Bitcoin Price Prediction: Will BTC Surpass $32,000 as Bitcoin Minetrix Gains Momentum?

Updated: 24 October 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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Bitcoin’s (BTC) price is trading with a bullish bias, recording higher highs and higher lows. It comes after a commendable bounce from the $25,114 support level around mid-September and currently stands approximately 11% above that level.

The bullishness for Bitcoin price has nothing to do with the mania around Spot BTC Exchange-traded funds (ETF), seeing as the US Securities and Exchange Commission has proactively put off the much-anticipated decisions. This leaves one key driver, “Uptober.”

Uptober Bodes Well For Bitcoin Price

In a recent statement to Cryptonews, the UK’s biggest retail broker, Hargreaves Lansdown wrote a very bullish crypto-related press release. The PR said, “Uptober arrives for crypto as bitcoin and ether prices move higher.” It came as crypto prices appeared fired up as investors speculated that October has historically been a good month for trading.

Citing Susannah Streeter, head of money and markets, Hargreaves Lansdown:

Crypto has a spring in its step at the start of this month, which has already been given the moniker ‘Uptober’. Speculation is swirling that, given past performance, there could be a positive few weeks ahead for coins and tokens.

Nevertheless, Streeter urged investors to exercise caution even as they try to catch a ride on crypto given its characteristic volatility. Also, it indicated that the bullish sentiment was enhanced with Singapore granting a payments license to the largest cryptocurrency exchange in the US, Coinbase.

Bitcoin Price Prognosis With $28,000 In Sight For BTC

At the time of writing, Bitcoin price is $27,925, comfortably above support provided by the 100-, 50-, and 200-day Exponential Moving Averages (EMA) at $27,374, $27,126, and $27,010 levels, respectively. Momentum indicators show the odds favor the bulls over the bears.

To begin with, the Relative Strength Index has maintained above the 50 level. The Awesome Oscillator (AO) is firmly in the positive territory, with green histogram bars growing in volume. This shows bulls have established a dominant presence in the market.

With these, Bitcoin price is likely to extend north, shattering the $28,000 psychological level and clearing the equal highs around $ 28,096. Increased buying pressure above these levels could send BTC to the $29,000 psychological range. A solid move above the supply zone, flipping it into a bullish breaker, would set the tone for BTC to target the $31,508 range high, collecting a lot of buy-side liquidity above.

With $31,508 in hindsight and steered by the benefits of a stable market after liquidity collection, Bitcoin price could make it to the $32,000 psychological level. Such a move would constitute a 15% above current levels.

On the flip side

Conversely, a rejection from the $28,096 level could send the Bitcoin price south, potentially losing the support the EMAs offer. However, BTC must break and close below the $26,000 psychological level for the invalidation thesis. This marks the last lower high.

In the dire case, the slump could extend to the support floor at $25,114, with a solid move below this level likely to kickstart a new downtrend as BTC heads to collect the sell-side liquidity residing underneath.

Meanwhile, another token is worth investing in, with community members likely to get Bitcoin from it. Just earn enough credits to mine. It is BTCMTX, the ticker for the Bitcoin Minetrix platform, which analysts are very optimistic about.

Bitcoin Alternative

Bitcoin Minterix is a tokenized cloud-mining platform where even ordinary folk can mine BTC in a decentralized manner. The project has tokenized cloud mining to deliver a safe and transparent experience. In so doing, the project solves the problem of third-party cloud mining swindles. It also puts control into the hands of token holders.

Don't fall for Cloud Mining scams.🚫

Certain legacy cloud mining companies are alleged to have often presented unwarranted complications, demanded more funds, or prevented withdrawals.

These actions had reduced the trust people had in the #Bitcoin mining industry. pic.twitter.com/sFml0z0IaS

— Bitcoinminetrix (@bitcoinminetrix) October 7, 2023

Touted as a stake-to-mine project, Bitcoin Minetrix offers BTCMTX token holders a chance to get in on the BTC action. This is unique as it combines two remarkable concepts: cloud mining and token staking. Buy and stake your tokens for credits.

#BitcoinMinetrix champions a brand new Stake-to-Mine methodology, converging the worlds of cloud mining and token staking. 🌐⛏️

This key utility of tokenization aims to increase ease of access and eliminate the need for purchasing cash contracts from mining companies. pic.twitter.com/ffoX3qzBI5

— Bitcoinminetrix (@bitcoinminetrix) October 8, 2023

The project is still in the presale stage, interpreted as an easy-entry stage as the tokens are available. Investors can buy BTCMTX for rates as low as $0.011 but do so now because this price may not stand much longer. Once the next stage begins, prices will increase. This will happen when the 3.08 million BTCMTX tokens allocated for the current stage sell out. Based on the latest website updates, the presale sales have already reached $735.792K. Do not miss out for any reason.

Visit BTCMTX here