Bitcoin price has risen 1.71tpt3t in the past 24 hours and is currently trading at $42,500 as of 1:09am ET.
The recent rally comes as Blackstone’s iShares Bitcoin ETF (IBIT) reached the important milestone of $2 billion in assets under management last week, a first for the recently launched spot Bitcoin ETFs.
IBIT now ranks third in asset accumulation among the more than 600 ETFs launched in the U.S. in the past year.
Bitcoin Price Prediction: How High Can It Go?
By digging deeper into the 2-hour BTC/USD chart, we can see that Bitcoin price is currently close to the upper band of the Bollinger Bands (BB), which suggests that it may be in a higher volatility range. The price is also moving above the 20-period moving average (orange line), which generally indicates bullish momentum as bulls try to push Bitcoin price higher.
The Awesome Oscillator (AO) histogram shows market momentum. A shift from red to green indicates momentum from bearish to bullish. The Average Directional Index (ADX), the red line below the AO, is also used to measure the strength of the trend and is currently around 34, well above the 25 level that is considered to indicate a strong trend.
The chart also shows some candlestick patterns labeled Bullish Engulfing (BE), which is a good sign of bullish dominance.
Bitcoin Price Prediction: What are the chances of a bearish reversal?
The relative strength index (RSI) is fluctuating around the 70 level, and readings above 70 typically indicate that an asset may be overbought and could be due for a pullback or consolidation.
XForceGlobal told his 17,000 followers on Twitter that Bitcoin price, having reached a target of $42,000 in recent price activity, will soon see a final correction back to $35,000.
Meanwhile, as Bitcoin prices rise, the Bitcoin Mining Index (BTCMTX) is emerging as a compelling new option for investors looking for explosive gains in 2024.
Is BTCMTX a Compelling Alternative to Bitcoin?
Bitcoin Minetrix is an innovative solution in the field of Bitcoin mining. It is built on the Ethereum blockchain and provides users with the opportunity to earn passive Bitcoin rewards. The platform integrates the concepts of crypto staking and cloud mining, making Bitcoin mining accessible to a wider audience.
Explore the advantages of BitcoinMinetrix:
Convenient and easy access.
A streamlined cost structure improves efficiency.
Enjoy peace of mind without having to worry about second-hand value.
Understanding the benefits is crucial!
The BTCMTX presale has raised over $9.6 million, close to its $10.3 million goal.
The price of BTCMTX token was $0.0131 but it would rise in less than three days.
Bitcoin Mining Index's cloud mining framework features a staked mining feature designed to give users full governance over their mining operations. Staking your BTCMTX tokens generates cloud mining credits, enabling you to participate in decentralized Bitcoin mining while protecting against fraud common in external cloud mining services.
The platform also offers the opportunity to earn passive income through BTCMTX staking. Those who participate in the staking process will receive rewards from the staking pool and receive an annual yield of 69%. More than 602 million tokens have been staked so far.
Owning BTCMTX tokens also allows you to participate in the Minedrop competition. This competition lets participants compete for a $30,000 prize pool, with each lucky winner receiving a $3,000 prize.
As Conor Kenny, a YouTube cryptocurrency analyst with over 179,000 subscribers, points out, early participation in the presale will bring significant returns after the listing on major exchanges.
To join, visit the BTCMTX website, link your digital wallet, and exchange ETH or USDT for BTCMTX tokens. Investors can also use bank cards to trade.
Visit the official Bitcoin Mining Index website:
https://bitcoinminetrix.com
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