{"id":480347,"date":"2024-02-13T18:37:37","date_gmt":"2024-02-13T18:37:37","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=480347"},"modified":"2024-02-13T18:37:37","modified_gmt":"2024-02-13T18:37:37","slug":"bitcoin-price-prediction-as-bitcoin-etfs-suck-up-10x-more-btc-than-miners-produce-the-runaway-bitcoin-minetrix-ico-closes-on-11-million","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-price-prediction-as-bitcoin-etfs-suck-up-10x-more-btc-than-miners-produce-the-runaway-bitcoin-minetrix-ico-closes-on-11-million","title":{"rendered":"Bitcoin Price Prediction: As Bitcoin ETFs Suck Up 10X More BTC Than Miners Produce, The Runaway Bitcoin Minetrix ICO Closes On $11 Million"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The Bitcoin price soared 4.5% in the last 24 hours<\/span><a href=\"https:\/\/www.coingecko.com\/en\/coins\/bitcoin\"><span style=\"font-weight: 400;\"> to trade at $49,895<\/span><\/a><span style=\"font-weight: 400;\"> as of 8:25 a.m. EST on a 100% jump in trading volume to $42.25 billion.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The rise in the Bitcoin price comes as spot Bitcoin ETFs (exchange-traded funds) scooped up ten times more Bitcoin than miners could produce on Feb. 12.<\/span><\/p>\n<p><a href=\"https:\/\/farside.co.uk\/?p=997\"><span style=\"font-weight: 400;\">Preliminary data <\/span><\/a><span style=\"font-weight: 400;\">shows at least 10,280 Bitcoin (BTC), valued at $493.4 million, flowed into spot Bitcoin ETFs yesterday, with BlackRock&rsquo;s iShares receiving a majority of $374.7 million. Fidelity&rsquo;s Wise Origin Bitcoin Fund followed with $151.9 million in inflows, while Ark 21Shares Bitcoin ETF saw $40 million.&nbsp;<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">&#128640; <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> ETFs are on a feeding frenzy! In the last two trading days, spot BTC ETFs devoured 10X more Bitcoin than miners produced. <\/p>\n<p>&#128200;Preliminary data shows a whopping $493.4 million net inflow, with BlackRock's IBIT leading at $374.7 million. &#127974;<a href=\"https:\/\/t.co\/VNJSOB9k4K\">https:\/\/t.co\/VNJSOB9k4K<\/a><\/p>\n<p>&mdash; SWFT Blockchain (@SwftCoin) <a href=\"https:\/\/twitter.com\/SwftCoin\/status\/1757299683729572190?ref_src=twsrc%5Etfw\">February 13, 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;\">At the same time, <\/span><span style=\"font-weight: 400;\"><a href=\"https:\/\/www.blockchain.com\/explorer\/charts\/total-bitcoins\">blockchain.com<\/a>&nbsp;data shows<\/span> B<span style=\"font-weight: 400;\">itcoin miners produced <\/span><span style=\"font-weight: 400;\">1,059 BTC valued at $51 million, representing 10% of the BTC acquired by spot ETFs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There were though outflows of $95 million from Grayscale and $20.8 million from the Invesco Galaxy ETF, somewhat offsetting the net inflows of nearly half a billion dollars.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Bitcoin Price Poised For a Bull Rally Above the Bullish Pennant<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The Bitcoin price has crossed above the bullish pennant pattern&rsquo;s upper boundary, signalling a continuation of the bullish trend. The price has touched the $50k mark as bulls seem poised to drive the price higher.<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-480353 size-full\" src=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/02\/BTCUSDT_2024-02-13_18-36-24.png\" alt=\"Bitcoin Price\" width=\"1623\" height=\"697\" srcset=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/02\/BTCUSDT_2024-02-13_18-36-24.png 1623w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/02\/BTCUSDT_2024-02-13_18-36-24-300x129.png 300w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/02\/BTCUSDT_2024-02-13_18-36-24-1024x440.png 1024w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/02\/BTCUSDT_2024-02-13_18-36-24-768x330.png 768w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/02\/BTCUSDT_2024-02-13_18-36-24-1536x660.png 1536w\" sizes=\"(max-width: 1623px) 100vw, 1623px\"><\/p>\n<p><span style=\"font-weight: 400;\">BTC\/USDT Analysis by Tradingview<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Bitcoin price has been on an uptrend since October 2023, with the bulls using the $25,200 support level as a launchpad to catapult prices higher. The resistance level at $49,000 led to a consolidation stage, forming a bullish pennant pattern.&nbsp;<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Bitcoin Price Could See Short-Term Gains To $60,000&nbsp;<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Traders have taken advantage of the bullish pennant pattern to push the price above the pennant.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If the momentum sustains, this would be the best opportunity for the bulls to drive the price still higher, covering distance X, the same distance measured on the pennant as shown on the chart.