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bitcoin price has risen a fraction to trade at $42,842 at 1:15 a.m. EST, and trading volume fell 15%.
btc remains outside the protection of the ascending parallel channel, which remains the guiding technical formation since the cryptocurrency market turned bullish in October.
The fall from grace occurred during the January 12 crash, instigated by news of Grayscale bitcoin Trust (GBTC) dumping. This meant that GBTC holders were redeeming their holdings and selling btc on the market.
As bitcoin price attempts to return to the pattern fold, it faces stiff opposition as GBTC swaps continue. On Wednesday, Grayscale bitcoin Trust moved $200.61 million worth of btc to Coinbase Prime, less than a day after moving $370 million of btc to the same platform.
https://t.co/gmayQo20LD pic.twitter.com/mgdsUC3j2C
— shoqiv alfant (@ALfant_) January 17, 2024
According to blockchain security firm Lookonchain, Grayscale bitcoin Trust wallets moved 18,638 btc tokens to Coinbase Prime worth around $795 million. The security firm also confirms that since January 11, when btc spot ETFs began trading, Grayscale has deposited up to 31,638 btc worth $1.35 billion on Coinbase Prime.
He #Grayscale bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin Trust portfolios deposited 18,638 $btc($795 million) to #Coinbase Prime again 50 minutes ago.
AND #Grayscale has deposited a total of 31,638 $btc(1.35 billion dollars) to #Coinbase Prime from the bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin The spot ETF began trading.https://t.co/ErT06jjwDL pic.twitter.com/jQsNv88mRc
— Lookonchain (@lookonchain) January 17, 2024
With this history, renowned economist Peter Schiff attributes the difficulty seen in the price of bitcoin in trying to recover the bullish chart pattern to the general pressure of GBTC redemptions. “People expected the new ETFs to spark a lot more buying,” he said. “But you are being compensated for all sales. Simply point out where the sales come from to offset those purchases.”
The reason investors buy the new #BitcoinETF is not raising the price of bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin is that the outputs of $GBTC more sale of btc?src=hash&ref_src=twsrc%5Etfw”>#btc exceed the combined inflows into the other ten bitcoin ETFs. Once the initial demand for ETFs subsides, I expect a larger price drop.
—Peter Schiff (@PeterSchiff) January 17, 2024
Trader Bernstein Sees 'Buying Opportunity' for bitcoin Price as btc Mining stocks Underperform
Meanwhile, bitcoin mining stocks have underperformed in recent weeks, due to spot btc ETF approvals. This is due to the quote from him.The lower appetite of investors to use them as a proxy, and weaker btc price, resulting in further underperformance.
Bernstein Says To Buy The Dip In bitcoin Mining stocks Ahead Of btc Price 'Inflection'
bitcoin (btc) mining stocks have underperformed in recent weeks, but any weakness in the near term represents a potential buying opportunity, broker Bernstein said in a research report on Monday,…
—Bart Mahony (@Top_Dog0) January 18, 2024
However, according to the broker, the weakness gives investors the opportunity to buy mining stocks while they are cheaper.
bitcoin Price Forecast as btc Clings to Grass Straw Below Channel
With the Relative Strength Index (RSI) looking dovish, moving horizontally while still below the 50 level, bitcoin price is grasping at straws as the odds favor the downside. It faces immediate resistance from the 50-day SMA at $42,987. This overall pressure is compounded by the Moving Average Convergence Divergence (MACD), which remains in a southerly direction since crossing below the signal line (orange band) on January 12. This reinforces the assumption that the odds still favor the fall.
Increased selling pressure could delay bitcoin price's effort to restore itself to the ascending channel. Knowing that markets tend not to wait that long, btc could extend the decline to test support at $40,726, or lower, extending to test the 100-day SMA at $38,543.
In the most severe case, bitcoin price could extend the decline to the critical support of $37,800, below which btc could fall off a cliff, reaching as low as the psychological level of $30,000. A decisive candle close below this level would invalidate the prevailing bullish outlook.
<img decoding="async" class="aligncenter wp-image-473048 size-full" alt="bitcoin” width=”1272″ height=”545″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/01/Bitcoin-Price-Prediction-Bernstein-Calls-Mining-Stock-Underperformance-a-39Buying.png 1272w, https://insidebitcoins.com/wp-content/uploads/2024/01/BTCUSDT_2024-01-18_09-13-21-300×129.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/01/BTCUSDT_2024-01-18_09-13-21-1024×439.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/01/BTCUSDT_2024-01-18_09-13-21-768×329.png 768w” data-lazy-sizes=”(max-width: 1272px) 100vw, 1272px” src=”https://technicalterrence.com/wp-content/uploads/2024/01/Bitcoin-Price-Prediction-Bernstein-Calls-Mining-Stock-Underperformance-a-39Buying.png”/><img decoding="async" class="aligncenter wp-image-473048 size-full" src="https://technicalterrence.com/wp-content/uploads/2024/01/Bitcoin-Price-Prediction-Bernstein-Calls-Mining-Stock-Underperformance-a-39Buying.png" alt="bitcoin” width=”1272″ height=”545″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/01/Bitcoin-Price-Prediction-Bernstein-Calls-Mining-Stock-Underperformance-a-39Buying.png 1272w, https://insidebitcoins.com/wp-content/uploads/2024/01/BTCUSDT_2024-01-18_09-13-21-300×129.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/01/BTCUSDT_2024-01-18_09-13-21-1024×439.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/01/BTCUSDT_2024-01-18_09-13-21-768×329.png 768w” sizes=”(max-width: 1272px) 100vw, 1272px”/>
TradingView: btc/USDT 1-Day Chart
Reverse case
On the other hand, if sideline investors or later traders take the opportunity to buy the dip, bitcoin price could regain the support offered by the channel's lower boundary. This could push the $43,750 level back into support, providing the starting point for btc to target the psychological level of $48,000.
