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bitcoin and ethereum price have seen gains in the last 24 hours, with bitcoin rising 0.54% to bitcoin/”>$43,159 and ethereum rising 1.05% to ethereum/”>reach $2,324 starting at 05:42 am EST.
As these two cryptocurrencies rise, Travis Kling, chief investment officer at Ikigai Asset Management, predicts that a unique combination of factors will push eth and btc to new all-time highs (ATH). Kling shared his insights in a Twitter thread, outlining what he believes will be the defining characteristics of the cryptocurrency market in the next 1-2 years.
Today I publish my thesis on what I believe could be the defining characteristic of the next 12 to 24 months in crypto.
Settle in, this is a long one. The thesis is called:
“A lack of pretension that all this shit does anything or ever does anything”
Not financial advice.
—Travis Kling (@Travis_Kling) February 2, 2024
Some of the factors attributed to the possible rise in btc price include the approval of btc spot ETFs last month, the upcoming halving event, and the anticipated rate cut by the Federal Reserve.
1. btc essentially has a free path to ATHs. We just received btc ETFs, unlocking trillions of dollars of secure access to btc that hasn't been available before. The halving is a few months away. The Federal Reserve is likely to cut rates several times this year. Stock is at ATH and look…
—Travis Kling (@Travis_Kling) February 2, 2024
Kling believes the setup also works for ethereum. However, for ethereum, instead of halving, the project will rely on its burning mechanisms. Additionally, there is a possibility of an eth being approved on the spot market.
2. Basically the same setup above is also in effect for eth, just with a 3-12 month delay. For exactly the same reasons the SEC was forced to approve eth spot ETFs (they lost the decision on grayscale; the court ruled that if you hold btc futures and btc futures ETFs, you must allow…
—Travis Kling (@Travis_Kling) February 2, 2024
Historically, the bitcoin halving phenomenon has caused significant price increases for bitcoin and ethereum. bitcoin surged 3,000% to hit a new all-time high, while ethereum posted a staggering 11,600% gain during the second halving. In the third halving, bitcoin witnessed a 750% price increase and ethereum also saw a 2,300% increase in its price.
#bitcoin Halving A ladder to new heights ★
1st halving: bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin rose 9,000% to new all-time high (eth?src=hash&ref_src=twsrc%5Etfw”>#eth did not exist yet).
2nd Halving: btc Up 3,000% to New ATH While ethereum?src=hash&ref_src=twsrc%5Etfw”>#ethereum made a whopping 11,600%.
Third halving: btc?src=hash&ref_src=twsrc%5Etfw”>#btc up 750% and eth up 2,300%Clearly, there are… pic.twitter.com/ggQeaOFqGM
– DeChad: LODGE (@LodgeDeChad) February 5, 2024
ethereum and bitcoin Price Outlook
ethereum price is on an upward trajectory, holding consistently firm up to the $2,170 support level, indicating resistance and a possible bounce.
Currently, eth is trading slightly above the 50-day SMA, affirming bullish momentum. If the bullish momentum sustains, ethereum price could surpass the 200-day SMA, coinciding with the nearest resistance at $2,389, which is above the moving average crossover, affirming the bullish sentiments.
The Relative Strength Index has recovered to cross the mid-level of 50 to 57, indicating intense buying pressure.
Supported by the double bottom pattern, ethereum price bulls are aiming to break the resistance at $2,389, with the next resistance at $2,550 being the next target.
However, if the bears exert some pressure, the bulls may fail to break the resistance at $2,389, and the bears may push the price down to the support level at $2,236.
bitcoin price prediction
bitcoin price is currently trading within an ascending triangle, which could indicate a bullish rally.
btc has been on an upward trajectory, but the bulls are unable to challenge the overhead resistance at $43,923.
bitcoin price is trading slightly above the 50-day and 200-day simple moving averages, which is an indication of bullish momentum.
The Relative Strength Index is also showing signs of a rebound from below the mid-level of 50 to 55, which is an indication of intense buying pressure. If the bullish momentum sustains, this could go beyond the 70 overbought region.
However, if the bulls maintain the uptrend, btc could break the resistance at $43,923 towards the next resistance at $48,000, trying to reclaim the previous high of $49,000.
HoIf the price turns down and falls below the critical support level of $42,000, the next support level will return to $38,470.
As ethereum and bitcoin prices rise, analysts consider bitcoin Minetrix as an alternative, an innovative pre-sale that may be poised to generate substantial returns upon launch.
A promising alternative to ethereum and bitcoin
bitcoin Minetrix is a cutting-edge, decentralized cryptocurrency project that has been making waves in the cryptocurrency world. It is the first staking project to mine, meaning users can earn bitcoin mining rewards by staking the native token $BTCMTX.
This innovative approach to mining has sparked significant interest and investment from the crypto community. The project has raised more than $10.2 million in its pre-sale and is moving toward reaching its goal of $12.1 million. It has attracted a lot of media attention for its unique features and its potential to revolutionize the bitcoin mining industry.
Great announcement! #BitcoinMinetrix has reached a phenomenal milestone, raising over $10,000,000! pic.twitter.com/toEsT1NvWv
—Bitcoinminetrix (@bitcoinminetrix) January 31, 2024
One of the main advantages of bitcoin Minetrix is its low barrier to entry. This makes it an accessible option for people who want to get into mining without the need for expensive hardware and significant startup capital.
Identifying the potential of mining $btc through #BitcoinMinetrix!
Venture into crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto mine effortlessly:
Easy start for newcomers.
Affordable with no hardware costs.
Don't worry about space, noise or heat.
Smooth and hassle-free updates. pic.twitter.com/PouV3K6EQo—Bitcoinminetrix (@bitcoinminetrix) February 4, 2024
BTCMTX tokens are priced at $0.0133 right now, but the price will increase in less than 5 days, offering a quick profit if you buy them now.
Additionally, bitcoin Minetrix provides a staking option for your token, $BTCMTXwith a high annual percentage yield (APY) of 65%.
You also have the chance to win $3000 when you buy and stake your tokens. The project is currently running a $30,000 Mine Throwing Airdrop Contestwhere ten people will be declared winners.
Conor Kenny, a YouTube crypto analyst, says BTCMTX has the potential to break out on launch.
To participate in the pre-sale, visit the official website of BTCMTX, connect your digital wallet and exchange your eth or USDT for BTCMTX. You can also make purchases directly with your bank card.
Related news
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