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Bitcoin Price Prediction: Top Analyst Sees BTC Price Soaring As High As 600k In Extended Bull Run As This Bitcoin Derivative ICO Nears $11 Million

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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

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.

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.

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.

Bitcoin

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.

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.

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.

It also ensures you do not need to suffer the heat, space demands, and every other hassle that comes with traditional BTC mining.

Funds raised have reached upwards of $10.752 million out of a target objective of $11.5556 million.

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.

Visit Bitcoin Minetrix to buy BTCMTX in the presale here.

Also Read:

New Crypto Mining Platform - Bitcoin Minetrix

Rating

Bitcoin Minetrix
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  • Decentralized, Secure Cloud Mining
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  • Native Token On Presale Now - BTCMTX
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Bitcoin Minetrix

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