Bitcoin Price Prediction: Goldman Sachs Seeks Role In BTC ETFs With BlackRock And Grayscale As This Bitcoin Derivative Hurtles Towards $7.5 Million

ByEvans Karanja

Updated: 04 January 2024

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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The Bitcoin price tumbled 5.5% in the last 24 hours to trade at $43,569 as of 4:50 a.m. EST even as trading volume soared 77% to $44 billion.

This comes as Goldman Sachs seeks a role in Bitcoin ETFs with BlackRock and Grayscale. Investment bank Goldman is in talks to become an authorized participant for both BlackRock and Grayscale’s proposed Bitcoin ETFs, according to reports by Bloomberg and CoinDesk.

As an authorized participant, Goldman Sachs would play a crucial role in the creation and redemption of ETF shares, ensuring that the value of the ETFs aligns with the underlying assets.

The move by Goldman Sachs may signify a shift among big U.S. banks to engage more directly with cryptocurrencies and could pave the way for more institutional involvement in the crypto market.

The Bitcoin Price Slips Below $45,000

Bitcoin Price Chart Analysis. Source: GeckoTerminal.com — BTCUSD Chart Analysis. Source: GeckoTerminal.com

The Bitcoin price slipped below the $45,000 threshold, eating up the profits made by the bulls on Tuesday.

However, the overall sentiment for BTC remains bullish as it maintains its position above both the 50-day and 200-day simple moving averages (SMAs).

The Relative Strength Index (RSI) is also trading downward, approaching the 50 midline level. However, there is potential for the RSI to rebound and reach the overbought level of 70.

The Bitcoin Price: Bulls Find An Anchor On $42000 Support

As the price continues the downtrend, the bulls are working hard to recover their lost profit, indicating a rebound at the $42,000 level. A sustained push could help breach the $45,000 resistance, setting the BTC price on an upward trajectory as bullish investors focus on achieving the $50,000 mark.

As the Bitcoin price falls and is looking to rebound, investors are rushing to acquire BTCMTX as they anticipate the approval of a spot Bitcoin ETF, and with analysts saying the token might offer an opportunity for early buyers to earn a 10X return.

Bitcoin Minetrix Presale Closes On $7.9 Million Goal

Bitcoin Minetrix (BTCMTX) is within a whisker of raising $7.5 million as it closes on its target of $7.9 million. Investors have less than two days left to participate in the presale at the current discounted price of $0.0126 before it rises in the subsequent stage.

🎉 Happy New Year, #BTCMTX Communtity! 🚀

Surpassing $7,200,000 is a stellar way to start 2024.

Here's to an incredible year ahead!#HappyNewYear #CryptoMilestone pic.twitter.com/IGO0Jv70AA

— Bitcoinminetrix (@bitcoinminetrix) January 2, 2024

The BTCMTX platform provides an inventive remedy to the issues associated with conventional Bitcoin mining methods. It also offers the opportunity for you to generate passive income through the stake-to-mine feature. Presently, staking BTCMTX tokens guarantees a significant annual percentage yield (APY) of 88%.

The #BitcoinMinetrix Solution 💡

Presenting a reliable cloud mining platform for everyday #Crypto users that aims to fix the problem of high hardware costs and deceptive scams that have deterred people from $BTC mining.

This decentralized method safeguards users' interests. 🛡️ pic.twitter.com/GDFmveEvGQ

— Bitcoinminetrix (@bitcoinminetrix) January 4, 2024

The BTCMTX team has created a $30,000 minedrop airdrop that you can participate in. There is a $3,000 reward for ten winners.

Conor Kenny, a cryptocurrency specialist with a YouTube channel boasting over 173,000 subscribers, recently featured Bitcoin Minetrix in one of his videos. He shares valuable insights on acquiring the cryptocurrency and optimizing returns through its stake-to-mine functionality

Participating in the presale is an easy process. Visit the BTCMTX website and connect your digital wallet to swap your ETH or USDT for BTCMTX tokens or directly buy using your bank card.