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The Bitcoin price has dropped by 2.2% in the last 24 hours to trade at $40.9K as of 9:30 a.m. EST.
Bitcoin Price Prediction
An in-depth analysis of 2-hour BTC/USD charts shows that the Bitcoin price has fallen below the 20-period simple moving average (SMA), which typically stands as a bearish signal.
Turning our attention to the Relative Strength Index (RSI), which measures the magnitude of recent price changes to evaluate overbought or oversold conditions, we see a reading below the 50 mark.
This move into the lower half of the RSI spectrum signals that bears are currently in control, pushing the price downwards. The RSI has not yet reached the oversold territory, indicating that there might still be room for the price to drop further before a potential reversal.
Moreover, the Moving Average Convergence Divergence (MACD), a trend-following momentum indicator that shows the relationship between two moving averages of a security’s price, is in the negative territory. This bearish crossover suggests that the downward momentum in Bitcoin’s price is strengthening.
The Awesome Oscillator (AO), designed to measure market momentum, shows a red bar, reinforcing the bearish sentiment portrayed by the MACD. The increase in the red histogram bars indicates that the bearish momentum could continue.
2-hour BTC/USD charts | Source: TradingView
Implications for the Bitcoin Price Trajectory
Considering the technical analysis, the immediate outlook for Bitcoin appears bearish. Investors might brace themselves for further declines if the support levels do not hold. However, it is also essential to recognize that Bitcoin is known for its rapid and unexpected reversals, and any news or market stimulus could trigger a trend reversal.
In line with this, analysts now look to the halving event as the next catalyst for a Bitcoin price pump.
When the #Bitcoin halving occurs, it's going to create a supply shock for Bitcoin.
The demand will greatly exceed the supply.
Then we will see the start the biggest bull run in history.
— Crypto Rover (@rovercrc) January 22, 2024
While Bitcoin’s price struggles, the Bitcoin Minetrix ICO has surged past $9 million mark as it heads towards its $9.9 million target with each BTCMTX token priced at $0.013. Analysts rank it among 2024’s top presales.
A Compelling alternative?
BTCMTX is the token that powers the Bitcoin Minetrix project, which has introduced tokenized cloud mining, a groundbreaking approach enabling community members to engage in decentralized Bitcoin mining.
Traditional Bitcoin mining has deterred many potential participants due to the excessive costs associated with hardware and the prevalence of fraudulent schemes. Bitcoin Minetrix addresses these concerns, offering protection to investors and alleviating the challenges of conventional mining, such as steep electricity expenses and the requirement for substantial physical space.
#BitcoinMinetrix revitalizes the landscape of cloud mining by merging stakeholding and cloud mining.
Pioneering tokenized cloud mining focusing on transparency, autonomy, and security, #BTCMTX is dedicated to providing a reliable pathway for $BTC mining enthusiasts. 🌐⚒️ pic.twitter.com/Mrxv0Hnrst
— Bitcoinminetrix (@bitcoinminetrix) January 22, 2024
To mine Bitcoin with Bitcoin Minetrix, users need to stake BTCMTX tokens on the Ethereum network through their Stake-to-Mine model, which allows them to earn Bitcoin (BTC) rewards for participating in the mining process.
With the upcoming halving event slated for early April, analysts expect the Bitcoin price to perform well this year. In light of this, analyst Jacob Bury identifies BTCMTX as one of the top three presales in 2024, and says it has the potential for 10x gains on launch.
Visit Bitcoin Minetrix here before the presale ends.
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