{"id":473205,"date":"2024-01-18T18:03:58","date_gmt":"2024-01-18T18:03:58","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=473205"},"modified":"2024-01-19T12:48:47","modified_gmt":"2024-01-19T12:48:47","slug":"bitcoin-price-prediction-as-jpmorgan-ceo-jamie-dimon-calls-btc-a-pet-rock-that-does-nothing-investors-are-piling-into-this-bitcoin-cloud-mining-ico","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-price-prediction-as-jpmorgan-ceo-jamie-dimon-calls-btc-a-pet-rock-that-does-nothing-investors-are-piling-into-this-bitcoin-cloud-mining-ico","title":{"rendered":"Bitcoin Price Prediction: As JPMorgan CEO Jamie Dimon Calls BTC A &#8221;Pet Rock&#8221; That &#8221;Does Nothing,&#8221; Investors Are Piling Into This Bitcoin Cloud Mining ICO"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The Bitcoin price <\/span><a href=\"https:\/\/www.coingecko.com\/en\/coins\/bitcoin\"><span style=\"font-weight: 400;\">dropped<\/span><\/a><span style=\"font-weight: 400;\"> slightly over the past 24 hours to trade at $42,527.68 as of 9:00 am EST.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That came during another day when JPMorgan CEO Jamie Dimon was criticizing Bitcoin, saying it&rsquo;s like a &rdquo;pet rock&rdquo; that &rdquo;does nothing.&rdquo;<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Jamie Dimon Criticizes BTC Again<\/span><\/h2>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\"There are cryptocurrencies that do something, that might have value. And then there's one that does nothing, I call it pet rock. The <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a>, or something like that,\" says <a href=\"https:\/\/twitter.com\/jpmorgan?ref_src=twsrc%5Etfw\">@JPMorgan<\/a> CEO Jamie Dimon. \"It has some use cases. Everything else is people trading among themselves.\" <a href=\"https:\/\/t.co\/EnUBuIEHkI\">pic.twitter.com\/EnUBuIEHkI<\/a><\/p>\n<p>&mdash; Squawk Box (@SquawkCNBC) <a href=\"https:\/\/twitter.com\/SquawkCNBC\/status\/1747598755233218884?ref_src=twsrc%5Etfw\">January 17, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">Although Dimon did name some use cases for blockchain technology, such as its distributed ledger and ability to transfer value, the BTC perma-critic said that Bitcoin has very little use cases. He added that most of the activity around Bitcoin is just, &ldquo;people trading among themselves.&rdquo;&nbsp;&nbsp;<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">The Bitcoin Price Falling Below A Positive Trend Line<\/span><\/h2>\n<p><img decoding=\"async\" src=\"https:\/\/s3.tradingview.com\/snapshots\/h\/hiFTJFBh.png\" alt=\"TradingView Chart\"><\/p>\n<p><span style=\"font-weight: 400;\">4-hour chart for BTC\/USDT (Source: <\/span><a href=\"https:\/\/www.tradingview.com\/x\/hiFTJFBh\/\"><span style=\"font-weight: 400;\">TradingView<\/span><\/a><span style=\"font-weight: 400;\">)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The <\/span><a href=\"https:\/\/insidebitcoins.com\/news\/bitcoin-etfs-erupt-with-insane-volumes-3x-greater-than-all-500-etfs-launched-in-2023-combined\"><span style=\"font-weight: 400;\">Bitcoin<\/span><\/a><span style=\"font-weight: 400;\"> price has been trading in a sideways channel over the past couple of days. The middle level for this price channel aligns with the $42,450, and is currently being tested by BTC. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Should the crypto king close a 4-hour candle below this significant price point within the next 24 hours, it will also result in it trading below a short-term positive trend line that has emerged on its 4-hour chart. This could subsequently expose the Bitcoin price to the risk of plummeting to the next key support level at $40,160 in the short term.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The bearish thesis may be invalidated if BTC closes the next two candles above the positive trend line. In this more bullish scenario, the Bitcoin price may attempt to breach the upper boundary of the consolidation channel. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">It may then look to overcome the $44,440 resistance level before possibly continuing to ascend to $46,700 in the following week.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Bears Have A Slight Advantage<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Technical indicators on BTC&rsquo;s 4-hour chart showed that bears gained an advantage over bulls in the last few hours. During this time, the Relative Strength Index (RSI) crossed below its Simple Moving Average (SMA) line.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> This major bearish technical flag signals that bears are currently stronger than bulls. As a result, sellers may start to exert pressure on the <\/span><a href=\"https:\/\/insidebitcoins.com\/news\/blackrock-spot-bitcoin-etf-ad-targeting-wealthy-boomers-praised-as-so-boring-its-brilliant\"><span style=\"font-weight: 400;\">Bitcoin<\/span><\/a><span style=\"font-weight: 400;\"> price which buyers will not be able to fend off. This will then lead to a drop in the Bitcoin price.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In addition to this, BTC&rsquo;s previous bullish trend seems to be coming to an end, as indicated by the Moving Average Convergence Divergence (MACD) on the 4-hour chart. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Over the last 24 hours, the gradient of the MACD Histogram has flipped negative, which suggests that a bearish trend reversal could soon take place. Investors and traders will want to keep an eye on the narrowing gap that currently exists between the MACD and MACD Signal lines. These two lines crossing may serve as a confirmation that BTC has entered into a negative short-term cycle.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While the Bitcoin price risks a fall in coming days, <\/span><a href=\"https:\/\/insidebitcoins.com\/visit\/bitcoinminetrix\" rel=\"nofollow\"><span style=\"font-weight: 400;\">Bitcoin Minetrix<\/span><\/a><span style=\"font-weight: 400;\"> is building momentum at a rapid pace through its presale.