{"id":473438,"date":"2024-01-19T15:46:09","date_gmt":"2024-01-19T15:46:09","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=473438"},"modified":"2024-01-19T15:46:09","modified_gmt":"2024-01-19T15:46:09","slug":"bitcoin-price-prediction-as-btc-tumbles-on-worries-over-grayscale-selling-bitcoin-this-cloud-mining-presale-is-hurtling-towards-9-million-raised","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-price-prediction-as-btc-tumbles-on-worries-over-grayscale-selling-bitcoin-this-cloud-mining-presale-is-hurtling-towards-9-million-raised","title":{"rendered":"Bitcoin Price Prediction: As BTC Tumbles On Worries Over Grayscale Selling Bitcoin, This Cloud Mining Presale Is Hurtling Towards $9 Million Raised"},"content":{"rendered":"

The Bitcoin price <\/span>dropped<\/span><\/a> more than 2% over the past 24 hours to trade at $41,370 as of 9:05 a.m. EST as investors fear a BTC dump from Grayscale.<\/span><\/p>\n

An analysis from <\/span>Arkham<\/span><\/a> showed that wallets linked to Grayscale moved over $400 million worth of bitcoin to custodian Coinbase Prime on Jan. 18. This transfer took place amid fears that Grayscale is selling its Bitcoin holdings amid redemptions from investors in its Grayscale Bitcoin Trust.<\/span><\/p>\n

The Bitcoin Price Nosedives To Below A Consolidation Channel<\/span><\/h2>\n

\"TradingView<\/p>\n

4-hour chart for BTC\/USDT (Source: <\/span>TradingView<\/span><\/a>)<\/span><\/p>\n

The <\/span>Bitcoin<\/span><\/a> price plummeted below a positive short-term trend line that had formed on its charts over the past couple of days. This drop also led to the market leader’s price falling out of a consolidation channel. BTC is still trading below this channel, but has printed a series of higher lows on the 4-hour chart during today’s trading session. This could lead to the crypto reclaiming a position within the channel before the end of today’s trading session.<\/span><\/p>\n

Should BTC close today’s daily candle within the sideways channel, it may begin to climb to the $42,450 resistance level in the following 48 hours. Continued buy pressure could then boost the leading crypto’s value above this threshold to potentially reach as high as $44,440 in the short term. <\/span><\/p>\n

This bullish thesis may be invalidated if the <\/span>Bitcoin<\/span><\/a> price closes today’s daily candle below the price channel. In this alternative scenario, BTC could be at risk of testing the immediate support level at $40,160 in the upcoming days.<\/span><\/p>\n

Bulls Trying Their Best To Save BTC<\/span><\/h2>\n

Technical indicators on BTC’s 4-hour chart show that buyers are attempting to revive the Bitcoin price. They also suggest that sellers still have the upper hand against buyers. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are showing signs of a potential recovery.<\/span><\/p>\n

The RSI line is closing in on its Simple Moving Average (SMA) line. This is generally taken as a sign that buyers are starting to grow stronger against sellers. However, the RSI is still positioned below the SMA line, which indicates that bears still have the majority of the strength on BTC’s 4-hour chart.<\/span><\/p>\n

Similar to the RSI and SMA, the MACD line is closing in on the MACD Signal line. Should these two lines intersect in the next 24 hours, it will trigger a significant bullish technical flag. This may be the early confirmation of an upcoming bullish trend reversal for the Bitcoin price on its 4-hour chart.<\/span><\/p>\n

While the Bitcoin price attempts to recover from its sharp drop, investors are busy buying into <\/span>Bitcoin Minetrix<\/span><\/a> as it shows promising signs of becoming the next 10x opportunity.<\/span><\/p>\n

Nearing The $9 Million Mark In Its Presale<\/span><\/h2>\n