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The price of bitcoin bitcoin“>abandonment slightly in the last 24 hours to trade at $42,944.91 at 8:30 a.m. EST as the market calmed down following the excitement surrounding the launch of spot bitcoin ETFs (exchange-traded funds) last week.
bitcoin price expected to reach $170,000 in 2025
Hedge fund SkyBridge founder Anthony Scaramucci said in an interview Monday that bitcoin could reach $170,000 in 2025. Their prediction is based on expected demand for newly listed spot bitcoin ETFs and the upcoming halving event this year.
“If bitcoin is at $45,000 at the halving, where it is roughly now, it will be $170,000 in mid-to-late 2025,” Scaramucci said.
bitcoin price enters bullish cycle
4-hour chart for btc/USDT (Source: TradingView)
He bitcoin The price has entered a bullish channel during the last 24 hours. During this period, the leading cryptocurrency recorded a series of higher highs and higher lows. As a result, btc could soon attempt to challenge the upper limit of the Bollinger Bands indicator (BBANDS).
A break above this threshold, which sits around $43,348.02, could lead to bitcoin price attempting a challenge at the $44,440 resistance level in the next 24 hours. If the cryptocurrency closes two consecutive 4-hour candles above this mark, it may have the necessary foundation to rise to the next barrier of $46,700 in the near term.
This bullish thesis could be invalidated if the price of bitcoin falls below the positive trend line that has formed on its 4-hour chart. It may also not work if btc is rejected by the upper limit of the BBANDS indicator within the next 12 hours. Both situations could lead to bitcoin price correcting towards the immediate support level of $42,450 in the coming days. Continued selling pressure may drag the market leader to $40,160 over the next week if the bulls do not step in to protect the price of bitcoin.
Sellers are doing everything they can to tame btc
There is selling pressure present on the btc charts, which is evident by the wick above the current 4-hour candle. This is a sign that sellers are trying to drive the price of bitcoin down. Despite this, the Relative Strength Index (RSI) indicator on the btc 4-hour chart indicates that buyers still have an advantage over sellers. The RSI is positioned above its simple moving average (SMA), which shows that buyers are stronger than sellers. In addition to this, the RSI has a positive slope, suggesting that the buyers continue to strengthen.
While bitcoin price attempts to continue its bullish move, investors may want to take a look at bitcoin Minetrix to prepare for the upcoming halving and a rally in institutional investment driven by spot bitcoin ETFs.
Simplifying btc cloud mining for everyone
The next bitcoin halving event will take place around April this year. With only a few months left, the event will drastically reduce block rewards and may also cause a temporary drop in profitability.
With this in mind, all investors could start turning to bitcoin Minetrix and its innovative cloud mining platform to generate constant income, which is paid in btc.
Through decentralization, bitcoin Minetrix makes starting cloud mining btc as simple as staking an ERC-20 token. By allowing fractional ownership of your cloud mining power, bitcoin Minetrix also reduces upfront costs for anyone looking to cloud mine.
To begin, investors will need to purchase BTCMTX here. Once purchased, the tokens must be staked in exchange for “gas” tokens. These rewards will then need to be burned so that holders can claim a portion of them. bitcoin Minetrix cloud mining power.
Investors Rush to Seize Passive Income Opportunity
With the upcoming halving in April, mining costs are expected to skyrocket.@RiotBlockchain, @TeraWulfIncand @CleanSpark_Inc They are well positioned, but what is your opinion on how other miners will adapt?
On the other hand, #BitcoinMinetrix It has also raised over $8,400,000! pic.twitter.com/BwdYTOkrWF
—Bitcoinminetrix (@bitcoinminetrix) January 15, 2024
bitcoin Minetrix The pre-sale has already exceeded 8.6 million dollars and there are just over 4 days left for a price increase. BTCMTX is currently selling for $0.0129 and can be purchased on the official bitcoin Minetrix website. website using Ether (eth), Tether (USDT) or a bank card.
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- Staking Rewards: Over 100% APY
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