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">A Way To Earn BTC Without The Hassle Of Mining<\/span><\/h2>\n<p><iframe title=\"&#128640; Unbelievable! Bitcoin Minetrix Rockets to Success, Raising a Whopping $8.5 Million! &#127765;\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/2RQRCUOxbGI?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p><span style=\"font-weight: 400;\">Cloud mining BTC is a way to accumulate the crypto without buying it. But mining Bitcoin requires a certain level of knowledge and expertise. On top of that, mining equipment will need to be constantly maintained and hosted in temperature-controlled rooms. This is why <\/span><a href=\"https:\/\/insidebitcoins.com\/visit\/bitcoinminetrix\" rel=\"nofollow\"><span style=\"font-weight: 400;\">Bitcoin Minetrix<\/span><\/a><span style=\"font-weight: 400;\"> is a project worth taking a look at.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The project introduces an innovative approach to mining that is powered through crypto staking. In addition to this, <\/span><a href=\"https:\/\/insidebitcoins.com\/visit\/bitcoinminetrix\" rel=\"nofollow\"><span style=\"font-weight: 400;\">Bitcoin Minetrix<\/span><\/a><span style=\"font-weight: 400;\"> lowers the barrier to entry for anyone looking to start mining BTC on the cloud by taking care of all of the operational requirements and upkeep.&nbsp;<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Earn In BTC<\/span><\/h2>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Big accomplishment for <a href=\"https:\/\/twitter.com\/hashtag\/BitcoinMinetrix?src=hash&amp;ref_src=twsrc%5Etfw\">#BitcoinMinetrix<\/a>!<\/p>\n<p>Surpassing the $8,600,000 milestone! &#127760; <a href=\"https:\/\/t.co\/r3i9wdtSbg\">pic.twitter.com\/r3i9wdtSbg<\/a><\/p>\n<p>&mdash; Bitcoinminetrix (@bitcoinminetrix) <a href=\"https:\/\/twitter.com\/bitcoinminetrix\/status\/1747558301099766117?ref_src=twsrc%5Etfw\">January 17, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">All an investor will need to do to get in on this passive income opportunity, which is paid in BTC, is purchase BTCMTX on the project&rsquo;s <\/span><a href=\"https:\/\/insidebitcoins.com\/visit\/bitcoinminetrix\" rel=\"nofollow\"><span style=\"font-weight: 400;\">website<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Once purchased, these tokens will need to be staked in exchange for &ldquo;gas&rdquo; tokens, which will need to be burned in order to claim a stake in <\/span><a href=\"https:\/\/insidebitcoins.com\/visit\/bitcoinminetrix\" rel=\"nofollow\"><span style=\"font-weight: 400;\">Bitcoin Minetrix&rsquo;s<\/span><\/a><span style=\"font-weight: 400;\"> cloud mining power.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">BTC is becoming more scarce. Not only will mining rewards be slashed in half during the next halving event set for somewhere in April, the market leader is also edging closer to its 21,000,000 capped supply. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">As a result, it will be difficult to come by both new and existing BTC. Given the introduction of spot Bitcoin ETFs (exchange-traded funds) in the U.S., the market leader&rsquo;s price will likely also skyrocket soon. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">With all of these factors in mind, <\/span><a href=\"https:\/\/twitter.com\/bitcoinminetrix\/status\/1747952075319775686\"><span style=\"font-weight: 400;\">Bitcoin Minetrix<\/span><\/a><span style=\"font-weight: 400;\"> looks to be the only viable and affordable way to mine and accumulate BTC.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">BTCMTX can be purchased <\/span><a href=\"https:\/\/insidebitcoins.com\/visit\/bitcoinminetrix\" rel=\"nofollow\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Related Articles:<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/insidebitcoins.com\/news\/myro-price-prediction-myro-pumps-again-for-755-gain-in-a-month-as-analysts-say-this-presale-may-be-next-to-explode\"><span style=\"font-weight: 400;\">Myro Price Prediction: MYRO Pumps Again For 755% Gain In A Month As Analysts Say This Presale May Be Next To Explode<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/insidebitcoins.com\/news\/donald-trump-vows-to-stop-cbdc-creation-in-u-s-calls-it-dangerous-threat-to-freedom\"><span style=\"font-weight: 400;\">Donald Trump Vows To Stop CBDC Creation In U.S., Calls It &ldquo;Dangerous Threat To Freedom&rdquo;<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.linkedin.com\/pulse\/presale-crypto-list-top-upcoming-cryptocurrencies-invest-calsona-9m74e\/\"><span style=\"font-weight: 400;\">PRESALE CRYPTO LIST: Top Upcoming Cryptocurrencies to Invest in 2024<\/span><\/a><\/li>\n<\/ul>\n                                        <div class=\"inContentProviderSingle inContentColor--insidebitcoins fc-row\">\n                        <div class=\"inContentProviderSingle--wrapper\">\n                            <div class=\"container\">\n                                <div class=\"row mb-lg-3\">\n                                    <div class=\"col-12 col-md-8\">\n                                        <p class=\"inContentProviderSingle--title\">Best Wallet - 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That came during another day when <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/in-content-providers\/a-default-box\" title=\"A Default Box\">[&#8230;]<\/a><\/div>","protected":false},"author":1954,"featured_media":469581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-473205","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-more-crypto-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Price Prediction: As JPMorgan CEO Jamie Dimon Calls BTC A &#039;&#039;Pet Rock&#039;&#039; That &#039;&#039;Does Nothing,&#039;&#039; Investors Are Piling Into This Bitcoin Cloud Mining ICO - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"The Bitcoin price dropped slightly over the past 24 hours to trade at $42,527.68 as of 9:00 am EST. 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