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bitcoin price rose almost 5% in the last 24 hours to trade at bitcoin/”>$43,070 to 5 a.m. EST, while daily trading volume increased 26% to $25.1 billion.
bitcoin rallied after retesting the $41,000 support, which many took as a sign that btc is starting a new bull run that could see the coin surpass resistances.
If true, btc could potentially skyrocket to a new yearly high.
Two recent developments related to bitcoin spot ETFs have boosted sentiment around the king of cryptocurrencies.
The first is linked to BlackRock, which suggested a symbol for its proposed bitcoin spot ETF filing. According to the latest modification to its filing, the world's leading asset manager offered the IBIT symbol.
The filing update also included new language regarding the creation and reimbursement mechanism that the fund will implement.
Another significant development came from Grayscale Investments CEO Michael Sonnenshein, who predicted that the arrival of spot bitcoin ETFs opens digital assets to the $30 trillion market of advised wealth.
JUST IN: Grayscale CEO tells CNBC an announcement bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETF would be “unlocked” btc?src=hash&ref_src=twsrc%5Etfw”>#btc for around “$30 trillion in advised wealth.” pic.twitter.com/yaM1riX9FI
– bitcoin Magazine (@BitcoinMagazine) December 18, 2023
bitcoin Price Forecast with New ETF-Related Developments
bitcoin price has recovered significantly with the start of the new week, despite recent predictions that bears are about to take over the market.
The coin broke the main bullish pennant pattern in the four-hour period, which is why many are now expecting a major bullish wave to occur.
The above-mentioned developments regarding bitcoin spot ETFs also contributed to bullish sentiment among buyers.
Additionally, the coin's recent drop to $41,000 likely encouraged many to jump in and buy the dip, driving the price up even further.
<img decoding="async" class="aligncenter size-full wp-image-466684" src="data:image/svg+xml,%3Csvg%20xmlns=" http:="" alt="bitcoin price” width=”1424″ height=”629″ data-lazy-srcset=”https://technicalterrence.com/wp-content/uploads/2023/12/As-BlackRock-ETF-Gets-Ticker-and-Grayscale-Says-ETFs-Open.jpg 1424w, https://insidebitcoins.com/wp-content/uploads/2023/12/BTCUSDT-Dec-18-1-300×133.jpg 300w, https://insidebitcoins.com/wp-content/uploads/2023/12/BTCUSDT-Dec-18-1-1024×452.jpg 1024w, https://insidebitcoins.com/wp-content/uploads/2023/12/BTCUSDT-Dec-18-1-768×339.jpg 768w” data-lazy-sizes=”(max-width: 1424px) 100vw, 1424px” data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2023/12/As-BlackRock-ETF-Gets-Ticker-and-Grayscale-Says-ETFs-Open.jpg”/><img decoding="async" class="aligncenter size-full wp-image-466684" src="https://technicalterrence.com/wp-content/uploads/2023/12/As-BlackRock-ETF-Gets-Ticker-and-Grayscale-Says-ETFs-Open.jpg" alt="bitcoin price” width=”1424″ height=”629″ srcset=”https://technicalterrence.com/wp-content/uploads/2023/12/As-BlackRock-ETF-Gets-Ticker-and-Grayscale-Says-ETFs-Open.jpg 1424w, https://insidebitcoins.com/wp-content/uploads/2023/12/BTCUSDT-Dec-18-1-300×133.jpg 300w, https://insidebitcoins.com/wp-content/uploads/2023/12/BTCUSDT-Dec-18-1-1024×452.jpg 1024w, https://insidebitcoins.com/wp-content/uploads/2023/12/BTCUSDT-Dec-18-1-768×339.jpg 768w” sizes=”(max-width: 1424px) 100vw, 1424px”/>
btc is expected to break the $43,000 barrier and rise further. Some predictions believe it could rise up to 15% in the coming days. However, multiple technical indicators suggest that the coin's price could be rejected again in the short term.
bitcoin has seen the Bollinger Bands tighten and its Relative Strength Index (RSI) score has entered the overbought zone.
Both are bearish signals, suggesting that the price is likely to experience another decline.
Previous predictions also suggested that btc would have another rise before the bear market took over, pushing the price towards the mid-$30,000 range, which is still possible.
Market uncertainty is high for now and btc could follow either scenario.
Promising alternative to bitcoin
One of the best alternatives to bitcoin is a project called bitcoin Minetrix (BTCMTX). This is a cloud mining platform for bitcoin that seeks to make bitcoin mining easy and secure for anyone interested in mining the world's oldest cryptocurrency.
Everything works simply: users buy the project's native token, BTCMTX, stake it on their platform and receive credits in return.
These credits are then used to mine btc and receive rewards without purchasing expensive equipment or having to pay high electricity bills.
Additionally, the platform is fully decentralized, secure, transparent, and audited to assure stakeholders that it is safe to use, unlike many cloud miners of the past, which turned out to be fraudulent.
The project's pre-sale became one of the most important in 2023 and had already raised more than $5.52 million.
#BitcoinMinetrix He has successfully raised over $5,400,000! pic.twitter.com/eD8FvCkXJQ
—Bitcoinminetrix (@bitcoinminetrix) December 19, 2023
Its token, BTCMTX, is currently selling for $0.0123 each, but in less than three days, the token will see a price increase. That is why buying it in advance has its advantages.
If you buy BTCMTX, you can get it in exchange for eth and USDT or buy it via credit or debit card.
Related news:
- 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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