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bitcoin price is trading with a bullish bias, despite the 3% value drop over the last day to the current price of $34,384 on Friday at 1:16 am EST.
Trading volume has also reduced as the weekend approaches, down 20% from the last day.
But the lapse has nothing to deter btc fans like Michael Saylor from seeing a promising future for the king of cryptocurrencies. Yesterday he said that he still anticipates 10x growth potential for btc, while other experts are also looking at BTCMTX, a promising alternative that will debut on exchanges soon.
The founder and CEO of MicroStrategy says the imminent departure of “crypto cowboys” like Sam Bankman-Fried (SBF) from the crypto scene is among the expected drivers that could catapult btc to 10 times its current price. The bitcoin halving in April and the likely approval of bitcoin spot ETFs are among other key factors behind his optimism.
MicroStrategy added up to 155 btc worth around $5.3 million to its portfolio last month, bringing total holdings to 158,400 btc tokens.
JUST ON – Michael Saylor on Live TV: Halving will cut selling pressure in half as announcement bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETFs increase demand for btc?src=hash&ref_src=twsrc%5Etfw”>#btc
“Demand will increase, supply will contract” pic.twitter.com/ZYsFoKN94h
– bitcoin Magazine (@BitcoinMagazine) November 2, 2023
bitcoin Price Outlook
bitcoin price has been consolidating below the range high of $35,984 for almost two weeks, which is dangerous considering markets tend not to wait too long. With this outlook, a btc drop seems likely in the near term before a solid move north.
The early drop thesis is supported by the fact that there is no decision yet from the US Securities and Exchange Commission (SEC) on btc spot ETFs. Indeed, ETF rumors continue to wane on crypto X after a period of euphoria.
The speculative btc trading mania will metamorphose to a new level in January 2024 as this is the next key ETF decision deadline. Until then, however, investors should not be surprised if a pullback occurs, especially given the multiple sell signals on the btc chart.
First, the Relative Strength Index (RSI) is above 70, showing that btc is massively overbought. Its southward tilt could soon transform into a sell signal after it crosses below 70, causing a pullback in bitcoin price.
Secondly, bitcoin price action is recording highs since October 25. Meanwhile, the RSI is sloping downward. The lack of parity is called a bearish divergence, which precedes a pullback.
The Momentum Reversal Indicator (MRI) also supports the bearish signs, giving two sell signals. One of them occurred after the close on October 23, shown as a red downward arrow. On November 1, the MRI printed another red down arrow, forecasting one to four candles down.
With these sell signals, bitcoin price could fall, with the imbalance represented by the Fair Value Gap (FVG) area and its midpoint of $31,540 being critical support levels that investors should keep an eye on.
bitcoin Alternative
Meanwhile, investors consider BTCMTX, the token that powers the bitcoin Minetrix ecosystem, as a promising alternative to btc. It is a participation-to-mine project with low barriers to entry, giving everyone a fair opportunity to own bitcoin.
#BitcoinMinetrix versus traditional cloud mining
Entry cost comparison: #BTCMTX = Low cost entry with a fixed commitment period.#ConventionalCloudMining = Requires substantial initial deposits. pic.twitter.com/rptO3i0BlH
—Bitcoinminetrix (@bitcoinminetrix) November 2, 2023
bitcoin Minetrix is a cloud mining platform that allows everyday people to mine bitcoin in a decentralized way. It has tokenized the entire process, so the token holder has full control without the need to involve third parties. This reduces the chances of scams.
Presenting #BitcoinMinetrixthe revolutionary cloud mining solution that allows people to participate in #Decentralized $btc mine easily.
With the risks of third-party cloud mining removed, users enjoy complete control over their mining activities.#bitcoin Mining pic.twitter.com/BV7BE7AfKs
—Bitcoinminetrix (@bitcoinminetrix) November 1, 2023
Join the many traders flocking to this cloud mining project even as stage 5 of the pre-sale begins. Each BTCMTX token is sold for $0.0114 and pre-sale sales record $3.183 million of the $3.904 million target.
#BitcoinMinetrix Stage 5 is now available! pic.twitter.com/OIZcFFIUeX
—Bitcoinminetrix (@bitcoinminetrix) November 2, 2023
With experts predicting 10x growth potential for bitcoin Minetrix, now is the ideal time to buy BTCMTX.
https://www.youtube.com/watch?v=rdBV_oTEt8o
Visit bitcoin Minetrix to 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 100% APY
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