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The Bitcoin price edged up nearly 1% in the last 24 hours to trade at $43,078 as of 4:30 a.m. EST, with trading volume rising 4% to $29.09 billion.
The situation might take a turn for the better soon, with JPMorgan saying about $36 billion will shift into BTC ETFs (exchange-traded funds) from other crypto investment products.
Bitcoin Price Prognosis
Bitcoin’s price saw a strong increase after the approval of BTC ETFs, only to suddenly drop due to a sell-off and stabilize just above the $42k support.
For now, it appears that this support will keep the coin from sinking further and perhaps also allow it to launch a recovery in days to come.
Bitcoin finds itself in an uncertain position, with technical indicators being mostly neutral, making it difficult to predict what will happen next.
The coin’s Relative Strength Index (RSI) level is at 54.55, placing it in the neutral zone and only slightly toward the overbought area.
Meanwhile, Bollinger bands are not too narrow but not too wide, as seen in the chart below.
In other words, the coin is currently stable after retesting the support at $42k and discovering that it is strong enough to keep it from sinking further.
If JPMorgan is right and new money does start flowing into BTC ETFs and BTC itself, this period of stability will not last for long.
Furthermore, the BTC price has historically seen strong rallies as the coin approached the block reward halving, which is scheduled to happen around April.
If BTC starts a recovery soon, it will likely return to the resistance at $46k without issues. After that, it must reach and go through the resistance at $48k, which will be significantly more challenging.
The big goal, however, is the $50k mark — an important milestone for the coin and a psychological level. If BTC can breach and stabilize above it, the coin could keep pushing forward and potentially back to its ATH at $69k.
Alternatively, traders have also been eyeing support at $40k if Bitcoin breaks the one at $42k and starts to drop even further. But, given that the support at $42k has been holding steadily for four days now, this is considered less likely.
Promising Alternative to Bitcoin
While Bitcoin may yet bring major gains to its holders once its price recovers, there is an even more promising alternative to the coin.
Bitcoin Minetrix (BTCMTX) is a project that offers a cloud mining platform where users stake their native coins and receive credits, which are then used to mine BTC.
This offer has attracted many people since Bitcoin is about to see another block reward halving in April 2024, after which its price is expected to enter another massive rally, as it did during 2021 and 2017.
Meanwhile, Bitcoin Minetrix also decided to make its platform fully decentralized and transparent to ensure users that it is safe, as it understands that many may have had poor experiences with cloud miners.
So far, the community seems to have loved its approach, as the project’s presale managed to raise $8.6 million at the time of writing. The token, BTCMTX, currently sells for $0.0129, and in less than five days it will see another price increase.
With the upcoming halving in April, mining costs are projected to soar.@RiotBlockchain, @TeraWulfInc, and @CleanSpark_Inc are well-positioned, but what's your take on how other miners will adapt? 🚀⛏️
On the other hand, #BitcoinMinetrix has also now raised over $8,400,000! 📣 pic.twitter.com/BwdYTOkrWF
— Bitcoinminetrix (@bitcoinminetrix) January 15, 2024
With that being the case, buying it now ensures that users will benefit from the lower price and its likely explosion on launch.
You can obtain BTCMTX in exchange for ETH or USDT or buy it directly via your credit or debit card.
Visit Bitcoin Minetrix here.
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