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bitcoin price rose 1% in the last 24 hours, trading at $43,160 as of 5 a.m. EST, while trading volume fell almost 1% to $25.9 billion.
On a weekly chart, the coin's price is 1.4% lower than seven days ago, but bitcoin is still 16% higher on a monthly basis. The currency performance shows that bitcoin-price-prediction-experts-forecast-bullish-trends-calsona-o1vue”>bitcoin continues to struggle with the resistance at $44,000.
However, a former Goldman Sachs executive, Raoul Pal, believes that the bull run has not yet begun despite the significant gains the crypto industry made in 2023.
In a recent YouTube video, Pal said the next bull cycle could last for years, allowing bitcoin to skyrocket to $1 million by 2025.
While some may see this as an overly optimistic prediction, Pal suggested that the current market bull cycle is similar to that of 2016/2017. At that time, a massive influx of liquidity caused digital assets to skyrocket.
bitcoin went from $600 to $20,000 in just one year. He also believes that the crypto-invest-our-top-picks-massive-gains-calsona-rujqe”>current lockdown is still in its infancy, even though bitcoin surpassed the midpoint of its old ATH at approximately $69 thousand.
bitcoin Price Forecast
bitcoin price recently fell after another failed attempt to reach and surpass the $44,000 resistance. The coin did not even surpass the resistance of 43.8 thousand dollars this time. Instead, he was rejected for $43,000.
Although at the time of writing this article he is already recovering, many continue to doubt his ability to overcome the aforementioned resistances.
That said, Pal's prediction may encourage market participants and ultimately allow btc to overcome these obstacles.
Several technical aspects suggest that btc still has plenty of room to grow, such as the reasonably wide Bollinger Bands and the Relative Strength Index (RSI) score, indicating that the btc price is currently in a neutral area, with no overbought nor oversold. as you can see in the chart below.
bitcoin is showing signs of stabilization, with its price stuck between $43,000 and $43,800. Assuming the coin does not drop below $43,000, there is still a chance that btc could break the resistances holding it down.
Apart from the immediate resistance at $43.8k, the coin faces additional resistances at $44,679 and $45,962, which will be its next challenges if it breaks the $44k barrier.
Alternatively, btc has support to prevent its decline to $43,000, $41,683 and $40,649. If the price falls below that level, the next support is $39,378.
Promising alternative to bitcoin
While bulls see bitcoin rising in the coming months, chances are that an alternative to btc called bitcoin Minetrix (BTCMTX) could generate even more significant gains for its buyers.
The project's token, BTCMTX, has garnered a lot of interest during the pre-sale, which is still ongoing.
So far, bitcoin Minetrix has raised over $6.5 million, while the price of its token currently sits at $0.0125. In less than four days, the token will see another price increase, so purchasing it early guarantees some initial gains.
bitcoin Minetrix is also expected to see a massive increase in its token value once it officially goes live. The reason is that staking this token grants users credits, which can be used to mine btc using the bitcoin Minetrix cloud mining platform.
Prefer to #BitcoinMinetrix For perfect mining!
Get into cloud mining and say goodbye to worries about selling hardware. #BTCMTX manages updates, allowing users to focus on their $btc trip, free of problems with obsolete equipment. pic.twitter.com/JX3G4zG2BP
—Bitcoinminetrix (@bitcoinminetrix) December 27, 2023
With the ability to mine btc without expensive equipment and huge electricity bills, especially with the upcoming block reward halving, demand for BTCMTX is likely to increase.
bitcoin Minetrix is a fully decentralized and transparent cloud miner, so its users do not have to worry that the project could be another scam, like many other centralized cloud miners that have emerged in the past.
Related news:
- 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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