Bitcoin Price Prediction: Grayscale Says Halving Will Be Different Than Bitcoin ETF Demand, This Time BTC Cloud Mining ICO Soars Towards $11M.

Bitcoin prices have risen 1.1% in the past 24 hours, trading at $47,712 per coin, while trading volume has fallen 71% to just $11 billion. The rise coincides with Grayscale's report, which said that this April's Bitcoin halving will be different from previous ones due to continued on-chain activity and positive updates to market structure. One of the key factors is the listing of a Bitcoin ETF in the United States, which Grayscale said: "This could significantly absorb selling pressure, potentially reshaping Bitcoin's market structure and providing a new source of stable demand, which is positive for prices."
There are other factors that make this time "different", such as Grayscale's statement that the arrival of ordinal inscriptions has revitalized on-chain activities. As of February 2024, more than 59 million non-fungible token (NFT)-like collectibles have been inscribed, generating more than $200 million in transaction fees for miners.
“This trend is expected to continue, supported by renewed developer interest and continued innovation on the Bitcoin blockchain,” the report added.
Bitcoin price is ready to break out, trading volume shows a cup-handle pattern
Bitcoin price is poised to surge higher, showing signs of a cup-with-handle pattern, which suggests a continuation of the bull trend.
On one decline, the bears pushed the price to the $16,381 support level, which coincided with the lower part of the cup, resulting in a quick rebound in the price, pushing it upwards to reach the neckline of the cup.
However, the bulls showed resilience and pushed the price above the $48,000 level once again, forming a cup-with-handle pattern after a brief bearish correction.
Technical indicators are bullish for the bullish movement. The price has broken above the 50-day and 200-day Simple Moving Averages (SMAs) and these lines are now providing support for the Bitcoin price.
The relative strength index (RSI) showed a rebound from the oversold zone of 30, breaking through the mid-line level of 50 and entering the overbought zone of 72. This shows that there is strong buying pressure, which may further push the RSI into the overbought zone, maintaining the bullish outlook for Bitcoin.
The Moving Average Divergence/Convergence indicator (MACD) is trading above neutral with the blue line crossing the orange signal line at 624. The positive histogram is trading above neutral, confirming the bull run.
Bitcoin price bulls aim for new all-time high
The presence of the cup and handle pattern suggests a continuation of the bull trend and bulls may target a new all-time high of $79,512, which represents a 63% increase from the current price. This increase is equivalent to the depth X of the cup.
As Bitcoin traders prepare to add to their positions, Bitcoin cloud mining token BTCMTX presents a lucrative opportunity for investors.
BTCMTX launch almost sold out, close to $11.5 million target
The initial offering of Bitcoin Mining Matrix (BTCMTX) has raked in more than $10.6 million as investors rush to buy the token as it nears its $11.5 million target and threatens to sell out early.
The BTCMTX platform’s staking mining feature provides the opportunity to earn passive income using BTCMTX tokens, giving you full control over your mining activities.
In addition, this feature allows you to obtain cloud mining credits by staking BTCMTX tokens. It also allows you to participate in decentralized Bitcoin mining, providing you with protection against potential fraudulent practices by third-party cloud mining platforms.
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Mining airdrop competition opportunities
The BTCMTX tokens you purchased provide you with the opportunity to participate in the mining airdrop competition. You will compete with other participants for a $30,000 prize pool and have a chance to become one of ten lucky winners who will receive a $3,000 reward.
Jacob Bury, a crypto analyst with more than 27,000 subscribers on YouTube, said BTCMTX could grow 10 times when it launches, and said he has invested a lot of money in the launch and expects a good return. In one of his videos, he explained how to buy and benefit from its staking mining feature.
Each token is currently priced at $0.0134, but in less than four days the price will go up, so take the opportunity to buy at the lowest possible price.
After the final phase of BTCMTX ends, any tokens you purchased will be available for claiming. The claim option will be available on the BTCMTX website within seven days after the final phase ends.
To join the launch, connect your digital wallet on the BTCMTX website and exchange your ETH or USDT for BTCMTX tokens. You can also purchase directly with a bank card.
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