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, this rally may be short-term as traders expected the price to come down to the point of the break-out once the price covers the distance X up.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The price holding above the 50-day and 200-day simple moving averages (SMAs) affirms the anticipated bull rally.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Relative Strength Index (RSI) is trending upwards at 73, above the 70 overbought zone, indicating a rebound on the 50 midline level. If the momentum continues, it will push the RSI further into the overbought zone.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">BTCMTX Presale Surpasses $10.7 Million, Stake-To-Mine, Earn Rewards&nbsp;<\/span><\/h2>\n<p>The bullish outlook for Bitcoin is also attracting investors to t<span style=\"font-weight: 400;\">he <a href=\"https:\/\/insidebitcoins.com\/visit\/bitcoinminetrix\/\" rel=\"nofollow\">BTCMTX presale<\/a>, which has surged past $10.7 million as it races towards its $11.5 million target.<\/span><span style=\"font-weight: 400;\">&nbsp;<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/MarathonDH?ref_src=twsrc%5Etfw\">@MarathonDH<\/a> faces hurdles as a power outage hits a major <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> mining site at Applied Digital's Ellendale facility, impacting 7.8 EH\/s of hash rate.&#128161;&#128268;&#128736;&#65039;<\/p>\n<p>How can the industry mitigate risks posed by infrastructure disruptions like this?<a href=\"https:\/\/twitter.com\/hashtag\/BitcoinMinetrix?src=hash&amp;ref_src=twsrc%5Etfw\">#BitcoinMinetrix<\/a> has also raised over&hellip; <a href=\"https:\/\/t.co\/FisfOLTjck\">pic.twitter.com\/FisfOLTjck<\/a><\/p>\n<p>&mdash; Bitcoinminetrix (@bitcoinminetrix) <a href=\"https:\/\/twitter.com\/bitcoinminetrix\/status\/1757089217853702533?ref_src=twsrc%5Etfw\">February 12, 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;\">BTCMTX is a decentralized platform for tokenized cloud mining, opening up Bitcoin mining to everyday investors. BTCMTX users enjoy simplified cloud mining services via its stake-to-mine feature and <\/span><span style=\"font-weight: 400;\">earn rewards in the staking pool that pays an annual yield of 62% by staking their BTCMTX tokens.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The functionality of the platform also protects against potential scams that have plagued other cloud mining platforms.<\/span><\/p>\n<p>https:\/\/Twitter.com\/bitcoinminetSTM\/status\/1756262851067416588?s=20<\/p>\n<h2><span style=\"font-weight: 400;\">Get BTCMTX Tokens Now For Potential 10X ROI, Win Rewards In Minedrop Airdop<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">BTCMTX tokens also grant access to a<\/span><span style=\"font-weight: 400;\">&nbsp;$30,000 minedrop airdrop competition<\/span><span style=\"font-weight: 400;\">, offering 10 people the chance to win up to $3,000 each.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Crypto analyst Jacob Bury has expressed confidence in BTCMTX, predicting a potential 10X return on investment for early backers on launch.&nbsp;<\/span><\/p>\n<p><iframe title=\"Bitcoin Minetrix New 10x Potential Presale!? How BTCMTX Will Help People Mine Bitcoin\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/37ne69bgi4c?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;\">Investors have less than 24 hours to buy BTCMTX tokens at $0.0134 per token before the price increases in the next stage. So act fast if you are interested to secure the best price. <\/span><span style=\"font-weight: 400;\">To buy BTCMTX tokens and join the presale, you only need a digital wallet like MetaMask.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Tokens can be bought on <\/span><a href=\"https:\/\/insidebitcoins.com\/visit\/bitcoinminetrix\/\" rel=\"nofollow\"><span style=\"font-weight: 400;\">the BTCMTX website<\/span><\/a><span style=\"font-weight: 400;\"> by swapping ETH or USDT for BTCMTX tokens. You can also buy directly using a bank card.&nbsp;<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Related Articles<\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/insidebitcoins.com\/news\/xrp-price-prediction-top-influencer-says-xrp-amm-will-bring-staking-to-ripple-but-investors-turn-to-solana-meme-coin-smog-and-its-huge-airdrop\"><span style=\"font-weight: 400;\">XRP Price Prediction: Top Influencer Says XRP AMM Will Bring Staking To Ripple, But Investors Turn To Solana Meme Coin Smog And Its Huge Airdrop<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/insidebitcoins.com\/news\/best-meme-coins-to-buy-now-new-trending-meme-coins-in-2024\"><span style=\"font-weight: 400;\">Best Meme Coins to Buy Now &ndash; New &amp; Trending Meme Coins In 2024<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.linkedin.com\/pulse\/shiba-inu-price-prediction-2024-moon-crash-landing-calsona-caibe\"><span style=\"font-weight: 400;\">Shiba-Inu Price Prediction 2024 Moon Crash Landing Calsona Caibe<\/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\">Smog (SMOG) - 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