Bitcoin Price Prediction: Michael Saylor Says Bitcoin Product Demand Is 10 Times the Supply, Experts Predict This Bitcoin Cloud Mining ICO Could Grow 100 Times

Bitcoin prices have fallen slightly over the past 24 hours, trading at $49,619.95 as of 1:55 a.m. ET, as investors take profits from the market leader's rally. MicroStrategy founder and executive chairman Michael Saylor told CNBC that the latest listing of a Bitcoin ETF (exchange-traded fund) has boosted the price of the cryptocurrency. He added that there is currently a huge imbalance in Bitcoin supply, and demand for retail-accessible Bitcoin products has been pent up for nearly a decade.
“The demand for bitcoin going into these ETFs is ten times greater than the supply that miners are providing as natural sellers,” Saylor told CNBC in an interview.
Bitcoin price falls out of bullish channel
(picture)
(picture)
BTC/USDT daily chart (Source: TradingView)
The Bitcoin price has broken below the medium-term bullish price channel in the past 24 hours. If today’s daily close is below the lower border of this range, Bitcoin could retest the $47,930 support level in the coming days. A break below this key level would increase the risk of a fall in the Bitcoin price to $44,430. In an extremely bearish scenario, the price of this cryptocurrency market leader could fall to $42,450.
This bearish view may be invalidated if the Bitcoin price closes above $50,000 within the next 48 hours. BTC will then likely rise to the next important resistance level of $52,115 in the near term.
Sellers could push Bitcoin prices down further
Technical indicators on Bitcoin’s daily chart remain bullish. However, the Moving Average Convergence/Divergence (MACD) and the Relative Strength Index (RSI) suggest that Bitcoin’s bullish momentum is waning.
The MACD line is above the MACD signal line, indicating that Bitcoin is currently in a short-term bullish cycle. However, the slope of the MACD histogram is negative. Risk-averse traders may view this as an early sign that Bitcoin's trend will undergo a bearish reversal.
Buyers also seem to be giving sellers a run for their money as the RSI line is trading above its simple moving average. However, this may not last long as the RSI line is also sloping down towards its simple moving average. A crossover of these two technical indicators in the coming days would trigger a significant bearish technical signal. After this potential crossover, it would be easier for bears to push Bitcoin prices lower than bulls.
While the direction of Bitcoin price in the next 48 hours is uncertain, Bitcoin mining company Bitcoin Minetrix’s pre-sale has surpassed the $10.8 million mark.
Decentralized Bitcoin Cloud Mining
Welcome to BitcoinMinetrix: Your gateway to efficient Bitcoin mining! ⛏️
Experience tokenized cloud mining, making Bitcoin mining securely and transparently accessible to everyone.
Say goodbye to third-party scams and take control of your mining journey!
pic.twitter.com/iDRQH94Y74
— Bitcoinminetrix (@bitcoinminetrix)
February 13, 2024
Bitcoin Minetrix's mission is to make Bitcoin cloud mining cheaper and more secure. Through decentralization, the project lowers the barrier to entry for anyone interested in starting mining. The platform's innovative collateral mining model also makes it simpler to start earning Bitcoin through cloud mining.
All new entrants can enjoy a passive income stream simply by purchasing the project’s native token, BTCMTX, on the official Bitcoin Minetrix website. Once purchased, these tokens need to be staked in exchange for “fuel” reward tokens. The final step is to burn these fuel rewards to earn a portion of Bitcoin Minetrix’s cloud mining power.
The next 10x opportunity is coming soon
As Saylor pointed out, the launch of a spot Bitcoin ETF has unleashed latent demand for Bitcoin. In addition, the upcoming halving event in April will halve the mining reward.
Combined with Bitcoin’s already favorable supply and demand conditions, this looks set to significantly drive up the price of Bitcoin and Bitcoin-derived projects. These factors prompted cryptocurrency analyst Jacob Burry to say that BTCMTX has the potential to rise 10x in the weeks following its launch, while other experts say 100x is very possible.
BTCMTX can be purchased here.
Related articles:
The Best Low-Priced Cryptocurrency Investments for 2024: Top Picks for Explosive Growth!
Bitcoin's rally drives crypto gaming tokens higher
Today’s New Cryptocurrency Launches, Listings, and Presales – Puffer, Analos, Dymension
New Cryptocurrency Mining Platform – Bitcoin Minetrix
Rating
(picture)
(picture)
Audited by Coinsult
Decentralized and secure cloud mining
Earn Free Bitcoin Daily
Native token presale in progress – BTCMTX
Staking Rewards – Over 50% APR
(picture)
(picture)
learn more
Join our Telegram channel to get breaking news coverage as it happens.