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bitcoin price is down 0.7% in the last 24 hours to trade at $42,693 at 2:30 am EST as trading volume increased 2%.
Despite the drop in value over the last day and the small increase in trading volume, the price of bitcoin remains 12% above its market value two weeks ago and 20% higher over the last month . This keeps investors optimistic even as short positions continue to be liquidated.
Above us again there are many short liquidations.
I won't be surprised to see bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin back to the highs again. pic.twitter.com/F22jhf3ThK
– crypto Rover (@rovercrc) December 15, 2023
According to a veteran trader, once bitcoin price starts moving, the psychological level of $48,000 will be reached very quickly.
Once bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin starts moving $48000 will arrive very quickly!!! pic.twitter.com/GInRDbKxMk
– Kong Trade (@KongBTC) December 15, 2023
Meanwhile, Pomp Investments founder Anthony Pompliano believes that the long-awaited btc bull run has already begun. His comment, which came during an interview with CNBC Television, was inspired by bitcoin price testing the psychological level of $43,000.
According to Pompliano, the cryptocurrency king is repeating a four-year historical price pattern that has been seen between previous halving events in which miner rewards were reduced by 50%. As such, he rhetorically asked “how far will bitcoin go in this bull market?”
Commenting on the recent bitcoin price rally to $40,000, Pompliano attributes the rise to two main factors. First, the expected approvals of bitcoin exchange-traded funds (ETFs) in January and expectations that the Federal Reserve will begin cutting interest rates in early 2024.
Notably, during Wednesday's FOMC meeting, Federal Reserve Chair Jerome Powell hinted at easing, and markets moved as the 1-year interest rate outlook fell from 5.1% to 4.6%.
Pompliano also notes that markets continue to anticipate the possibility of a recession while the economy remains strained. According to this speculation, a return to quantitative easing could cause risk assets like btc to rally.
bitcoin Price Outlook as crypto Markets Advance Macroeconomics
bitcoin price continues to trade within a weekly supply zone, stuck within this order block since early December.
It faces strong opposition from the midline of the supply barrier, which extends from $40,423 to $46,827. To confirm the continuation of the trend, the price must break and close above the average threshold or midline of the zone at $43,860.
Further buying pressure above current levels could push bitcoin price above the weekly supply zone, making it a bullish switch and surpassing the psychological level of $48,000. In a highly bullish case, gains could extend until reaching the psychological level of $60,000, which is 40% above current levels.
Relative Strength Index (RSI) position above 50 points to strong price strength. This, along with the green bars on the Awesome Oscillator (AO) histogram and the moving average convergence divergence (MACD), which remains in positive territory, accentuates the bullish outlook.
On the other hand, the RSI has deviated southwards, suggesting that momentum is falling. If it crosses below the 70 level, it would indicate that btc is ready to sell off.
If traders pay attention to the sell signal, bitcoin price could extend the decline, possibly flipping the $40,000 psychological level from support to resistance. Further south, the price could fall below the key support of $37,800, below which it would be exposed to a cliff towards the psychological level of $30,000.
Meanwhile, ahead of the expected 2024 rally, investors have turned to two bitcoin derivatives, BTCMTX and BTCETF. These two projects are presented as critical alternatives to bitcoin and are among the five best cryptocurrencies to buy in 2023.
Promising alternatives to bitcoin
BTCMTX and BTCETF are two promising alternatives to bitcoin, with notable rewards for token holders.
BTCMTX
The token powers the bitcoin Minetrix ecosystem, a mine staking project committed to making bitcoin ownership a reality even for everyday people. This is done through its unique bitcoin cloud mining mechanism, where you stake your tokens for credits and then redeem or burn these credits to extract hash power.
Entering the world of bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin mining without the hassle of owning or maintaining the equipment.
Zero initial hardware costs.
Only basic skills required.#CloudMining #bitcoin Mining pic.twitter.com/wNkqAfe3sT—Bitcoinminetrix (@bitcoinminetrix) December 13, 2023
The token is selling for $0.0122 in the current stage, which will end in less than two days before the price rises again. Pre-sale sales have now reached $5,316 million, out of a planned target of $6,079 million.
Visit bitcoin Minetrix to pre-sell BTCMTX here.
BTCETF
It is the native token for the bitcoin ETF token ecosystem and sells for just $0.0068 at the current stage. Pre-sale sales have reached $4,116 million of the goal of $5,059.
#SECOND establishes a new “cash reimbursement model” for bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin Place #ETF applicants, which affects approval criteria.@InvescoEMEA initially adopts it while @BlackRock introduces “Prepaid” to facilitate participation in Wall Street.
How could these models reshape the accessibility of ETFs?#BitcoinETF has… pic.twitter.com/NN4nnfEJ2M
– BTCETF_Token (@BTCETF_Token) December 14, 2023
Billed as the only project to reward token holders, bitcoin ETF Token charts the journey of bitcoin ETFs. Rewards token holders as btc Spot ETFs are approved.
Mapping the #BitcoinETF trip
He $BTCETF #Symbolic real road mirrors bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin occurrences.
With each bitcoin #ETF milestone, #BTCETF Chips are burned, increasing betting rewards. pic.twitter.com/I2hd5lYp53
– BTCETF_Token (@BTCETF_Token) December 15, 2023
The project involves a 5% burn tax, applicable to each transaction. This helps reduce the circulating supply of btc tokens in the market.
#BitcoinETF enacts a 5% burn tax per transaction, leading to a gradual reduction in the #Symbolic supply.
With the intention of burning 25% of the tokens upon reaching milestones.
This deflationary tactic is intended to benefit holders and relieve selling pressure. pic.twitter.com/TJE8KNogd9
– BTCETF_Token (@BTCETF_Token) December 14, 2023
Reducing the supply of tokens helps increase demand and therefore also the price.
Visit the bitcoin ETF Token website to purchase BTCETF in the pre-sale here.
Also read:
- Audited by Coinsult
- Secure and decentralized cloud mining
- Earn free bitcoin daily
- Native Token on Pre-Sale Now – BTCMTX
- Staking Rewards: Over 100% APY
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