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The Bitcoin price dropped more than 1% over the past 24 hours to trade at $42,177.83 as of 2:20 am EST.
Robert Kiyosaki Expects His BTC Holdings To Make Him A Fortune
Still, Robert Kiyosaki, the best-selling finance author of Rich Dad Poor Dad, says he expects his Bitcoin holdings to be a great source of wealth in the future. In a recent interview with Kitco News, the author said that the 66 BTC he owns will make him a “fortune” as retirement funds begin to flow into spot Bitcoin ETFs (exchange-traded funds).
The Bitcoin Price Drops Out Of Its Bullish Channel
4-hour chart for BTC/USDT (Source: TradingView)
The Bitcoin price dropped out of a medium-term positive price channel throughout the past 48 hours. This also resulted in the leading cryptocurrency plummeting below the $42,450 support level. If BTC fails to reclaim this support within the next 24 hours, it may be at risk of plummeting to the subsequent support level at $40,000 in the upcoming couple of days.
Traders and investors will want to note, however, that a falling wedge pattern has formed on the crypto’s 4-hour chart. This specific pattern is generally seen as bullish and may indicate that the Bitcoin price will begin to rise soon.
A potential confirmation of this upward move could be when BTC closes a 4-hour candle above $42,450. Following this, the Bitcoin price may begin to climb towards the $44,430 resistance level. A break above this threshold could then open up a path for the crypto king to possibly rise to as high as $47,390 through the course of the following week.
Technicals Warn Of A Further Drop In The Bitcoin Price
Technical indicators on BTC’s 4-hour chart are currently flagging bearish. The Moving Average Convergence Divergence (MACD) line is breaking away below the MACD Signal line. Traders may identify this as a sign that BTC’s bearish trend is growing stronger. In addition to this, the Relative Strength Index (RSI) is positioned below its Simple Moving Average (SMA) line, which signals that bears are stronger than sellers.
However, the RSI line on the 4-hour chart is sloped positively, and is also positioned near oversold territory. This suggests that BTC’s upside potential is greater than its downside potential. Buyers may identify this as a buy opportunity, which will subsequently boost the Bitcoin price in the short term.
While bears and bulls battle it out on BTC’s charts, investors may want to take a look at Bitcoin Minetrix for its upside potential on launch and also to start earning a passive income paid in BTC.
Making Bitcoin Cloud Mining Safe Again
Big Announcement! 🎉#BitcoinMinetrix has hit a phenomenal milestone, raising over $10,000,000! 🪙 pic.twitter.com/toEsT1NvWv
— Bitcoinminetrix (@bitcoinminetrix) January 31, 2024
Bitcoin Minetrix aims to give the Bitcoin cloud mining space a face lift. Up until now, the sector has been plagued with scams and an unreasonably high barrier to entry. Through decentralization, Bitcoin Minetrix not only aims to make cloud mining more secure, but also intends to make it cheaper and less complicated to start mining BTC on the cloud.
To get started, investors will first need to get a hold of the project’s token, BTCMTX. It is currently selling for $0.0132 and can be purchased on Bitcoin Minetrix’s website using either ether (ETH), Tether (USDT) or bank card. Investors will want to act fast, however, as the token’s price is scheduled to increase within the next 5 days.
With the project’s innovative stake-to-mine model, investors will then need to stake their newly-purchased BTCMTX in exchange for “gas” token rewards. The final step in the process is to burn these rewards, which will allow investors to claim a share in Bitcoin Minetrix’s cloud mining power.
A Potential 10X Opportunity For Investors
Bitcoin Minetrix is perfectly placed to benefit from any rise in Bitcoin’s price. Once BTC becomes too expensive for retail investors, they may look to invest in alternative projects that still give them exposure to the market leader.
There is also the upcoming halving event, which will slash mining rewards in half. This could ultimately impact the financial feasibility for non-institutional miners to continue their operations. As a result, these smaller miners may flock to Bitcoin Minetrix, which takes care of all the operations and allows investors to earn BTC with minimal effort.
With all of these factors taken into consideration, analysts say BTCMTX has the potential to 10X on launch.
BTCMTX can be purchased here.
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