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Bitcoin (BTC) price is trading with a bullish bias on the daily time frame. It shows very useful moves from the past week. The price action is defined by noticeably higher highs with the potential for more gains based on the technical outlook.
Meanwhile, head of research at CryptoQuant, Julio Moreno, say Launching a Bitcoin Exchange Traded Fund (ETF) could increase market capitalization by $1 trillion.
Bitcoin market cap could benefit from spot launch of BTC ETF
According to Moreno, “the next wave of institutional adoption for Bitcoin will come from the launch of spot BTC ETFs.” He is aware that approvals may not come this year. With this, Moreno states that the chance of approval increases over time. According to the researcher, there are two possible drivers. First, the court victories of Grayscale (GBTC) and Ripple (XRP) in their respective lawsuits.
With the above, Moreno expects approximately $150 billion in new capital flows to flow into the Bitcoin market once the SEC nods. His assumption is based on the historical relationship between total market capitalization and BTC’s realized capitalization. Specifically, a new capital influx of $150 billion into the BTC market could increase the market capitalization of the flagship crypto by $450 to $900 billion.
BTC Developers Discover Huge Security Risks in the Bitcoin Lightning Network
Based on recent revelations, Bitcoin developers discovered a huge risk in the BTC Lightning Network. According to the claims, there are intentional backdoors in the code that bad actors can exploit. This would allow them to take full control of the network. Based on the discovery, the developer has reportedly abandoned the project.
BREAK:
Top BTC developers recently discovered a huge security risk in the Bitcoin Lightning Network.
He claims there are deliberate backdoors in the code that could allow attackers to gain full control of the network.
This prompted him to leave the…
— Whale (@WhaleChart) October 21, 2023
I quote the developer in a recent one revelation:
Effective now, I will cease my involvement in the development of the Lightning Network and its deployments, including coordinating the handling of security issues at the protocol level.
Bitcoin Price Prediction as BTC Pumps Hard
The Bitcoin price is bullish and has risen sharply over the past week to the current price of $30,051, up 13% since around mid-October. The move above the psychological level of $30,000 was confirmed on Saturday, October 21, after multiple rejections between October 16 and 20.
It comes following Friday’s Federal Reserve meeting at the Economic Club in New York. This means that the content of the event took precedence over the fake news about a spot BTC ETF approval that shocked the markets on October 16.
Well, that was a crazy turn of events…
• $BTC starts pumping
• Cointelegraph reports a spot #Bitcoin ETF approval
• BlackRock confirms reports are fake
• 10% of all Open Interest flushed away in one goJust another day in crypto… pic.twitter.com/iaCxBQVbRQ
— Miles Deutscher (@milesdeutscher) October 16, 2023
The surge has pushed the Bitcoin price tag into the supply zone, from $30,280 to $31,454. Specifically, a supply zone is an order block populated by salespeople. As such, aggressive selling is expected within this range. BTC must break above the average threshold (centerline) of this order block for a confirmed uptrend at $30,868.
In a very bullish case, the gains could cause Bitcoin price to change the supply zone from a resistance barrier to a bullish breaker, potentially extrapolating to a range of $31,804.
The Relative Strength Index (RSI) is at 75, pointing to more gains as it continues to head north. This means that momentum is still rising. The Awesome Oscillator (AO) indicator also records large amounts of histogram bars, showing a strong presence of the bulls in the BTC market. This adds credibility to the bullish thesis.
Reverse case
Meanwhile, profit-taking could interrupt the uptrend, possibly as traders who bought BTC around the psychological value of $27,000 made profits. The resulting selling pressure could send Bitcoin price south, missing the $29,868 support level.
The increased selling pressure could see Bitcoin’s price fall further, losing all the ground made over the past three days and turning the $28,105 support floor into a resistance barrier. In a severe case, the slump could push crypto’s king into the demand zone, an order block that extends from $27,017 to $26,546. This area is populated by buyers, which means aggressive purchasing should be expected. However, if BTC registers a solid move below the midline of this order block at $26,782, it would confirm a continued downtrend.
If push comes to shove, Bitcoin price could extend the slump to the lows of $25,635, 15% below current levels.
Meanwhile, forward-thinking investors are turning to BTCMTX, a more promising alternative that will get you credit and give you the chance to own BTC.
Bitcoin alternative
BTCMTX is the driving token behind the Bitcoin Minetrix ecosystem, which is still in its pre-sale phase and sells for $0.0111 per token. The project is a stake-to-mine ecosystem, which experts say could be ten times larger at launch. Stakers earn credits that can be exchanged for mining hash power.
#Bitcoin mining is escalating #Hashraat suggests that miners are deploying innovative strategies to thrive in a competitive landscape. ????????
From harnessing renewable energy to creative thermal management solutions, the industry is adapting to tackle environmental challenges.
How do you…
— Bitcoinminetrix (@bitcoinminetrix) October 20, 2023
After a successful run on the first stage, stage two ends in less than two days. The window is closing quickly, so interested investors shouldn’t waste any more time. Buy BTCMTX with Ethereum (ETH), Tether (USDT) stablecoin or your bank card.
#BitcoinMinetrix Phase 2 ends in 2 days! ???? pic.twitter.com/TwnNmrDEYQ
— Bitcoinminetrix (@bitcoinminetrix) October 21, 2023
As traders flock to this new crypto presale, collections are going fast, with $1.964 million already in the bag, approaching $2 million.
#BitcoinMinetrix has crossed the $1,800,000 mark!???? pic.twitter.com/mBNdn4syU7
— Bitcoinminetrix (@bitcoinminetrix) October 20, 2023
Visit and purchase BTCMTX here
Also read:
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- Native token now on pre-sale – BTCMTX
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