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bitcoin price has risen 0.25% in the last 24 hours to trade at $42,811 as of 2:00 am EST, with a 15% increase in trading volume.
Still, Morgan Stanley head of digital assets Andrew Peel has warned of a possible “paradigm shift” in how digital assets are perceived and used, saying it could affect the weight of the US dollar (USD).
Peel believes that the dollar's dominance over foreign exchange reserves, which now hover around 60%, could be threatened by the combined weight of digital assets led by bitcoin and central bank digital currencies (CBDCs).
The launch of spot bitcoin ETFs (exchange-traded funds) in the US last week has accelerated the shift, Peel said, adding that CBDCs enable faster cross-border payments without the need for a common currency.
bitcoin Price Outlook With Dollar Dominance Threatened
Following the 8% drop on January 12, bitcoin price fell below the boundaries of the ascending parallel channel. It continues to trade below the confluence between the central line of the Bollinger indicator and the horizontal line at $43,826.
However, the Relative Strength Index (RSI) is pointing to a prolonged decline as it moves south to show downward momentum. The Moving Average Convergence Divergence (MACD) indicator is also heading south after crossing below the signal line (orange band) on January 12.
If the bears have their way, bitcoin price could decline below the confluence between the lower Bollinger band and the horizontal line at $40,726, with the potential for a prolonged decline to the psychological level of $40,000.
In the most serious case, the price of bitcoin could extend the decline to the psychological level of $30,000, below which the bullish thesis would be invalidated.
<img decoding="async" class="aligncenter wp-image-472763 size-full" src="data:image/svg+xml,%3Csvg%20xmlns=" http:="" alt="bitcoin price” width=”1273″ height=”541″ data-lazy-srcset=”https://technicalterrence.com/wp-content/uploads/2024/01/Bitcoin-Price-Prediction-While-Morgan-Stanley-Says-BTC-and-CBDC.png 1273w, https://insidebitcoins.com/wp-content/uploads/2024/01/BTCUSDT_2024-01-17_09-57-28-300×127.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/01/BTCUSDT_2024-01-17_09-57-28-1024×435.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/01/BTCUSDT_2024-01-17_09-57-28-768×326.png 768w” data-lazy-sizes=”(max-width: 1273px) 100vw, 1273px” data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2024/01/Bitcoin-Price-Prediction-While-Morgan-Stanley-Says-BTC-and-CBDC.png”/><img decoding="async" class="aligncenter wp-image-472763 size-full" src="https://technicalterrence.com/wp-content/uploads/2024/01/Bitcoin-Price-Prediction-While-Morgan-Stanley-Says-BTC-and-CBDC.png" alt="bitcoin price” width=”1273″ height=”541″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/01/Bitcoin-Price-Prediction-While-Morgan-Stanley-Says-BTC-and-CBDC.png 1273w, https://insidebitcoins.com/wp-content/uploads/2024/01/BTCUSDT_2024-01-17_09-57-28-300×127.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/01/BTCUSDT_2024-01-17_09-57-28-1024×435.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/01/BTCUSDT_2024-01-17_09-57-28-768×326.png 768w” sizes=”(max-width: 1273px) 100vw, 1273px”/>
TradingView: btc/USDT 1-Day Chart
On the other hand, bitcoin price could benefit from late buyers and marginalized investors buying the dip. Further buying pressure could see btc price return to the ascending channel. Further north, the price could break the channel's midline at $48,000, with potential for prolonged gains. In a highly bullish case, gains could see btc reach the psychological level of $50,000.
Meanwhile, many investors are turning to the bitcoin Minetrix cloud mining project, with crypto-watch-2024-top-5-cryptocurrencies-high-calsona-f8pve” target=”_blank” rel=”noopener”>Analysts say it is one of the cryptocurrencies to watch in 2024.. The project is also one of the three best pre-sales that you should do from the beginning.
Promising alternative to bitcoin
BTCMTX is the symbol of the bitcoin Minetrix ecosystem, a mining staking project that makes btc ownership possible. To do this, BTCMTX token holders can stake their holdings for credits and then redeem them for mining hash power.
Do you follow the idea of #CloudMining for $btc?
It's a way of being mine bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin without the hassle of owning hardware.
No need to pay initial costs for the equipment.
Only basic technical knowledge is required. pic.twitter.com/MavCGFFphW—Bitcoinminetrix (@bitcoinminetrix) January 9, 2024
The project is in the pre-sale stage and has so far achieved more than $8.674 million in sales out of the target of $9.509 million.
With the upcoming halving in April, mining costs are expected to skyrocket.@RiotBlockchain, @TeraWulfIncand @CleanSpark_Inc They are well positioned, but what is your opinion on how other miners will adapt?
On the other hand, #BitcoinMinetrix It has also raised over $8,400,000! pic.twitter.com/BwdYTOkrWF
—Bitcoinminetrix (@bitcoinminetrix) January 15, 2024
Analysts Say BTCMTX Among Penny Cryptocurrencies crypto-investments-top-picks-explosive-growth-calsona-j8nhe” target=”_blank” rel=”noopener”>the potential for exponential growth. Investors who wish to purchase BTCMTX can do so on the website, where each token is sold for $0.0129.
Visit the bitcoin Minetrix website to purchase 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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