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The Bitcoin price has plunged 4% in the last 24 hours to trade at $42.3K as of 4:44 a.m. EST.
This comes as miners increased their selling activities over the weekend, as shown by stats from @ali_charts.
Since Friday, #Bitcoin miners have sold an extra 1,000 $BTC, totaling around $44 million! pic.twitter.com/jLO46ddOsR
— Ali (@ali_charts) December 11, 2023
Bitcoin Price Prediction
Looking at the 1-hour BTC/USD charts, the Bitcoin price is on track to recovery, as several indicators point out. The Relative Strength Index indicator is moving upward as the MACD indicator moves towards the green zone.
This shows fading bearishness as Bitcoin prices now face prospects of a recovery jump in the short term.
Looking at volatility, the Bitcoin price is currently volatile, as shown by the Bollinger Bands, which are currently far apart. This can be attributed to the surge in trading activities that has seen BTC’s trading volume jump by 80% in the last 24 hours.
Additionally, analyst Captain Faibik says that bulls are still in control.
$BTC is still moving above the uptrend line from mid-October, indicating that the bulls are Still in control.
As long as Bitcoin continues to move above the trendline, there is no need to worry.#Crypto #Bitcoin #BTC pic.twitter.com/kO1VtUDXRj
— Captain Faibik (@CryptoFaibik) December 11, 2023
Looking long-term, analyst @rektcapital, says that history suggests that a pre-halving top could be very close.
He also sees Bitcoin hitting a new high 200 days into the halving.
History suggests the Bitcoin Pre-Halving top may be very close
But new All Time Highs await some ~200 days after the Halving$BTC #Crypto #Bitcoin pic.twitter.com/qMQya6GWbj
— Rekt Capital (@rektcapital) December 10, 2023
Meanwhile, as the Bitcoin price looks to recover, more investors are joining the Bitcoin ETF Token (BTCETF) presale daily. It has surpassing expectations, with almost $3.5 million raised.
Bitcoin Price Prediction: Is BTCETF The Better Pick?
The SEC’s verdicts on multiple Bitcoin ETF applications are expected in early 2024. While the cryptocurrency world waits for legislative clarification, BTCETF sets itself up to profit from the result.
Insights from @Fidelity Jurrien Timmer shed light on a potential #BitcoinETF approval.
Will it trigger a 'sell-the-news' reaction or attract a new wave of stakeholders? 🤔📈
What impact do you think the #SEC's decision on a #Bitcoin #ETF will have on the market sentiment?
— BTCETF_Token (@BTCETF_Token) December 8, 2023
Each BTCETF Troken is now priced at $0.0066, with a further hike to come soon.
With a five-stage plan focused on deflationary techniques, BTCETF intends to burn 25% of its token supply. Additionally, should the Bitcoin ETF trading volume hit $100,000, a further 5% of tokens will be burned.
Tokenomics And Future Roadmap
BTCETF charges 5% on all buy and sell transactions to supplement these deflationary burning. Notably, the 5% burn of BTCETF tokens will coincide with a 1% decrease in the transaction tax.
The crucial $100,000 threshold for the Bitcoin ETF Token trading volume will determine the fifth and final benchmark for the BTCETF because then an extra 5% of the token supply will be burnt. The 1% transaction tax will then be removed.
ETF approvals are expected to trigger large cash inflows into new spot Bitcoin ETFs, helping push the Bitcoin price to unprecedented levels and cause the BTCETF Token to skyrocket.
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