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bitcoin price has fallen almost 4% in the last 24 hours to trade at $42,323 as of 4:22 a.m. EST, while trading volume increased 79% to $26.4 billion.
The crash, which saw the cryptocurrency king briefly reach the psychological level of $40,000, wiped out nearly $206 million in market positions.
Specifically, long positions worth $197.366 million and short positions worth $8.23 million were liquidated.
The week is off to a volatile start, with the US consumer price index (CPI) and the Federal Reserve's interest rate decision scheduled for later in the week expected to drive even more volatility.
The drop, seen during the early hours of the Asian session, also erased $1.2 billion in open interest, which currently stands at $19.5 billion.
Meanwhile, former Goldman Sachs executive Raoul Pal, now CEO of Real Vision, predicts that the price of bitcoin will rise between $100,000 and as much as $200,000 in the next bull run. Notably, this cycle is expected to begin after the btc halving in April, an event that has historically fueled bullish cycles.
The prediction came during a recent interview on the Unchained crypto YouTube channel with Laura Shin. According to Pal, the price of bitcoin is likely to show a traditional cycle, rising between $100,000 and $200,000. She considers that outcome to have a 60% probability.
This is one of three possible outcomes the former Goldman Sachs executive is “juggling” with, the other being a 20% chance of playing out such that there is a massive influx of money into the cryptocurrency sector. , which could start “a larger-than-expected bull run.”
Finally, Pal is also grappling with the possibility that “the entire cycle is ahead of schedule and will be shorter, but more violent in 2024.”
bitcoin Price Outlook: Assessing the 4% Drop in btc
bitcoin price was previously testing the midpoint of the 77% decline recorded during the bear market. The level is critical, critical to be specific, with a high probability of triggering massive profit taking or sell orders. The result of this is widespread liquidations.
As such, bitcoin price could likely consolidate around this level even as bulls and bears engage in a tug-of-war.
Meanwhile, the popular cryptocurrency continues to face the midline of a supply barrier of $43,860. A breakout and close above this level would confirm the continuation of the primary trend.
The bullish potential is still alive for bitcoin price, as suggested by the Relative Strength Index (RSI) position above 50. The Awesome Oscillator (AO) histogram bars also add credibility to the bullish thesis, showing bars of positive green histogram. territory.
Further buying pressure could see bitcoin price turn the weekly supply barrier into a bullish break even as it extends to the next key barrier at $54,763. In a highly bullish case, gains could be extrapolated for btc to test the range high of $60,098, last tested in November 2021. Such a move would denote a 60% rise above current levels.
Furthermore, a comparison of the current bitcoin price action and that recorded over the last two cycles shows that there is no threat of a major bull market correction for the bitcoin price. This is until it reaches the 61.8% Fibonacci retracement level of $48,725.
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It is imperative that investors exercise caution following today's move as it caught many greedy investors off guard. The likely place for market-wide profit taking to occur will be the psychological level of $50,000, which is 15% above current levels.
Reverse case
On the other hand, if the weekly supply zone holds as a resistance order block, bitcoin price could decline. The decline could see btc lose the support offered by the psychological level of $40,000 or, in a severe case, extend to test the center line of the Bollinger indicator at $31,776.
A breakout and close below this level could send btc to the psychological level of $30,000, and a reversal of this key level would invalidate the current bullish outlook.
Meanwhile, with the price of bitcoin trading within a weekly supply zone and with a strong bullish outlook, BTCMTX presents itself as a worthy buy. It provides entry to a mining staking ecosystem, committed to making btc ownership a reality even for everyday people.
Promising alternative to bitcoin
BTCMTX is a worthy consideration for anyone looking to diversify their portfolio. The project revolutionizes cloud mining, decentralizing and tokenizing the entire process. In the absence of third parties, scams are reduced.
Rationalization $btc mining through #BitcoinMinetrix. Revolutionizing cloud mining with an emphasis on security and transparency.
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—Bitcoinminetrix (@bitcoinminetrix) December 9, 2023
BTCMTX, which powers the bitcoin Minetrix ecosystem, is selling for just $0.0121 at the current stage which will end in about 24 hours.
#BitcoinMinetrix Stage 12 has already begun!
What is the most common mistake about #Cryptocurrency what do you find? pic.twitter.com/sWHYbtczQB
—Bitcoinminetrix (@bitcoinminetrix) December 7, 2023
The pre-sale of the bitcoin Minetrix project is still ongoing, registering over $5.151 million at the current stage, steadily approaching the $5.828 million mark.
Exciting announcement! #BitcoinMinetrix It has raised over $5,000,000!
To celebrate this milestone, we have prepared a special contest for our #CryptoCommunity.
Stay tuned as we will share more information soon! pic.twitter.com/hwNGQ5kgYc
—Bitcoinminetrix (@bitcoinminetrix) December 7, 2023
Breaking the $5 million mark is no easy feat, which is why BTCMTX has started a competition to celebrate the achievement. Participants are asked to create their most unique BTCMTX Christmas graphic/image or video and share it. The top 3 submissions have a chance to win a cash prize.
To celebrate achieving the 5 million raise milestone, we're holding a competition!
Create your most exclusive #BTCMTX Christmas Graphic/Image or Video.
Tweet, tag us and include #BTCMTXCOMP in your entrance.
The top 3 submissions have a chance to win a cash prize. pic.twitter.com/1nhsatlXUB
—Bitcoinminetrix (@bitcoinminetrix) December 8, 2023
Stake your BTCMTX tokens for credits, then redeem or burn these credits to gain mining hash power. All this is done within a conducive ecosystem that has simplified the process.
You do not need any technical training or experience to understand or operate the platform.
Visit the bitcoin Minetrix website to pre-sell 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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