Bitcoin Price Prediction: BTC Soars 6% To Crash Through $47K As This Bitcoin Derivative Blasts Past $10.5 Million

The Bitcoin price has pumped by 6% in the past 24 hours to trade at $47,059 as of 9:50 a.m. EST. 

Amid this surge, crypto analyst InvestAnswers says the BTC price could soar 190% in the next 165 day, while analysts at Bernstein said the BTC price will explode to a new all-time high in the $70,000 range by the end of the year.

Bitcoin Price Prediction

Looking at 30-minute BTC/USD charts, we notice the Alligator indicator, which consists of three smoothed moving averages designed to identify a trend’s presence and direction. On the chart, these moving averages are fanning out in an upward direction, suggesting that the trend is upward and that there could be momentum behind the price increase.

The Average Directional Index (ADX) is at 56.91, which is relatively high. An ADX value above 25 typically indicates a strong trend, supporting the idea that the current trend is strong.

In line with this, Elja on X, with over 675K followers, predicts an 11% increase in the Bitcoin price during the Chinese New Year period that is getting underway.

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 Prediction: What are the Chances of a Correction?

On the other hand, the Relative Vigor Index (RVGI), an oscillator that compares the closing price of Bitcoin to its price range and provides a smoothed calculation that is used to anticipate changes in trend, shows the green line below the red line, indicating bearish momentum. 

We also see a recent uptrend in Bitcoin’s price, with a series of green (bullish) candlesticks leading up to the latest candle, which is red (bearish). This could also indicate a slight pullback or consolidation after a strong move upwards.

30-minute BTC/USD chart | Source: TradingView

Meanwhile, the new cloud mining project Bitcoin Minetrix is taking center stage as one of the best presales in 2024. 

A Better Alternative?

By combining cloud mining with staking, Bitcoin Minetrix eliminates the need for costly mining equipment, making Bitcoin mining more affordable and accessible to almost everyone.

Introducing #BitcoinMinetrix: Your gateway to simplified #Bitcoin mining! 🚀⛏️

With the tokenized cloud mining platform, anyone can mine $BTC in a secure and transparent way.

Say goodbye to third-party scams and take control of your mining journey. pic.twitter.com/b9fZpDbDMH

— Bitcoinminetrix (@bitcoinminetrix) February 8, 2024

Using Bitcoin Minetrix’s stake-to-mine feature, users can exercise complete control over every aspect of their cloud mining. You can engage in decentralized Bitcoin mining by using the cloud mining credits you earn by staking your BTCMTX tokens. This eliminates the danger of fraud connected with using cloud mining services provided by third parties.

Staking BTCMTX is yet another passive way that may be used to generate money on the website with a return of 64% annually currently. Over 653 million tokens have so far been staked. 

You can also participate in the the Minedrop contest, which offers prizes of $3,000 to 10 lucky winners.

🎉 #BitcoinMinetrix $30,000 Minedrop Is Now Live! 🎉

Get ready for your chance to win a share of $30,000 in $BTCMTX!

Follow the steps in the link below for the chance to win one of ten $3,000 $BTCMTX Prizes! 💰
➡️ https://t.co/v1UKskxi4Y pic.twitter.com/nseOBTNO9N

— Bitcoinminetrix (@bitcoinminetrix) October 5, 2023

Jacob Bury, a cryptocurrency specialist and YouTuber with 27,000 subscribers, has endorsed the project, saying it has the potential to 10x on launch.

Additionally, with analysts anticipating a pump in the Bitcoin price ahead of the halving event in April, Bitcoin Minetrix is nicely positioned to capitalize.

It’s already raised more than $10.5 million in its presale as it charges towards its $11.2 million goal. 

BTCMTX tokens cost $0.0133 right now, but a price hike is coming in less than 15 hours. Interested investors should thus move quickly to get the lowest price before it’s too late. BTCMTX tokens may be purchased using a variety of currencies, including USDT and ETH, as well as bank cards. 

Visit Bitcoin Minetrix here.

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