JPMorgan Predicts $36 Billion to Move into BTC ETFs from Other Crypto Products as Bitcoin Minetrix Surpasses $8.5 Million

bitcoin price rose nearly 1% in the last 24 hours to trade at $43,078 as of 4:30 a.m. EST, and trading volume increased 4% to $29.09 billion.

The situation could improve soon as JPMorgan says that around $36 billion will be transferred to btc ETFs (exchange-traded funds) from other crypto investment products.

bitcoin Price Forecast

bitcoin price saw a sharp rise after the approval of the btc ETFs, only to suddenly drop due to a sell-off and stabilize just above the $42,000 support.

For now, it appears that this support will prevent the coin from sinking further and perhaps also allow it to begin a recovery in the coming days.

bitcoin is in an uncertain position, with technical indicators mostly neutral, making it difficult to predict what will happen next.

The coin's Relative Strength Index (RSI) level is at 54.55, placing it in the neutral zone and only slightly towards the overbought area.

Meanwhile, the Bollinger Bands are neither too narrow nor too wide, as seen in the chart below.

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In other words, the coin is currently stable after retesting the support at $42,000 and finding that it is strong enough to prevent it from sinking further.

If JPMorgan is right and new money starts flowing into btc ETFs and btc itself, this period of stability won't last long.

Furthermore, the btc price has historically seen strong rallies as the coin approached the block reward halving, which is scheduled to occur around April.

If btc starts a recovery soon, it will probably return to the $46k resistance without problems. After that, it must reach and break through the $48,000 resistance, which will be significantly more challenging.

The big goal, however, is the $50,000 mark, an important milestone for the currency and a psychological level. If btc can overcome it and stabilize above it, the coin could continue to advance and potentially return to its ATH of $69k.

Alternatively, traders have also been looking for $40,000 support if bitcoin breaks $42,000 and starts to fall further. But, given that support at $42,000 has held steady for four days, this is considered less likely.

Promising alternative to bitcoin

While bitcoin can still generate significant profits for its holders once its price recovers, there is an even more promising alternative to the currency.

bitcoin Minetrix (BTCMTX) is a project that offers a cloud mining platform where users stake their native currencies and receive credits, which are then used to mine btc.

This offering has attracted many people as bitcoin is about to see another block reward halving in April 2024, after which its price is expected to enter another massive rally, as it did during 2021 and 2017. .

Meanwhile, bitcoin Minetrix also decided to make its platform completely decentralized and transparent to assure users that it is secure, as it understands that many may have had bad experiences with cloud miners.

So far, the community seems to have loved their approach, as the project's pre-sale managed to raise $8.6 million at the time of writing. The token, BTCMTX, is currently selling for $0.0129 and in less than five days it will see another price increase.

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

That being the case, buying it now guarantees that users will benefit from the lower price and its likely explosion at launch.

You can get BTCMTX in exchange for eth or USDT or buy it directly through your credit or debit card.

Visit bitcoin Minetrix here.

Related news:

New crypto mining platform: bitcoin Minetrix

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• 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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