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Bitcoin price is up 5% in the last 24 hours to trade for $43,971 as of 4:45 a.m. EST as trading volume climbed 15%.
It comes amid FOMO, the fear of missing out, as traders and investors continue to front-run spot Bitcoin exchange-traded funds (ETFs). This and the BTC halving event slated for April 2024 have investors trying to get ahead.
Bitcoin Price Briefly Hits $45K As Expert Says BTC Is Only Asset Scarcer Than Gold
In a recent interview with CNBC, expert Brian Kelly said “Bitcoin is the only asset that is scarcer than Gold.”
“The 12-16 months after halving is the best performance of BTC,” he said, adding that that is what everyone is thinking about. However, he observed that things may be different this time as the Bitcoin price is already higher.
JUST IN: CNBC says #Bitcoin is the first asset in history "that is more scarce than gold." pic.twitter.com/NILjoeYzzQ
— Watcher.Guru (@WatcherGuru) December 5, 2023
With the halving, miners’ rewards will be cut in half, and considering electricity costs and miner taxation in the US, they are bound to reduce their production. According to Kelly, this will make BTC more scarce than gold.
Scarcity concerns the “stock to flow ratio,” meaning the amount of BTC mined every year divided by the amount of outstanding BTC. The result for BTC will be less than gold, he observes.
Brazil’s largest bank, Itau Unibanco, has also launched cryptocurrency trading services, a show of faith in the sector.
JUST IN: 🇧🇷 Brazil's largest bank, Itau Unibanco, launches cryptocurrency trading services.
— Watcher.Guru (@WatcherGuru) December 5, 2023
Bitcoin Price Touches $45,000, Wipes Out $110M From The Market In The Process
Bitcoin briefly touched the $45,000 psychological level, liquidating up to $89.89 million worth of short positions. Against that, $20.35 million worth of long positions were also liquidated, bringing the total sum of liquidations to $110.24 million.
Nevertheless, open interest spiked to a 20-month high, recording $20.22 billion, levels last seen in April.
Bitcoin Price Outlook As BTC Confronts Mean Threshold Of Weekly Supply Barrier
The move in the Bitcoin price brought the $50,000 psychological level in sight. However, the breakout proved premature as BTC pulled back almost immediately.
The pullback came as Bitcoin’s price faced resistance from the weekly supply zone, stretching from $40,517 to $46,972. A supply zone is an area defined by aggressive selling as sellers heavily populate it.
The Relative Strength Index (RSI) is still northbound, showing that momentum continues to rise. This is despite BTC being overbought already.
The green histogram bars of the Awesome Oscillator (AO) also show that the bulls have established a strong presence in the BTC market.
Converse Case
Conversely, a rejection from the weekly supply zone at $3,860 could send the Bitcoin price south, below the $40,000 psychological level. The slump could extend below the $30,000 psychological level in the dire case.
While the BTC market remains red hot, there’s a new token in presale called BTCETF that provides an interesting way to get ahead of spot Bitcoin ETF approvals.
Promising Alternative To Bitcoin
BTCETF is a worthy alternative to Bitcoin for anyone looking to diversify their portfolio with an asset with greater upside potential. It is the powering token for the Bitcoin ETF Token ecosystem, the only project rewarding holders for ownership.
What's the aim of the #BTCETF #Token?
This #BitcoinETF token, operating as an ERC-20 token, commemorates the anticipated introduction of #Bitcoin ETFs into the American financial markets. 🎉 pic.twitter.com/nybwFgMwwH
— BTCETF_Token (@BTCETF_Token) December 5, 2023
Bitcoin ETF Token is in the presale stage, recording more than $2.712 million in sales so far. Investors looking to buy BTCETF can do so on the official website for just $0.0064.
#BitcoinETF hits beyond the $2.6 Million mark! 📈
Which recent #Crypto news has intrigued you in the past few weeks?
Hashtag the topic that grabbed your attention the most. 📰💬 pic.twitter.com/Qd350sFqYm
— BTCETF_Token (@BTCETF_Token) December 5, 2023
Featuring among the top crypto presales to consider ahead of the next BTC halving, investors have a chance to acquire BTCETF tokens at low rates. Do not miss this window of opportunity because BTCETF is among the crypto ICOs with the highest potential returns.
Visit the Bitcoin ETF Token website to buy BTCETF in the presale here.
Also Read:
- How To Buy Bitcoin ETF Token On Presale – Alessandro De Crypto Video Review
- High-Potential Next Bitcoin Crypto ICO – Is Bitcoin ETF Token the Best Deflationary Altcoin to Invest In?
- No Bs Crypto Reviews Bitcoin ETF Token Presale – Could This New Token Witness Substantial Growth with SEC Approval?
- Top Crypto Presales to Consider Ahead of the Next Bitcoin Halving – Bitcoin Minetrix, Meme Kombat, TG.Casino and Bitcoin ETF Token
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