Join our Telegram channel to stay up to date on breaking news coverage
bitcoin price has been trading sideways over the past 24 hours to settle at $42,913 at 4:45 am EST, even as trading volume increased by 17%.
The coin has seen very low volatility in the last week, with some dips that were quickly followed by a recovery, as the coin continues to sit and wait just below the $43k resistance.
This has been the case since btc fell below this level in mid-January of this year.
Still, bitcoin bull Arthur Hayes, co-founder and former CEO of cryptocurrency exchange BitMEX, expects it to soar to a price of $1 million as investors rush for cover amid crisis and bailout. of the American banking industry.
Resume the landfill!
JAYPOW says the US economy and banks are strong or very strong.$NYCB says the opposite. Who is right, the market or the central banker?
Time and compound interest are two things that not even New Keynesians can ignore.
The rescue is coming $btc = $1mm
Yatezee pic.twitter.com/yWLqly72jY
—Arthur Hayes (@CryptoHayes) February 5, 2024
In the past, traders and investors often used gold to protect themselves from calamities that would devalue fiat currencies, but Hayes believes bitcoin is ready to take on that role.
bitcoin Price Forecast
However, in the short term, bitcoin continues to struggle against the $43,000 resistance that has held it back from progressing for over a week.
Fortunately, some technical indicators suggest that the coin could soon see another small rise that could help it surpass this level once again.
For example, the token's Relative Strength Index (RSI) level is currently in a neutral zone, with a value of 48.23. As such, it indicates that bitcoin is neither oversold nor overbought, but could easily slide towards either extreme, depending on the actions of traders.
That said, the coin's trading volume has seen a slight increase, as mentioned above, and any increase in trading activity could lead to a price increase, especially if demand starts to increase.
At the same time, the Bollinger Bands have seen a widening compared to the past few days, which is also considered a bullish signal.
If the coin price starts to rise again, it will first have to overcome the $43,000 resistance and then a stronger $43,500 level, which has held btc back from rising for most of the past month. After that, the coin will have a clear path towards its next resistance at the $47,500 level.
However, if bearish pressure pushes it lower, btc still has pretty strong support at $40,000.
Promising alternative to bitcoin
With bitcoin moving forward into an eventful year with a halving of the block reward and a possible rally, there are very few options that can offer more promise right now.
And yet, that is exactly the case when it comes to bitcoin Minetrix (BTCMTX), a bitcoin cloud mining platform. The reason for this is the fact that buying btc now could be a great investment, but buying BTCMTX and staking it to start mining bitcoin could be much more profitable.
#BitcoinMinetrix is responsible for the content of only 3 social media accounts:
X (Twitter) – @bitcoinminetrix
Telegram – https://t.co/jjqYaqOtyv
Discord – https://t.co/IlUfmCrFwLFollow our social networks, join our community and always stay updated! pic.twitter.com/y61aWn7AmM
—Bitcoinminetrix (@bitcoinminetrix) February 3, 2024
With BTCMTX, users can mine bitcoin by simply purchasing and staking this token, which is currently selling for $0.0133 per unit. Mining itself does not require expensive mining rigs or huge electricity bills.
By simply purchasing and staking the token, users will receive rewards in newly mined bitcoin, which could skyrocket to $1 million per unit, if Hayes' prediction turns out to be correct.
You can get BTCMTX right now by heading over to their platform and purchasing it in exchange for eth or USDT, or even with your credit or debit card. The project's pre-sale has already raised $10.34 million and is now targeting $11.2 million as its next goal.
Meanwhile, in less than four days, the price of the token will increase. So if you are interested, act now to secure tokens at the lowest possible price.
Participate in the BTCMTX pre-sale here.
Related news:
- Audited by Coinsult
- Secure and decentralized cloud mining
- Earn free bitcoin daily
- Native Token on Pre-Sale Now – BTCMTX
- Staking Rewards: Over 50% APY
Join our Telegram channel to stay up to date on breaking news coverage
