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The Bitcoin price has surged nearly 5% in the last 24 hours to trade at $50,122 as of 4:50 a.m. EST time.
Trading volume soared nearly 100% amid broad market optimism after the BTC price breached the $50,000 milestone, a level last seen in December 2021.
The surge saw nearly $135 million in short positions liquidated against around $65 million in long positions.
BTC Liquidations, Source: Coinglass
Bitcoin Price To Hit $600,000 In An Extended Bull Run, Top Analysts Says
In a Tuesday post on X, advisor and early Bitcoin evangelist Tuur Demeester said the Bitcoin price could shoot to $600,000 by 2026.
In '21 bitcoin topped at $69k. I'm targeting $200-$600k by 2026. Fueled by $ trillions in global bailouts/stimulus. https://t.co/ULslIMgzee
— Tuur Demeester (@TuurDemeester) February 12, 2024
Demeester is renowned for his decade-long contributions to the BTC arena, with multiple instances between 2019 and 2020 where he gave accurate predictions. The analysts also made an accurate forecast of the most recent milestone for the Bitcoin price, reclaiming the $50,000 level, even as Demeester foresees an extension to $100,000.
12 months ago bitcoin broke out of its accumulation phase, and re-accumulation started. A break out of this band will likely ignite another parabolic rally. https://t.co/uGbpqYs5s8 pic.twitter.com/T1jDZMeiNV
— Tuur Demeester (@TuurDemeester) May 18, 2020
Elsewhere, analyst Michael Van de Poppe told his 693k followers on X that Bitcoin is now in “easy bubble” mode, fuelled by the buying of trillion-dollar asset managers such BlackRock and Franklin Templeton via their new Bitcoin ETFs. He sees BTC soaring to between $250k and $600k.
Bitcoin Price Prognosis Amid Increased Capital Inflow Into The Sector
The Bitcoin price breached the $50,000 milestone, with eyes now peeled on the $60,000 psychological level, standing 20% above current levels. Nevertheless, this target objective is under threat as BTC is already overbought. This is seen with the position of the Relative Strength Index (RSI), which is hovering above the 70 level. Notwithstanding, considering the RSI inclination to the north, momentum is still rising. This means the upside potential remains alive for the Bitcoin price.
In addition, optimism continues to abound for the Bitcoin price with technical indicators leaning in favor of the upside. Meanwhile, the region between $40,643 and the 50-day Simple Moving Average (SMA) at $43,351 continues to provide a strong support base for BTC, as multiple buyer congestion levels reside therein. Among them, the supply zone, which currently acts as a bullish breaker between $44,300 and $46,760?
The Moving Average Convergence Divergence (MACD) is also moving above its signal line, suggesting a strengthening bullish cycle. Also, with its histogram bars flashing green, the bulls maintain a strong presence in the BTC market.
TradingView: BTC/USDT 1-day chart
On the other side, considering the RSI position way above the 70 level, at 78, BTC is already massively overbought. If the bears start cashing in on the gains made so far, the Bitcoin price could pull south. This could see the Bitcoin price drop into the supply zone between $44,300 and $46,760. A break and close below the midline of this order block at $45,554 would set the tone for an extension south.
This could see the Bitcoin price descend to test the 50-day SMA at $43,522, or in a dire case, slip below the ascending trendline.
Meanwhile, BTCMTX is another option for investors looking for other ways to play the Bitcoin bull run. BTCMTX is ranked among the the best crypto ICOs of 2024 as its presale rapidly closes on the $11 million milestone.
Promising Alternative To Bitcoin
BTCMTX is the native crypto for the Bitcoin Minetrix ecosystem. It provides investors entry into the BTC space ahead of the halving event in April.
4/ The next halving is predicted for the period from April 8 to May 18, 2024, which is very soon.
This will reduce the price per block to 3.125 BTC, but will cause the price of the asset itself to rise. pic.twitter.com/g1s6IqdY8O
— AnyExchange (@_Any_Exchange_) February 13, 2024
Analysts list BTCMTX among their top choices for penny cryptos with the potential for explosive growth. The project operates as a tokenized cloud-mining platform where community members can mine BTC in a decentralized fashion.
Exploring the opportunities of mining $BTC via #BitcoinMinetrix! 🔍⛏️
✅ Seamless initiation for beginners.
💰 Cost-effective without equipment expenses.
🌟 No worries about area, noise, or temperature.
🔄 Effortless upgrades with no fuss. pic.twitter.com/vw7Wja0x0V— Bitcoinminetrix (@bitcoinminetrix) February 10, 2024
Token holders can stake their holdings for mining credits and then redeem these credits for mining hash power.
Beyond that, the project ensures that investors do not have to deal with the challenges of high hardware costs and deceptive frauds. These have prevented many people from mining BTC.
Remain cautious of potential #BitcoinMinetrix scams.
🔍 Always authenticate websites or profiles before interacting.
🛡️ Protect your private keys and personal information—never share them. pic.twitter.com/tWFgGsDaAu
— Bitcoinminetrix (@bitcoinminetrix) February 12, 2024
It also ensures you do not need to suffer the heat, space demands, and every other hassle that comes with traditional BTC mining.
Exploring the benefits of #BitcoinMinetrix:
Effortless accessibility for enhanced convenience. 🚀
Streamlined pricing structure for increased efficiency. 📊
Experience tranquility knowing there are no worries about reselling. 💼 pic.twitter.com/OuEk3DfXJT
— Bitcoinminetrix (@bitcoinminetrix) February 11, 2024
Funds raised have reached upwards of $10.752 million out of a target objective of $11.5556 million.
@MarathonDH faces hurdles as a power outage hits a major #Bitcoin mining site at Applied Digital's Ellendale facility, impacting 7.8 EH/s of hash rate.💡🔌🛠️
How can the industry mitigate risks posed by infrastructure disruptions like this?#BitcoinMinetrix has also raised over… pic.twitter.com/FisfOLTjck
— Bitcoinminetrix (@bitcoinminetrix) February 12, 2024
Investors looking to buy BTCMTX can do so on the website, where each token is selling for $0.0134. This price tag will only stand for less than two more days, making this your last chance to buy BTCMTX at the lowest price possible.
Just 2 days remaining until the conclusion of #BTCMTX Stage 25! ⏳
What is the significance of the @coinbase transaction in #Bitcoin mining? 🤔 pic.twitter.com/6Z3cbCYSBk
— Bitcoinminetrix (@bitcoinminetrix) February 13, 2024
Visit Bitcoin Minetrix to buy BTCMTX in the presale here.
Also Read:
- How To Buy Bitcoin Minetrix On Presale – Alessandro De Crypto Video Review
- Bitcoin Minetrix Presale Has Just Hours Left: Last Chance to Buy Before Price Rise
- Bitcoin Price Prediction: BTC Breaks $50K To Open Up Room For This Bitcoin Derivative To Potentially 10X As Jack Dorsey Says He Is Bullish On BTC Mining
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