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The Bitcoin price edged up by 0.8% in the last 24 hours to hold a spot price of $43.3K as of 8:30 a.m. EST.
This comes as Bitcoin achieved on-chain volume in January that was higher than any month since September 2022 and more than triple the amount recorded in September last year, according to data compiled by The Block.
About $1.21 trillion worth of Bitcoin was moved on-chain in January, more than 3x the $550 billion that was moved in September. The upturn was likely fuelled by the excitement over the launch of Bitcoin ETFs (exchange-traded funds) in the U.S, which came to pass on Jan. 11.
Bitcoin Price Prediction
Based on 1-hour BTC/USD charts, we see the price moving above the 50-period Simple Moving Average (red line) and the 200-period SMA (Blue line), which indicates a bullish trend in the short term. The 50-period SMA is also above the 200-period SMA, forming a Golden Cross to show bull dominance.
The Moving Average Convergence Divergence (MACD) line is above the signal line (orange line) and appears to diverge positively, backing the bullish prospects on Bitcoin. The histograms are also positive and increasing, which further confirms bullish momentum.
The most recent candles also show an upward trend, with the latest candle significantly bullish.
1-hour BTC/USD chart | Source: TradingView
Analysts Jelle on X backs the bullish prospects, telling his 58.8K X followers that Bitcoin has formed a megaphone pattern to form a $60,000 target.
This bullish megaphone pattern has a target of $60,000.
But you wouldn't believe it. #Bitcoin pic.twitter.com/TVWZDaeYzd
— Jelle (@CryptoJelleNL) February 5, 2024
Bitcoin Price Prediction: What Are The Chances of a Pull Back?
The Relative Strength Index (RSI) appears to be around 70, which is on the threshold of the overbought territory. This indicates that the market could be overextended to the upside, and there might be a potential for a pullback or consolidation.
In line with this, AlphaBTC predicts a Bitcoin correction before another push-up to retest the 46k and a more significant correction later in February.
I'm still looking for a bit deeper on this #Bitcoin correction before another push up to retest the 46k region, before a bigger correction later in February.
I think $BTC sees 41K first, but if it breaks up & closes outside the channel I will have to reassess. pic.twitter.com/6BWrN9oO1G— AlphaBTC (@mark_cullen) February 5, 2024
Meanwhile, as the Bitcoin price pumps, experts have identified Bitcoin Minetrix, a new cloud mining project, as one of the top crypto investments to pump in 2024. The token’s presale has garnered over $10.2 million, showing massive investor confidence in the project.
China's latest crackdown on #Cryptocurrency mining signals a major shift in the regulatory landscape. 🇨🇳
Will this push towards energy conservation lead to a more sustainable future for #Crypto, or will it simply relocate mining operations elsewhere? 🌍#BitcoinMinetrix has… pic.twitter.com/3GkQeLND6F
— Bitcoinminetrix (@bitcoinminetrix) February 5, 2024
A Good Investment Option?
By integrating cloud mining and staking, Bitcoin Minetrix removes the need for costly mining equipment and makes affordable Bitcoin mining available to everyone.
With Bitcoin Minetrix’s stake-to-mine feature, users can manage every aspect of their cloud mining experience. You may participate in decentralized Bitcoin mining using the cloud mining credits you earn by staking your BTCMTX tokens without the danger of fraud that comes with third-party cloud mining services.
A second way to get money on the platform without actively doing anything is to stake BTCMTX. The staking pool provides incentives to participants and returns 65% each year. Staking has reached 640 million tokens.
Another way to get BTCMTX tokens is to participate in its Minedrop contest. Ten lucky winners will each get $3,000 for this contest, with a total prize pool of $30,000.
🎉 #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
Experts expect th Bitcoin price to rise before the halving event in April, making BTCMTX a good candidate for a spectacular debut. Jacob Bury, a prominent cryptocurrency analyst with over 27K YouTube subscribers, has endorsed the project, foreseeing the potential for a tenfold surge upon launch.
With over $10.2 million raised so far, the BTCMTX presale is well on its way to reaching 11 million. The current price of one BTCMTX token is $0.0133, with a price increase due in less than five days.
You can purchase BTCMTX tokens with either USDT, ETH, or a bank card.
Visit the official website here.
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