Bitcoin Price Prediction: Matrixport Sees 90% Probability Of BTC At $40K Next Month, But Experts Say This Bitcoin Cloud Mining Platform Might Be The Best Way To Play Crypto Bull Run

BySteven Walgenbach

Updated: 24 November 2023

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 climbed slightly over the past 24 hours to trade at $37,599.10 as of 6:00 am EST as investors anticipate a December rally for the leading cryptocurrency.

The cryptocurrency’s almost-negligible gain may be the precursor to a price explosion in the coming weeks. Markus Thielen, an analyst from Matrixport, predicted that the Bitcoin price will likely soar above $40K. This prediction comes after BTC’s value experienced a mild correction following the Binance news.

“We anticipate bitcoin surpassing $38,000 by the end of this month with an 80% probability, followed by a rally above $40,000 in December with 90% probability,” Thielen added.

The Bitcoin Price Riding a Strong Wave of Buying Pressure

Daily chart for BTC/USDT (Source: TradingView)

An ascending price channel had formed on BTC’s daily chart after the bitcoin price printed a series of higher highs and higher lows throughout the past 2-3 weeks.

This bullish momentum has resulted in BTC climbing to just below the strong $38,150 resistance level. Should the cryptocurrency king’s price close today’s daily candle above this threshold, it may continue climbing to $40K.

The Bitcoin price could then break above the $40K mark if bulls continue to exert pressure. There is, however, still the risk of the cryptocurrency retracing to the immediate support level in the next few days. A confirmation of this bearish thesis could be if BTC closes today’s trading session below $38,150. In this more bearish scenario, the Bitcoin price may drop to as low as $35,120.

Bears could then drag the cryptocurrency’s value below this key support level if traders do not identify this level as a good buy opportunity. This will then expose BTC to the risk of correcting down to $32,700 in the following couple of days.

Bulls Are Running the Show

It seems, however, that the Bitcoin price may continue its strong performance through the course of the next week. Technical indicators on the cryptocurrency’s daily chart were on the cusp of triggering a pair of noteworthy bullish technical flags.

Both the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators supported a bullish short-term outlook. The RSI line rising towards the RSI Simple Moving Average (SMA) line is indicative of growing buyer strength. These two lines crossing in the next 24-48 hours will signal a strong shift in momentum that favors bulls.

Traders and investors will also want to note that the MACD line is closing in on the MACD Signal line. The narrowing margin between these two lines may be a sign of the Bitcoin price continuing its positive trend in the next few days.

As the Bitcoin price shows the potential to soar above $40K this December, a smart play that investors should consider is Bitcoin Minetrix.

Growing BTC Holdings While BTC’s Value Rises

Bitcoin Minetrix is an innovative cloud mining platform that makes mining Bitcoin on the cloud as simple as staking. Investors and traders who believe that BTC could break above $40K have the opportunity to generate a two-fold return on their BTC positions.

Along with a potential increase in the Bitcoin price, Bitcoin Minetrix offers investors the opportunity to grow their BTC holdings as well, resulting in a compounding effect.

Earn With Minimal Effort

Highlighting the security protocols of #BitcoinMinetrix versus Traditional Cloud Mining: 🔒

🔍 #BTCMTX: Empowers users with decentralized, self-managed tradable assets.

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— Bitcoinminetrix (@bitcoinminetrix) November 23, 2023

Bitcoin Minetrix pays out gas tokens to investors who stake its native token, BTCMTX. These tokens then need to be burned in order for holders to claim their percentage of Bitcoin Minetrix’s mining power.

This allows early-stage investors to earn rewards in BTC with very little effort. In addition to this passive income stream, investors that purchase BTCMTX through its presale can also take part in Bitcoin Minetrix’s staking program, which is currently offering an APY of 137% per annum.

You can buy BTCMTX here.