday, the surge did not come unprovoked. The coin’s $2k increase took place in a matter of minutes, which tends to happen only when some game-changing development takes place, and this time was no different.

BTC prices skyrocketed due to fake news regarding the Bitcoin spot ETF, which claimed that the US SEC had finally given the green light for a Bitcoin ETF.

While many have anticipated such a move, the regulator has postponed its decision for next year and is unlikely to change its plans suddenly.

Still, reports emerged claiming otherwise, causing an impressive pump to occur within minutes.

Even so, BTC corrected once it became clear that the news was not real. The SEC reacted, reminding the traders about the reliability of online information and warning against fake Bitcoin ETF rumors. Instead, it said: “Careful what you read on the internet. The best source of information about the SEC is the SEC.”

Careful what you read on the internet. The best source of information about the SEC is the SEC.

— U.S. Securities and Exchange Commission (@SECGov) October 16, 2023

Bitcoin Minetrix Presale Continues to Draw Traders in

Bitcoin Minetrix (BTCMTX) emerged recently as the new hottest presale in the crypto industry to bring back faith in Bitcoin cloud mining platforms.

While many of the cloud mining schemes ended up being scams or poorly organized in the past, Bitcoin Minetrix seeks to bring it back by making its cloud mining platform decentralized, transparent, and safe.

The project’s idea is simple — holding a presale selling its BTCMTX token. After traders buy the token, they can stake it and get credits for mining BTC without expensive equipment or a massive electricity bill.

The approach seems to work, as the project raised $1.64 million, selling BTCMTX for $0.111. The token will see a price increase in about 12 days, so anyone interested in getting it before that happens has under two weeks to make their purchase.

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