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bitcoin price is up 3% in the last 24 hours to trade at $43,380 at 1:05 am EST, and trading volume is up 45%.
This is part of an ongoing recovery rally after the price of bitcoin suffered the fallout from the Grayscale bitcoin Trust (GBTC) redemptions. As investors cashed in their GBTC shares by selling btc, the price of bitcoin fell almost 12% after a local high of $48,969 on January 11.
Meanwhile, a former executive at US investment bank Goldman Sachs, Raoul Pal, updated his cryptocurrency market cycle forecast, saying that bitcoin's price could repeat a “bubble” price pattern like the one seen during the 2011-2013 cycle. In his opinion, this could send the king of cryptocurrencies to levels of up to $500,000.
Raoul Pal Anticipates $500,000 Chance for bitcoin Price
Appearing in an interview with Pomp Investments founder Anthony Pompliano, Pal saying There is a “60% chance that this is a relatively normal cycle,” where btc reached $150,000. Still, he gives it a “20% chance that it's actually an early cycle because of the btc spot ETF and other things that maybe get to that $150,000 faster and then fade away.” In his opinion, this could hurt many people who expect this rebound to continue until 2025.
Pal also maintains a 20% chance of it becoming a bubble cycle, “more like 2011, 2012, 2013.”
Despite Pal's ambitious goals, the price of bitcoin remains below a critical barrier. If it is able to turn it into support, investors will probably be safe. Meanwhile, this week is a critical one for cryptocurrencies, with multiple events scheduled.
These include the Federal Open Market Committee (FOMC) meeting, some of the S&P 500's gains, an unlocking of the supply of some altcoins, and the launch of the Jupiter decentralized exchange's native token, JUP.
This week is CRITICAL for cryptocurrencies…
Have;
– FOMC
– $JUP launch
– Some of the S&P 500 gains
– A supply unlock of some Altcoins.I'm discussing everything and more LIVE NOW on my show…https://t.co/X7YitKVuVq pic.twitter.com/Hd6ldHDA5f
– Ran Neuner (@cryptomanran) January 29, 2024
bitcoin Price Outlook as btc Faces Critical Roadblock
bitcoin price is facing critical resistance at $43,750, and a reversal of this block into support puts btc at the top of an ascending trend line. Before that, however, the king of cryptocurrencies must overcome resistance due to the 50-day simple moving average (SMA) at $42,860.
Further north, bitcoin price could rise to the psychological level of $48,000 or, in the highly bullish case, extend a higher neck to reach $50,000, 15% above current levels.
Notably, btc showed similar price action starting in September, consolidating below an ascending trend line. When it finally broke that level on October 23, it rose almost 65% to reach the January 11 high. This can be seen on the btc/USDT daily chart below.
<img decoding="async" class="aligncenter wp-image-476385 size-full" src="data:image/svg+xml,%3Csvg%20xmlns=" http:="" alt="bitcoin” width=”1273″ height=”548″ data-lazy-srcset=”https://technicalterrence.com/wp-content/uploads/2024/01/Bitcoin-Price-Prediction-Former-Goldman-Sachs-Executive-Sees-39Insane39-Chance.png 1273w, https://insidebitcoins.com/wp-content/uploads/2024/01/BTCUSDT_2024-01-30_09-00-55-300×129.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/01/BTCUSDT_2024-01-30_09-00-55-1024×441.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/01/BTCUSDT_2024-01-30_09-00-55-768×331.png 768w” data-lazy-sizes=”(max-width: 1273px) 100vw, 1273px” data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2024/01/Bitcoin-Price-Prediction-Former-Goldman-Sachs-Executive-Sees-39Insane39-Chance.png”/><img decoding="async" class="aligncenter wp-image-476385 size-full" src="https://technicalterrence.com/wp-content/uploads/2024/01/Bitcoin-Price-Prediction-Former-Goldman-Sachs-Executive-Sees-39Insane39-Chance.png" alt="bitcoin” width=”1273″ height=”548″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/01/Bitcoin-Price-Prediction-Former-Goldman-Sachs-Executive-Sees-39Insane39-Chance.png 1273w, https://insidebitcoins.com/wp-content/uploads/2024/01/BTCUSDT_2024-01-30_09-00-55-300×129.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/01/BTCUSDT_2024-01-30_09-00-55-1024×441.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/01/BTCUSDT_2024-01-30_09-00-55-768×331.png 768w” sizes=”(max-width: 1273px) 100vw, 1273px”/>
TradingView: btc/USDT 1-Day Chart
On the contrary, if the ascending trend line holds as resistance, bitcoin price could decline, testing the 100-day SMA at $40,119. In the most serious case, it could slide into the demand zone, which ranges between $38,496 and $39,895. A break and close below the midline of this order block at $39,196 would confirm the continuation of the downtrend, and bitcoin price is likely to extend the decline to the critical support of $37,800.
Beyond this level of buyer congestion, the price of bitcoin could fall to the psychological level of $30,000, 30% below this level. A breakout and close below this level would invalidate the bullish thesis.
Elsewhere, forward-thinking investors are already counting the days until btc halves in April, which will likely fuel the next bull cycle. With this, investors are turning to a revolutionary btc cloud mining project called bitcoin Minetrx (BTCMTX).
Promising alternative to bitcoin
BTCMTX is the symbol of the bitcoin Minetrix ecosystem and is ranked among crypto-investments-top-picks-explosive-growth-calsona-j8nhe” target=”_blank” rel=”noopener”>Analysts' top picks for penny cryptocurrencies with explosive growth potential.. The project operates as a tokenized cloud mining platform where community members can mine btc in a decentralized manner.
#BitcoinMinetrix is a cutting-edge cloud mining platform that allows users to engage in decentralized operations $btc mining.
By eradicating the risks associated with third-party cloud mining scams, it provides users with full control over their mining activities. pic.twitter.com/MWZnuafYih
—Bitcoinminetrix (@bitcoinminetrix) January 18, 2024
bitcoin Minetrix saves investors from the challenge of high hardware costs and deceptive scams that have eroded people from mining btc. It also ensures that you won't have to suffer the heat, space demands, and any other hassles that come with traditional btc mining.
Knowing the benefits of #BitcoinMinetrix:
Easy access for added convenience.
Optimized cost structure for greater efficiency.
Worry-free peace of mind for resale value. pic.twitter.com/hx3zJLXTfN
—Bitcoinminetrix (@bitcoinminetrix) January 18, 2024
The bitcoin Minetrix pre-sale has seen over $9.8 million in funds raised out of a target of $10.326 million. Investors who wish to purchase BTCMTX can do so on the website, where each token is sold for $0.0131.
2024 brings challenges and opportunities for bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin Miners: Halving cuts revenue but boosts global hash redistribution.
North America may lose dominance as new markets emerge. Transaction fees and mergers offer hope.#BitcoinMinetrix has also achieved… pic.twitter.com/urLNMF5xZ7
—Bitcoinminetrix (@bitcoinminetrix) January 29, 2024
With price rising in less than 24 hours, secure your tokens in this project before it's too late.
Visit bitcoin Minetrix 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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