In a very bullish case, bitcoin price could extend the rise, reaching the psychological level of $50,000, last tested in December 2021.
bitcoin Price Outlook from an On-Chain Perspective
The market value at realized value (MVRV), an indicator used to evaluate the average profit/loss of investors who purchased an asset during a particular time period, shows that 2.18% is the average loss of investors who purchased btc in the last month. Some of these investors could sell btc once they break even.
This bearish outlook is reinforced by the drop in daily active addresses, which means that the number of crowd interactions or speculation on wBTC is reducing, particularly among unique or new addresses.
<img decoding="async" class="aligncenter wp-image-473074 size-full" alt="bitcoin Sentiment” width=”3840″ height=”1300″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/01/Bitcoin-Price-Prediction-Bernstein-Calls-Mining-Stock-Underperformance-a-39Buying”https://technicalterrence.com/crypto/bitcoin/”>bitcoin–btc-10.20.34-18-Jan-2024.png 3840w, https://technicalterrence.com/wp-content/uploads/2024/01/Bitcoin-Price-Prediction-Bernstein-Calls-Mining-Stock-Underperformance-a-39Buying”https://technicalterrence.com/crypto/bitcoin/”>bitcoin–btc-10.20.34-18-Jan-2024-300×102.png 300w, https://technicalterrence.com/wp-content/uploads/2024/01/Bitcoin-Price-Prediction-Bernstein-Calls-Mining-Stock-Underperformance-a-39Buying”https://technicalterrence.com/crypto/bitcoin/”>bitcoin–btc-10.20.34-18-Jan-2024-1024×347.png 1024w, https://technicalterrence.com/wp-content/uploads/2024/01/Bitcoin-Price-Prediction-Bernstein-Calls-Mining-Stock-Underperformance-a-39Buying”https://technicalterrence.com/crypto/bitcoin/”>bitcoin–btc-10.20.34-18-Jan-2024-768×260.png 768w, https://technicalterrence.com/wp-content/uploads/2024/01/Bitcoin-Price-Prediction-Bernstein-Calls-Mining-Stock-Underperformance-a-39Buying”https://technicalterrence.com/crypto/bitcoin/”>bitcoin–btc-10.20.34-18-Jan-2024-1536×520.png 1536w, https://technicalterrence.com/wp-content/uploads/2024/01/Bitcoin-Price-Prediction-Bernstein-Calls-Mining-Stock-Underperformance-a-39Buying”https://technicalterrence.com/crypto/bitcoin/”>bitcoin–btc-10.20.34-18-Jan-2024-2048×693.png 2048w” data-lazy-sizes=”(max-width: 3840px) 100vw, 3840px” src=”https://technicalterrence.com/wp-content/uploads/2024/01/Bitcoin-Price-Prediction-Bernstein-Calls-Mining-Stock-Underperformance-a-39Buying”https://technicalterrence.com/crypto/bitcoin/”>bitcoin–btc-10.20.34-18-Jan-2024.png”/>bitcoin–btc-10.20.34-18-Jan-2024.png” alt=”bitcoin Sentiment” width=”3840″ height=”1300″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/01/Bitcoin-Price-Prediction-Bernstein-Calls-Mining-Stock-Underperformance-a-39Buying”https://technicalterrence.com/crypto/bitcoin/”>bitcoin–btc-10.20.34-18-Jan-2024.png 3840w, https://technicalterrence.com/wp-content/uploads/2024/01/Bitcoin-Price-Prediction-Bernstein-Calls-Mining-Stock-Underperformance-a-39Buying”https://technicalterrence.com/crypto/bitcoin/”>bitcoin–btc-10.20.34-18-Jan-2024-300×102.png 300w, https://technicalterrence.com/wp-content/uploads/2024/01/Bitcoin-Price-Prediction-Bernstein-Calls-Mining-Stock-Underperformance-a-39Buying”https://technicalterrence.com/crypto/bitcoin/”>bitcoin–btc-10.20.34-18-Jan-2024-1024×347.png 1024w, https://technicalterrence.com/wp-content/uploads/2024/01/Bitcoin-Price-Prediction-Bernstein-Calls-Mining-Stock-Underperformance-a-39Buying”https://technicalterrence.com/crypto/bitcoin/”>bitcoin–btc-10.20.34-18-Jan-2024-768×260.png 768w, https://technicalterrence.com/wp-content/uploads/2024/01/Bitcoin-Price-Prediction-Bernstein-Calls-Mining-Stock-Underperformance-a-39Buying”https://technicalterrence.com/crypto/bitcoin/”>bitcoin–btc-10.20.34-18-Jan-2024-1536×520.png 1536w, https://technicalterrence.com/wp-content/uploads/2024/01/Bitcoin-Price-Prediction-Bernstein-Calls-Mining-Stock-Underperformance-a-39Buying”https://technicalterrence.com/crypto/bitcoin/”>bitcoin–btc-10.20.34-18-Jan-2024-2048×693.png 2048w” sizes=”(max-width: 3840px) 100vw, 3840px”/>
btc Santiment: daily active addresses, MVRV ratio
On the other hand, the Global In/Out of the Money (GIOM) metric from on-chain aggregator IntoTheBlock shows that the next formidable hurdle for bitcoin price lies between $43,922 and $67,413, where 6.29 million addresses own 2. 32 million btc purchased at an average price of $51,560.
