Join our Telegram channel to stay up to date on breaking news coverage
bitcoin (btc) price is trading with a bullish bias on the daily time frame. It shows a very viable movement during the past week. Price action is defined by notable higher highs with potential for further gains based on the technical outlook.
Meanwhile, CryptoQuant’s head of research, Julio Moreno, says The launch of a spot bitcoin exchange-traded fund (ETF) could increase market capitalization by $1 trillion.
bitcoin Market Cap Could Benefit From btc Spot ETF Launch
According to Moreno, “the next wave of institutional bitcoin adoption will come from the launch of btc spot ETFs.” He is aware that approvals might not come this year. With this, Moreno maintains that the probability of approval continues to increase over time. According to the researcher, there are two possible drivers. First, the legal victories of Grayscale (GBTC) and Ripple (XRP) in their respective court cases.
With the above, Moreno anticipates approximately $150 billion in new capital inflow to the bitcoin market once the SEC gives its ruling. His assumption is based on the historical relationship between the total market capitalization and the realized capitalization of btc. Specifically, a new capital inflow of $150 billion into the btc market could increase the flagship cryptocurrency’s market capitalization by between $450 and $900 billion.
btc Developers Discover Massive Security Risk in bitcoin Lightning Network
According to recent revelations, bitcoin developers discovered a huge risk in the btc Lightning Network. According to the claims, there are intentional backdoors in the code that bad actors could exploit. These could cause them to gain full control of the network. The developer reportedly abandoned the project after the discovery.
RIP:
Top btc developers recently discovered a huge security risk in the bitcoin Lightning Network.
It claims there are intentional backdoors in the code that allow attackers to gain full control of the network.
This motivated him to announce his departure from…
– Whale (@WhaleChart) October 21, 2023
Quoting the developer in a recent bitcoin-dev/2023-October/022032.html” target=”_blank” rel=”noopener”>divulgation:
From now on, I will step down from my involvement in the development of the Lightning network and its implementations, including coordinating the handling of security issues at the protocol level.
bitcoin Price Forecast as btc Pumps Hard
bitcoin price is bullish, rising strongly over the past week to the current price of $30,051, a 13% increase since mid-October. The move above the psychological level of $30,000 was confirmed on Saturday, October 21, after multiple rejections between October 16 and 20.
It comes after Friday’s Federal Reserve meeting at the Economic Club of New York. This means that the content of the event took priority over the fake news of a one-time approval of a btc ETF that shocked the markets on October 16.
Well, that was a crazy turn of events…
• $btc start pumping
• Cointelegraph reports on an announcement bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETF approval
• BlackRock confirms that the reports are false
• 10% of all open interest eliminated in one goAnother day in crypto. pic.twitter.com/iaCxBQVbRQ
– Miles Deutscher (@milesdeutscher) October 16, 2023
The rise has seen bitcoin price tag the supply zone, extending from $30,280 to $31,454. In particular, a supply zone is a block of orders populated by sellers. As such, aggressive selling is expected within this range. btc must surpass the median threshold (middle line) of this order block for a confirmed uptrend of $30,868.
In a highly bullish case, gains could see bitcoin price flip the supply zone from a resistance barrier to a bullish switch, potentially extrapolating to mark the range high at $31,804.
The Relative Strength Index (RSI) at 75 points means more gains while holding north. This means that momentum continues to increase. The Awesome Oscillator (AO) indicator also records large volumes of histogram bars, showing a strong presence of the bulls in the btc market. This adds credibility to the bullish thesis.
Reverse case
Meanwhile, profit-taking could disrupt the uptrend, potentially as traders who bought btc around the $27,000 psychological range take profits. The resulting selling pressure could send bitcoin price lower, losing the $29,868 support level.
Further selling pressure could cause bitcoin price to fall further, losing all the ground covered in the last three days to turn the $28,105 support floor into a resistance barrier. In the most severe case, the drop could see the king of cryptocurrencies fall into the demand zone, a block of orders that extends from $27,017 to $26,546. This area is populated by buyers, which means aggressive buying should be expected. However, if btc records a solid move below the midline of this order block at $26,782, it would confirm a continued bearish trend.
If things turn sour, bitcoin price could extend the decline until reaching the range low of $25,635, 15% below current levels.
Meanwhile, forward-thinking investors are turning to BTCMTX, a more promising alternative that gives you credit and gives you the opportunity to own btc.
bitcoin Alternative
BTCMTX is the token powering the bitcoin Minetrix ecosystem, which is still in the pre-sale stage and is selling for $0.0111 per token. The project is an ecosystem of participation in mining, and experts say it could multiply by 10 after its launch. Gamblers earn credits that can be exchanged for mining hash power.
bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin Mining is scaling #Hashrate suggests that miners are implementing innovative strategies to thrive in a competitive landscape.
From harnessing renewable energy to creative heat management solutions, the industry is adapting to address environmental concerns.
As…
—Bitcoinminetrix (@bitcoinminetrix) October 20, 2023
After a successful race in the first stage, the second stage will end in less than two days. The window is closing quickly, so interested investors should not waste any more time. Buy BTCMTX using the stablecoin ethereum (eth), Tether (USDT) or your bank card.
#BitcoinMinetrix Stage 2 will be over in 2 days! pic.twitter.com/TwnNmrDEYQ
—Bitcoinminetrix (@bitcoinminetrix) October 21, 2023
As traders flock to this new cryptocurrency pre-sale, collections are coming quickly, with $1.964 million already in the bag, approaching $2 million.
#BitcoinMinetrix It has surpassed the $1,800,000 mark! pic.twitter.com/mBNdn4syU7
—Bitcoinminetrix (@bitcoinminetrix) October 20, 2023
Visit and buy 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 1000% APY
Join our Telegram channel to stay up to date on breaking news coverage
