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Bitcoin price is up 3% over the last 24 hours and is trading at $43,380 as of 1:05 a.m. EST time, with trading volume up 45%.
This is part of an ongoing recovery rally after the Bitcoin price suffered in the aftermath of Grayscale Bitcoin Trust (GBTC) redemptions. As investors cashed in on their GBTC shares by selling BTC, the Bitcoin price fell nearly 12% after a local top of $48,969 on January 11.
Meanwhile, a former executive at US investment bank Goldman Sachs, Raoul Pal, updated his prediction for the crypto market cycle, saying Bitcoin price could repeat a “bubble” price pattern like we saw during the 2011-2013 cycle . In his opinion, this could send the king of cryptocurrency to levels as high as $500,000.
Raoul Pal Expects a $500,000 Opportunity for Bitcoin Price
Appears in an interview with Pomp Investments founder Anthony Pompliano, Pal said there is a “60% probability that this is a relatively normal cycle,” with BTC reaching $150,000. Still, he gives it a “20% chance that it is actually a front-loaded cycle because of the spot BTC ETF and other things that might get to that $150,000 mark faster and then fade away.” According to him, this could hurt many people, who expect such a rally to continue into 2025.
Pal also maintains a 20% chance that it will turn out to be a bubble cycle, “more like 2011, 2012, 2013.”
Despite Pal’s ambitious goals, Bitcoin price remains below a critical barrier. If it is able to convert it into support, investors would probably be safe. In the meantime, this week is crucial for crypto, with multiple events on the agenda.
These include the Federal Open Market Committee (FOMC) meeting, a share of the S&P 500 earnings, an unlocking of the supply of some altcoins, and the launch of JUP, the native token of the Jupiter decentralized exchange.
This week is crucial for crypto…
We have;
–FOMC
– $YUP launch
– A portion of the S&P 500’s profits
– A supply unlock of some AltcoinsI discuss it all and more LIVE NOW on my show…https://t.co/X7YitKVuVq pic.twitter.com/Hd6ldHDA5f
— Ran Neuner (@cryptomanran) January 29, 2024
Bitcoin Price Outlook as BTC Faces a Critical Barricade
Bitcoin price is facing a critical resistance at $43,750, with this blockage converting into support, putting BTC atop an ascending trendline. However, before that, the king of crypto must overcome resistance due to the 50-day Simple Moving Average (SMA) at $42,860.
Further north, Bitcoin price could rise to the psychological level of $48,000, or in the very bullish case, shoot a neck higher to $50,000, 15% above current levels.
Notably, BTC showed similar price action starting in September, consolidating below an ascending trendline. When it finally broke above on October 23, the price rose almost 65% to the January 11 high. This can be seen in the BTC/USDT daily chart below.
TradingView: BTC/USDT 1-day chart
Conversely, if the rising trendline holds as resistance, Bitcoin price could head south, testing the 100-day SMA at $40,119. In a worst-case scenario, it could slide into the demand zone ranging from $38,496 to $39,895. A break and close below the midline of this order block at $39,196 would confirm the continuation of the downtrend, with Bitcoin price likely to extend the decline towards the critical support at $37,800.
Beyond this buyer congestion level, Bitcoin price could roll to the psychological level of $30,000, 30% below this level. A break and close below this level would invalidate the bullish thesis.
Elsewhere, forward-looking investors are already counting down the days until the BTC halving in April, which will likely kick off the next bull cycle. With this, investors are turning to a revolutionary BTC cloud mining project called Bitcoin Minetrx (BTCMTX).
Promising alternative to Bitcoin
BTCMTX is the ticker for the Bitcoin Minetrix ecosystem and belongs to the following Analysts’ top picks for penny cryptos with the potential for explosive growth. The project works as a tokenized cloud mining platform where community members can mine BTC in a decentralized manner.
#BitcoinMinetrix is an advanced cloud mining platform, which allows users to participate in a decentralized manner $BTC mining.
By eliminating the risks associated with third-party cloud mining scams, users gain full control over their mining activities. ???? pic.twitter.com/MWZnuafYih
— Bitcoinminetrix (@bitcoinminetrix) January 18, 2024
Bitcoin Minetrix spares investors the challenge of high hardware costs and deceptive fraud that have kept people from mining BTC. It also ensures that you don’t have to suffer from the heat, space requirements, and all the other hassles that come with traditional BTC mining.
Knowing the benefits of #BitcoinMinetrix:
Easy access for convenience. ????
Streamlined cost structure for improved efficiency. ????
Peace of mind without worrying about resale value. ???? pic.twitter.com/hx3zJLXTfN
— Bitcoinminetrix (@bitcoinminetrix) January 18, 2024
The Bitcoin Minetrix pre-sale has generated over $9.8 million in funds raised, with a goal of $10.326 million. Investors looking to purchase BTCMTX can do so on the website, where each token sells for $0.0131.
2024 brings both challenges and opportunities #Bitcoin miners: Halving reduces revenue, but leads to a global redistribution of hash. ????????
???? North America may lose its dominance as new markets emerge. Transaction costs and mergers offer hope.#BitcoinMinetrix has also achieved… pic.twitter.com/urLNMF5xZ7
— Bitcoinminetrix (@bitcoinminetrix) January 29, 2024
With a price increase coming in less than 24 hours, you can secure your tokens in this project before it’s too late.
Visit Bitcoin Minetrix to pre-purchase BTCMTX here.
Also read:
New Crypto Mining Platform – Bitcoin Minetrix
- Controlled by Coinsult
- Decentralized, secure cloud mining
- Earn free Bitcoin every day
- Native token now on pre-sale – BTCMTX
- Staking Rewards – Over 100% APY
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