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The price of bitcoin could bitcoin“>print a slight gain in the last 24 hours to trade at $39,978.38 at 10am EST.
Gold Expected to Overtake bitcoin in 2024
Meanwhile, Bloomberg senior commodities strategist Mike McGlone believes bitcoin is likely to outperform the stock market on a risk-adjusted basis in 2024, but adds that gold may overtake the king of cryptocurrencies..
Despite the bullish approval of bitcoin spot ETFs (exchange-traded funds) and the upcoming halving, macroeconomic factors may prevent btc from reaching a new all-time high in 2024, according to the analyst.
In an interview with CoinTelegraph, McGlone said that the US market could finally enter a recession this year, which should send the stock market tumbling. This should also negatively affect the leading cryptocurrency.
“When the stock market and beta go down, bitcoin goes down more,” McGlone said. In this environment, he expects gold and long-term Treasuries to come out ahead.
bitcoin price could fall in the coming days
Daily chart for btc/USDT (Source: TradingView)
A medium-term bearish technical flag is about to activate on the btc daily chart. Currently, the 20 EMA line is falling towards the 50 EMA line. This suggests that the push for bitcoin The price was more bearish in the last 20 days compared to the last 50 days. The last time these two EMA lines crossed bearishly was on August 16, 2023, causing btc to fall from a high of $29,259.85 to $25,166 in the following days.
These two lines crossing over the next 48 hours may indicate that btc has entered a bearish cycle. This could put bitcoin price at risk of falling below the current support of $40,000 and testing the $38,000 mark soon. A break below this subsequent support level may lead to bitcoin price falling as low as $35,390 in the coming days.
bitcoin Price: btc May Consolidate
This bearish thesis may be invalidated if the bitcoin the price manages to close the next two daily candles above $40,000. In this more bullish scenario, btc may consolidate for a couple of days before attempting a challenge at the $42,450 resistance level. A break above this threshold could clear the way for bitcoin price to rise to the next barrier of $44,430.
While bitcoin price is showing signs of a possible correction, bitcoin Minetrix is gaining ground at an alarming speed with its pre-sale. arising more than 9.2 million dollars.
A new era in bitcoin cloud mining
Exploring the differences between #BitcoinMinetrix and Traditional Mining in the Cloud!
Safety and security: #BTCMTX: Decentralized, tradable user-owned #records.
Traditional: Cash deposits required. pic.twitter.com/l1nHJE6BdT
—Bitcoinminetrix (@bitcoinminetrix) January 25, 2024
bitcoin Minetrix has investors excited as it shows the potential to give the bitcoin cloud mining sector a much-needed facelift. Through its innovative platform, the project incorporates decentralization to dramatically reduce the barrier to entry for anyone looking to get started with bitcoin cloud mining.
This may make it an extremely popular platform in the coming months as bitcoin becomes scarcer after the halving event in April.
Its unique mining staking model is also a smart combination of mining and bitcoin staking, giving investors the best of both profit opportunities. It also gives investors access to one of the few passive income opportunities that pays in the leading cryptocurrency, without having to maintain large, complex machinery themselves.
Investors identify BTCMTX as a 10x opportunity
The bitcoin Minetrix pre-sale has done phenomenally well and has raised over $9.2 million. BTCMTX, which is currently selling for $0.013, can be purchased on the project website using ether (eth), Tether (USDT), or bank card.
Investors will want to hurry as the price of the cryptocurrency will rise in about 16 hours. With the approval of spot bitcoin ETFs in the US, bitcoin Minetrix It may be the last chance for smaller, non-institutional investors to gain exposure to bitcoin at a low price.
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