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The Bitcoin price and that of Ethereum have seen gains in the last 24 hours, with Bitcoin edging up 0.54% to $43,159 and Ethereum rising by 1.05% to reach $2,324 as of 05:42 a.m. EST.
As these two cryptocurrencies surge, Travis Kling, the chief investment officer of Ikigai Asset Management, predicts that a unique combination of factors will propel ETH and BTC to new all-time highs (ATHs). Kling shared his insights in a Twitter thread, outlining what he believes will be the defining features of the crypto market in the next 1-2 years.
🚨🚨Today I'm publishing my thesis on what I think could be the defining feature of the next 12-24 months in crypto.
Settle in, this is a long one. The thesis is called:
"A Lack of Pretense That Any of This Shit Does Anything or Will Ever Do Anything"
Not financial advice.
— Travis Kling (@Travis_Kling) February 2, 2024
Some of the factors attributed to the possible BTC price surge include the approval of spot BTC ETFs last month, the upcoming halving event, and the anticipated cutting of rates by the Federal Reserve.
1. BTC has essentially a free walk to ATHs. We just got spot BTC ETFs, which unlock safe access to BTC for trillions of dollars that haven’t previously had it. The halving is a few months away. The Fed is likely to cut rates multiple times this year. Stocks are at ATHs and look…
— Travis Kling (@Travis_Kling) February 2, 2024
Kling believes that the setup also works for Ethereum. However, for Ethereum, instead of halving, the project will rely on its burn mechanisms. Additionally, there is a possibility of a spot-market ETH being approved.
2. The same setup as above is also essentially in place for ETH, just delayed by 3-12 months. For the exact same reasons that the SEC was forced to approve spot ETH ETFs (lost the Grayscale decision; court ruled that if you have BTC futures and BTC futures ETFs, you have to allow…
— Travis Kling (@Travis_Kling) February 2, 2024
The Bitcoin halving phenomenon has historically led to significant price increases for Bitcoin and Ethereum. Bitcoin surged 3,000% to reach a new all-time high, while Ethereum posted an astonishing 11,600% gain during the second halving. In the third halving, Bitcoin witnessed a 750% price increase, and Ethereum also saw a 2,300% surge in its price.
#BitcoinHalving A Stairway To New Highs ★
1st Halving: #Bitcoin went 9,000% to new All Time High (#ETH didn't exist yet).
2nd Halving: BTC climbed 3,000% to new ATH while #Ethereum did a whopping 11,600%.
3rd Halving: #BTC rose 750% & ETH rose 2,300%Clearly, there are… pic.twitter.com/ggQeaOFqGM
— THE BASE (@thebasefarm) February 5, 2024
Ethereum And Bitcoin Price Outlook
The Ethereum price is on an upward trajectory, consistently holding firm to the $2,170 support level, indicating resilience and a potential rebound.
ETH is currently trading slightly above the 50-day Simple Moving Average (SMA), affirming the bullish momentum. If the bullish momentum is sustained, the Ethereum price could soar past the 200-day SMA, coinciding with the nearest resistance at $2,389, which is above the moving average cross, affirming the bullish sentiments.
The Relative Strength Index has rebounded to cross the 50-midline level to 57, which indicates intense buying pressure.
Supported by the double bottom pattern, Ethereum price bulls are aiming to breach the $2,389 resistance, with the next resistance at $2,550 being the next target.
However, if the bears insert some pressure, the bulls may fail to breach the resistance at $2,389, with the bears driving the price down to the support level at $2,236
Bitcoin Price Prediction
The Bitcoin price is currently trading within an ascending triangle, which could signal a bullish rally.
BTC has been on an upward trajectory but the bulls are unable to challenge the overhead resistance at $43,923.
The Bitcoin price is trading slightly above both the 50-day and 200-day Simple Moving Averages, which is an indication of bullish momentum.
The Relative Strength Index is also showing signs of a rebound from below the 50-midline level to 55, which is an indication of intense buying pressure. If the bullish momentum is sustained, this could go beyond the 70-overbought region.
However, if the bulls sustain the uptrend, BTC could break the $43,923 resistance towards the next resistance at $48,000, trying to reclaim the previous high at $49,000.
HoIf the price turns down and breaks below the critical support level at $42,000, the next support level will be back to $38,470.
As the Ethereum and Bitcoin prices rise, analysts are looking at Bitcoin Minetrix as an alternative, an innovative presale that may be poised for substantial returns post-launch.
A Promising Alternative To Ethereum And Bitcoin
Bitcoin Minetrix is a cutting-edge, decentralized cryptocurrency project that has been making waves in the crypto world. It is the first-ever stake-to-mine project, which means that users can earn Bitcoin mining rewards by staking the native $BTCMTX token.
This innovative approach to mining has garnered significant interest and investment from the crypto community. The project has raised over $10.2 million in its presale and is racing towards hitting its $12.1 million target. It has attracted a lot of media attention for its unique features and potential to revolutionize the Bitcoin mining industry.
Big Announcement! 🎉#BitcoinMinetrix has hit a phenomenal milestone, raising over $10,000,000! 🪙 pic.twitter.com/toEsT1NvWv
— Bitcoinminetrix (@bitcoinminetrix) January 31, 2024
One of the key advantages of Bitcoin Minetrix is its low barrier to entry. This makes it an accessible option for individuals who wish to participate in mining without requiring expensive hardware and significant upfront capital.
Identifying the potential of mining $BTC through #BitcoinMinetrix! 🔍⛏️
Venturing into #Crypto mining effortlessly:
✨ Easy start for newcomers.
💸 Affordable without hardware costs.
🏙️ No concerns about space, noise, or heat.
🔄 Smooth upgrades with zero hassle. pic.twitter.com/PouV3K6EQo— Bitcoinminetrix (@bitcoinminetrix) February 4, 2024
BTCMTX tokens are priced at $0.0133 right now, but the price will increase in less than 5 days, offering a quick gain if you buy now
Additionally, Bitcoin Minetrix provides a staking option for their token, $BTCMTX, with a high annual percentage yield (APY) of 65%.
You also stand a chance to win $3,000 when you buy and stake your tokens. The project is currently running a $30,000 minedrop airdrop competition, where ten people will be declared winners.
Conor Kenny, a YouTube crypto analyst, says BTCMTX has the potential to explode on launch.
To take part in the presale, visit the BTCMTX official website, connect your digital wallet, and swap your ETH or USDT for BTCMTX. You can also make purchases directly using your bank card.
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