<img decoding="async" class="aligncenter wp-image-473077 size-full" alt="btc GIOM” width=”981″ height=”365″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/01/1705590627_329_Bitcoin-Price-Prediction-Bernstein-Calls-Mining-Stock-Underperformance-a-39Buying.png 981w, https://insidebitcoins.com/wp-content/uploads/2024/01/GIOM-300×112.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/01/GIOM-768×286.png 768w” data-lazy-sizes=”(max-width: 981px) 100vw, 981px” src=”https://technicalterrence.com/wp-content/uploads/2024/01/1705590627_329_Bitcoin-Price-Prediction-Bernstein-Calls-Mining-Stock-Underperformance-a-39Buying.png”/><img decoding="async" class="aligncenter wp-image-473077 size-full" src="https://technicalterrence.com/wp-content/uploads/2024/01/1705590627_329_Bitcoin-Price-Prediction-Bernstein-Calls-Mining-Stock-Underperformance-a-39Buying.png" alt="btc GIOM” width=”981″ height=”365″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/01/1705590627_329_Bitcoin-Price-Prediction-Bernstein-Calls-Mining-Stock-Underperformance-a-39Buying.png 981w, https://insidebitcoins.com/wp-content/uploads/2024/01/GIOM-300×112.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/01/GIOM-768×286.png 768w” sizes=”(max-width: 981px) 100vw, 981px”/>
btc/deep-dive?group=financials&chart=inAndOut” target=”_blank” rel=”noopener”>btc GIOM
Any effort to push the price of bitcoin beyond this order block would be offset by selling pressure from so many addresses.
Despite that, the btc community now has its eyes wide open for the halving event scheduled for April, exactly 110 days away. The event is expected to fuel the next bullish cycle.
Ahead of this event, forward-thinking investors are already increasing their btc portfolios through the innovative cloud mining technique of the bitcoin Minetrix ecosystem.
Experience easy entry into cloud mining through #BTCMTX!
Take advantage of advanced equipment to achieve profitability and avoid worries about electricity bills or bulky setups.
There's no need to worry about resale either: mining companies take care of hardware upgrades. pic.twitter.com/tT804GCHWu
—Bitcoinminetrix (@bitcoinminetrix) January 17, 2024
Promising alternative to bitcoin
bitcoin Minetrix offers you the best alternative to bitcoin, BTCMTX. The token, which powers its ecosystem, is available for purchase at $0.0129, which will hold for the next three days before rising.
stage 20 #BitcoinMinetrix It's already underway!
What impact do you think environmental concerns have on bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin What will mining have in its future? pic.twitter.com/96Y3Oo7r4x
—Bitcoinminetrix (@bitcoinminetrix) January 16, 2024
Pre-sale sales have reached over $8.728 million, with the target of $9,509 now in sight. With the tokens selling quickly, sales could skyrocket to $9 million by the end of the week. Do not miss!
Great achievement for #BitcoinMinetrix!
Exceeding the $8,600,000 milestone! pic.twitter.com/r3i9wdtSbg
—Bitcoinminetrix (@bitcoinminetrix) January 17, 2024
For investors who already own BTCMTX, there is no need to wait for the pre-sale to end. The same applies to anyone who wants to buy BTCMTX. Support your holdings by mining credits and then redeem or burn these credits for mining hash power.
This is the mechanism behind the project's cloud mining approach, which decentralizes and tokenizes the entire process for maximum user convenience.
Embarking on a new era of cloud mining with #BitcoinMinetrix!
Users win #BTCMTX stake credits, control your mining power.
ethereum smart contracts provide decentralized and automatically managed allocations for a secure experience. pic.twitter.com/m2QaOlXNlZ
—Bitcoinminetrix (@bitcoinminetrix) January 16, 2024
Visit the bitcoin Minetrix website to pre-sell BTCMTX 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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