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bitcoin price up a fraction of a percent in the last 24 hours bitcoin/”>trading at $42,727 at 02:39 am EST on trading volume which increased by 19.9% to $18 billion.
This comes as ARK Invest CEO Cathie Wood says bitcoin (btc) is effectively replacing gold as a store of value, especially after the approval of spot bitcoin exchange-traded funds (ETFs).
In a new YouTube update, Wood says he believes btc is acting more like a risk-free asset and a flight to quality during times of economic uncertainty.
Wood shares a chart of the bitcoin/gold ratio, which appears to show a strong long-term bullish trend. She says this reflects that btc is now in the process of partially replacing the yellow metal.
Wood's company was one of 10 ETF issuers that launched a spot bitcoin ETF on January 11. The ARK 21Shares bitcoin ETF holds over $700 million in bitcoin.
bitcoin Price Remains Bullish as It Trades Inside Ascending Triangle
bitcoin price has recently been in an uptrend after reaching the support level at $38,470 and experiencing a rising phase, with the bears facing a challenge at the resistance level of $43,850.
The pivot point sits at $42,270, with possible resistance levels identified at $44,611 and $46,801, suggesting potential obstacles to the bullish move.
On the 4-hour chart, we see the price moving slightly coinciding with the 50-day and 200-day simple moving averages, with a golden cross formed at the $42,870 level, showing signs of a possible bullish rally.
Furthermore, the presence of an inverse head and shoulders pattern further confirms the prevailing bullish sentiment for btc.
The bitcoin Fear and Greed Index is at the greed level of 60, which may be a sign that investors are feeling confident about btc's prospects.
<img decoding="async" class="alignnone size-full wp-image-478391" src="data:image/svg+xml,%3Csvg%20xmlns=" http:="" alt="bitcoin Fear and Greed Index” width=”640″ height=”575″ data-lazy-srcset=”https://technicalterrence.com/wp-content/uploads/2024/02/1707221147_593_Bitcoin-Price-Prediction-ARK-Invest-CEO-Cathie-Wood-Says-Bitcoin.png 640w, https://insidebitcoins.com/wp-content/uploads/2024/02/image-25-300×270.png 300w” data-lazy-sizes=”(max-width: 640px) 100vw, 640px” data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2024/02/1707221147_593_Bitcoin-Price-Prediction-ARK-Invest-CEO-Cathie-Wood-Says-Bitcoin.png”/><img decoding="async" class="alignnone size-full wp-image-478391" src="https://technicalterrence.com/wp-content/uploads/2024/02/1707221147_593_Bitcoin-Price-Prediction-ARK-Invest-CEO-Cathie-Wood-Says-Bitcoin.png" alt="bitcoin Fear and Greed Index” width=”640″ height=”575″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/02/1707221147_593_Bitcoin-Price-Prediction-ARK-Invest-CEO-Cathie-Wood-Says-Bitcoin.png 640w, https://insidebitcoins.com/wp-content/uploads/2024/02/image-25-300×270.png 300w” sizes=”(max-width: 640px) 100vw, 640px”/>
The relative strength index is currently at the 47 mark, below the mid-level of 50, but with signs of recovery. If the current bullish momentum holds, the RSI could cross the threshold of overbought territory.
Bullish bitcoin Price Investors Target $49,000
The current sentiment around the price of bitcoin is decidedly bullish, driven by the emergence of the ascending triangle pattern.
Enthusiastic investors aim to break the upper boundary of this triangle, driving the price towards the previous high of $49,000 and even higher.
However, in a reverse scenario, if the bears take control, the price could fall to the support zone, with the $40,259 level providing a cushion against the downward pressure.
Currently, there is a certain degree of uncertainty about the future direction of the price of bitcoin. As a result, experts recommend the acquisition of bitcoin Minetrix, which they predict could grow 10-fold at launch.
Buy BTCMTX before the end, a promising alternative to bitcoin
He bitcoin Minetrix (BTCMTX) Pre-sales just surpassed $10.3 million, while approaching the goal of $11.2 million.
stage 24 #BitcoinMinetrix It's already underway!
How does he bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin Does the block size limit affect mining dynamics? pic.twitter.com/cwcjTjafHN
—Bitcoinminetrix (@bitcoinminetrix) February 5, 2024
bitcoin mining is a complex and resource-intensive process and requires you to have specialized technical and hardware knowledge.
By integrating cloud mining and staking, bitcoin Minetrix eliminates the need for expensive mining equipment and makes bitcoin mining affordable for everyone.
Mining bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin vs buy $btc?
Contribute significantly to the expansion of the network.
Gain greater control over the procurement process.
Deepen your understanding of technological complexities. pic.twitter.com/O0asQryARd
—Bitcoinminetrix (@bitcoinminetrix) February 5, 2024
To participate in the project, you can purchase BTCMTX tokens at a discounted price of $0.0133 before the price increases in less than four days. This allows you to participate in bitcoin mining regardless of your experience and at the same time earn rewards.
Join BTCMTX, Earn $3000, 10x Returns
You can earn passively on the platform Stake BTCMTX to Earn an Impressive 65% Annual Percentage Yield (APY). Additionally, when you purchase and stake BTCMTX tokens, you will automatically participate in the $30,000 minedrop airdrop competition. Ten winners will be selected and each will receive a prize of $3,000.
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Get ready for your chance to win a share of $30,000 in $BTCMTX!
Follow the steps in the link below for your chance to win one of ten $3000 $BTCMTX Awards!
https://t.co/v1UKskxi4Y pic.twitter.com/nseOBTNO9N—Bitcoinminetrix (@bitcoinminetrix) October 5, 2023
Jacob Bury, a prominent YouTube crypto analyst, backed the project and foresaw the potential for a 10x increase upon launch.
To participate in the pre-sale, visit the BTCMTX official website and exchange your eth or USDT for BTCMTX. You can also make purchases directly with your bank card.
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