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bitcoin price is hugely bullish, trading at $35,265 at 11:28 pm EST, recording a 40% increase in trading volume in the last 24 hours.
The optimism comes as enthusiasm for spot bitcoin exchange-traded funds (ETFs) continues to grow. It underlines the huge potential gains for two btc alternatives, BTCMTX and BTCETF, which are still in pre-sale and offer traders easy entry.
In addition to the ETF, investors’ eyes are also on the bitcoin halving scheduled for April 2024. For traders and investors, a fresh start towards a new bullish mark seems likely.
bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin GRATED IN HALF
Make no mistake about it, the halving rally will happen. btc?src=hash&ref_src=twsrc%5Etfw”>#btc You’re on the last straight line, FOMO will kick in hard very soon.
Be prepared. pic.twitter.com/eFfVWL6VVg
— Cryptocurrency titan (@WashIgorria) November 8, 2023
For miners, however, their mining rewards will be halved, going from 6,125 to 3,125 block rewards. This means a 50% reduction in income.
You’re right, the miner’s income is drastically reduced (unless they double their production capacity). But miners selling less has no impact on the supply of bitcoin when there is already a sea of 19.5 million bitcoins floating around.
After the latest halving event, bitcoin supply went from… pic.twitter.com/EAYhzyp00v
-Alby (@albyva) November 6, 2023
While a 50% deduction seems like a worthwhile trade considering that the price of bitcoin will rise significantly, miners have a different view on the matter. This is because the operating expenses required to mine bitcoin have increased over time. These include mining infrastructure that costs more, skyrocketing electricity rates, and plans to impose a 30% mining tax on American miners.
bitcoin price is giga bullish, analysts say, as btc price remains above $34,000
With bitcoin price holding steady above the psychological level of $35,000, one trader, known for predicting the early 2023 rally, says btc is giga bullish. In a post to his 507.7k followers on crypto
According to DonAlt, the mere fact that the price of bitcoin remains above $32,000 means that the bulls are in the driver’s seat of the btc market.
“Strong acceptance above low range. It doesn’t get any better than that,” she said. “As long as $32,200 holds, I don’t see why anyone would be anything other than a bullish gig. If we lose the low of the range, we can start talking about being bearish.” DonAlt maintains that the next time period resistance for bitcoin is $60,000.
bitcoin Price Forecast as Expert Points to Desirable $60,000
The price of bitcoin is below the psychological level of $36,000, a barrier that has remained in place since October 22. This is a risk considering that markets tend not to wait that long. Unless the bulls take control again, the bears could easily attack.
Technically speaking, the bulls are still showing dominance, with the Relative Strength Index (RSI) tilted north. This shows that the momentum continues to increase. Along with the Awesome Oscillator (AO), which remains positive with large volumes of green histogram bars, the odds favor the bulls.
Further buying pressure could see bitcoin price break the $36,000 barrier in the three-day period, with an eye on the $40,000 psychological level.
In a highly bullish case, gains could extend to bitcoin price to test the supply zone that extends from $44,070 to $47,122. To confirm the continuation of the primary trend, btc must break and close above the middle line of the order block at $45,550. A decisive move above this supply barrier will put DonAlt’s $60,000 target within reach.
On the other hand, a rejection of the $36,007 resistance level could see bitcoin price first fall below the $31,190 support. The 50-day, 100-day, and 200-day simple moving averages (SMA) provide potential inflection points for btc and could hold as support levels or entry points for late investors at $28,876, $27,303, and $25,803 levels respectively.
However, if the SMAs do not hold, bitcoin price could fall further to the $24,985 support, levels last tested in September.
Meanwhile, enlightened investors consider BTCMTX and BTCETF as promising alternatives to btc.
Promising alternatives to bitcoin
BTCMTX
Starting with BTCMTX, the token that powers the bitcoin Minetrix project. It is a cloud mining ecosystem where the entire mining process has been decentralized and tokenized.
There are no third parties, which reduces the chances of scams. Simply put, the token holder is in complete control. Opening the door for anyone to own bitcoin, the bitcoin Minetrix project has low barriers to entry, not even requiring any technical knowledge or experience to understand or operate it. Space, noise and heat are also not a concern, with the added bonus that you won’t need any hardware.
Go deeper into $btc mining together #BitcoinMinetrix! #cloud mining opens the door to the world of crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto:
Easy start for beginners.
Economical without hardware costs.
Don’t worry about space, noise or overheating.
Hassle-free updates. pic.twitter.com/N3zwTDRYjq—Bitcoinminetrix (@bitcoinminetrix) November 7, 2023
The mining staking project, which has the potential to generate high returns, is in the sixth stage, which lasts five days, and BTCMTX tokens are sold for $0.0115.
#BitcoinMinetrix Stage 6 will end in 5 days! pic.twitter.com/hKVthtJdI4
—Bitcoinminetrix (@bitcoinminetrix) November 7, 2023
Interested traders have a small window of less than four days to capitalize on the current low price. To date, pre-sale collections have reached $3,652 million, with a target goal of $4,407 million. Do not miss. Buy BTCMTX now.
BTCETF
BTCETF is the native crypto for the bitcoin ETF token, a project that is preparing investors for when the US Securities and Exchange Commission (SEC) finally approves a bitcoin spot ETF. The project is built on the promise that a flood of new ETFs will open the cryptocurrency market to billions or even trillions of inflows once they are launched.
Presenting #BitcoinETFthe visionary project prepared to revolutionize the crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto kingdom anticipating the arrival of bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETF.
Stay tuned for the reveal of the distinctive mechanics and strategies that establish #BTCETF apart in the world of digital assets. pic.twitter.com/7CBWhJlErg
– BTCETF_Token (@BTCETF_Token) November 1, 2023
To get ahead of this wave, make sure you own a BTCETF token now before institutional capital floods in to spark a new market cycle.
The token is very affordable and is selling for $0.005 at the current stage. To date, fundraising has reached $61,645, with a target goal of $420,000. The tokens sell quickly and are available for purchase using eth, USDT, or a bank card, just like bitcoin Minetrix.
Visit bitcoin ETF Token here and bitcoin Minetrix here to buy pre-sales of BTCETF and BTCMTX cryptocurrencies now.
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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