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The Bitcoin price has soared 4% in the last 24 hours to trade at $47,112 as of 7:40 p.m. EST on trading volume that surged 56% to $42 billion.
BTC’s market capitalization now stands at $924 billion, approaching the $1 trillion mark as the Bitcoin price signals the conclusion of a correction period that had plunged the coin to $38,500 towards the end of January.
The “Year of the Dragon” celebrations in East Asia add to positive sentiment around BTC, as analysts say history shows a pattern of gains during the Chinese New Year holidays.
𝐂𝐡𝐢𝐧𝐞𝐬𝐞 𝐍𝐞𝐰 𝐘𝐞𝐚𝐫 𝐏𝐮𝐦𝐩 𝐇𝐚𝐬 𝐒𝐭𝐚𝐫𝐭𝐞𝐝 🐉
Historically, #Bitcoin pumps an average of 11% during the Chinese New Year.
But there is one more thing most people are not talking about.
Chinese New Year will also be hugely beneficial for tokens that have a… pic.twitter.com/5HQ9Yx6enM— Elja (@Eljaboom) February 9, 2024
Bitcoin Price Signals A Bull Rally, Riding The Cup And Handle Pattern
Source. Tradingview.com
Bitcoin shows signs of a bullish rally as the price forms the cup and handle pattern, which signals a continuation of the bullish trend.
The bulls found support at $16381, coinciding with the lower part of the cup. This has enabled the price to rebound, resulting in a price push upward, reaching the neckline of the cup.
Despite the bear’s move to impose a correction, the bulls seem resilient, pushing the price back up again from the $37,785 support level, forming the handle part of the pattern.
The technical indicators also indicate bullish support as the price of Bitcoin trades above the 50-day and 200-day simple moving averages (SMAs), which currently act as support for the Bitcoin price.
The Relative Strength Index (RSI) indicates a rebound from the 30 oversold region, surging past the midline level of 50 into the overbought region at 72. If the bullish move continues, it could push the RSI further into the overbought zone, confirming the anticipated bull rally.
Bitcoin Price Bulls Poised To Reach $78,000
The cup and handle pattern signals a continuation of the bullish trend, and the bullish traders aim to capitalize on this to drive the price up. If bullish momentum sustains, the bulls could be aiming to break the previous all-time high (ATH) at $69,000 to reach $78,000.
As BTC traders await the signal to enter more buy orders, investors are busy diversifying their portfolios to Bitcoin Minetrix token BTCMTX for lucrative returns with analysts predicting the potential for 10X gains on launch soon.
BTCMTX Presale Secures $10.6 Million, Closes In On $11 Million Goal
Bitcoin Minetrix (BTCMTX) has surged to $10.6 million in funds raised in its presale and is rapidly closing on its $11.2 million target.
Investors can buy BTCMTX tokens at the current price of $0.0134 before the price increases in less than five days.
#BitcoinMinetrix attains another remarkable milestone!
Surpassing $10,400,000. 💰 pic.twitter.com/6WaHtJCB4m
— Bitcoinminetrix (@bitcoinminetrix) February 9, 2024
Once you have bought BTCMTX tokens, you gain full control over your mining activities using the stake-to-mine feature. This functionality enables you to earn cloud mining credits by staking your BTCMTX tokens. It also allows you to participate in decentralized Bitcoin mining, providing you protection against potential scams from third-party cloud mining platforms.
Exploring the advantages of #BitcoinMinetrix:
🌐 Convenient access made easy.
💲 Enhanced efficiency with a streamlined cost structure.
🔄 Enjoy peace of mind, free from concerns about resale value.Knowing the benefits is key! 🚀 #BitcoinMining #MiningEfficiency pic.twitter.com/tBCVjFELBO
— Bitcoinminetrix (@bitcoinminetrix) January 25, 2024
Through staking your BTCMTX tokens, the platform also offers you a chance to earn passive income in the staking pool and an annual pay yield of 64%. Currently, over 655 million tokens have already been staked.
Final Call: Buy BTCMTX Now, Participate In The Minedrop Airdrop Competition
The BTCMTX tokens allow you to participate in the Minedrop Airdrop Competition. The airdrop offers you a chance to compete for a $30,000 prize pool, where you could be one of the lucky ten winners to receive a $3,000 reward.
Conor Kenny, a crypto analyst on YouTube with over 179k subscribers, says that BTCMTX is among the best presale projects in 2024 and has huge potential for high returns for early entrants.
You can join the presale to buy the BTCMTX tokens on the BTCMTX website, connect your digital wallet, and swap your ETH or USDT for BTCMTX tokens. You can also buy directly using your bank card.
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