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The Bitcoin price is up 5% in the last 24 hours to trade at $46,609 as of 6:30 a.m. EST, as trading volume surged 129% to $41 billion.
The move comes as Standard Chartered expresses confidence in the future of the primary cryptocurrency. The bank suggests that the expected approval of Bitcoin ETFs (exchange-traded funds) could boost inflows by $50 to $100 billion in 2024, and help boost the BTC price to as high as $200,000 in 2025,.
Standard Chartered posting some moon math! $200,000 coming pic.twitter.com/IQueMhjgiP
— Lark Davis (@TheCryptoLark) January 9, 2024
This forecast implies that Bitcoin needs to surge by a factor of 4.3 from its current price of $47,000. Standard Chartered analysts say it took seven to eight years for the gold price to increase by 4.3 times after their ETFs were launched, but that Bitcoin can bring off the same price rise in just one to two years.
The Bitcoin Price: Bulls Trade Bullish Pennant
The Bitcoin price has successfully breached the upper boundary of the bullish pennant, triggering a bullish rally beyond the $45,000 level.
The general momentum remains positive, with the cryptocurrency holding above both the 50-day and 200-day simple moving averages (SMAs).
The Relative Strength Index (RSI) is on an upward trend, bouncing back above the 50 midline level and currently standing at 64, nearing the overbought threshold, indicating intense buying pressure for the BTC price.
The Bitcoin Price Prediction
The presence of the bullish pennant has ushered the price of BTC into a bull rally, giving the bulls the opportunity to propel the price upwards. Sustained momentum will push the price further upward as bullish investors focus on achieving the $50,000 mark.
As the BTC continues to surge, investors looking to diversify their portfolios are also buying BTCMTX as they anticipate the approval of a spot Bitcoin ETFs will bring lucrative gains.
Bitcoin Minetrix Presale Closes On Its $8 Million Goal
The Bitcoin Minetrix (BTCMTX) presale has successfully generated $7.9 million to be within a whisker of its $8 million target.
Investors are rushing to secure the remaining portion at $0.0127 per token before the price advances to $0.0128. You have less than 43 hours to secure tokens at the lower price.
Exciting Update! 📢#BitcoinMinetrix proudly reveals another major milestone, exceeding $7,500,000 raised! 🪙 pic.twitter.com/r4LHnlqd4T
— Bitcoinminetrix (@bitcoinminetrix) January 5, 2024
By investing in BTCMTX, you get access to the stake-to-mine feature to earn passive income. When you hold BTCMTX tokens, you are guaranteed an annual percentage yield (APY) of 82%.
Furthermore, you get to join the $30,000 minedrop airdrop competition and stand a chance to win a $3,000 reward.
Alessandro De Crypto, a crypto analyst and YouTuber with over 12k subscribers, shares valuable insights on how to acquire Bitcoin Minetrix. In the video, he explains how to optimize returns through its fast-running presale stages.
https://youtu.be/gjmC2GJqroI
Participate in the presale by visiting the BTCMTX website, connecting your digital wallet to swap your ETH or USDT for BTCMTX tokens, or buying directly using your bank card.
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