The Bitcoin price is in danger of plummeting to new lows, especially if it fails to find any major support.
Popular crypto analyst Ali Martinez (@ali_charts) reveals that $61,000 is an extremely important level for the BTC bulls, with a breakout below it possibly resulting in $56,200.
However, if Bitcoin successfully retests this level, it could trigger a move to $66,500. This would be the best-case scenario for BTC, as it would also flip its 4-hour 200 Exponential Moving Average into support.
$61,000 is a very important level for $BTC! If it breaks, it will trigger a correction to $56,200.
— Ali (@ali_charts) April 18, 2024
But if #Bitcoin can rebound, we could see an upswing to $66,500. The first sign of a rebound will be a sustained 4-hour candlestick close above $62,300. Until then, we brace for… pic.twitter.com/KOg4HuZOJ2
While Bitcoin may be showing signs of temporary weakness, BTC-related altcoins are in high demand in the lead-up to the halving. Crypto mining token Bitcoin Minetrix has raised over $13 million in its ICO and is set for a highly-anticipated IEO on April 25th.
Bitcoin Price Prediction – $66,000 or $56,000 Next?
Bitcoin’s price action on Friday makes it appear that the largest cryptocurrency is poised to resume its bullish trajectory and hit $66,000.
After trading as low as $59,600 in the aftermath of Israel’s retaliation against Iran, BTC is mounting a comeback in the Asia trading hours. It has bounced back up by 8% to trade at $64,300 at press time.
However, taking a look at the Bitcoin price chart in a larger time frame, the bulls are not in the clear just yet. BTC typically shows strength in the Asia trading hours, only to dump when the American market opens.
Considering the current geopolitical and macroeconomic landscape, the bears could easily gain control and push BTC down to $56,000.
For instance, geopolitical tensions continue to prevail in the Middle East, with Israel striking back against Iran. This, in addition to the Israel-Palestine conflict and the Russia-Ukraine war, is resulting in sticky inflation levels in the US economy.
After Israel retaliated against Iran late on Thursday, the price of oil spiked against the US Dollar.
🇮🇷OIL PRICES SPIKES AFTER ISRAEL ATTACK ON IRAN pic.twitter.com/qehey8Fv7o
— Mario Nawfal (@MarioNawfal) April 19, 2024
The US Federal Reserve has already resumed its hawkish stance. The New York Fed’s President John Williams stated that the central bank could hike interest rates again if the data suggests so. Another Fed official stated that they could wait until 2025 to cut rates, with Chair Jerome Powell also replicating this sentiment.
FED'S WILLIAMS: IF DATA CALLED FOR HIGHER RATES, FED WOULD HIKE
— *Walter Bloomberg (@DeItaone) April 18, 2024
In such scenarios, global liquidity would take another hit, resulting in a strong correction in crypto prices.
New Crypto Presale Bitcoin Minetrix Ends April 25
The Bitcoin halving is now less than 16 hours away, expected to occur at midnight UTC on April 20th. Unsurprisingly, the hype surrounding all things BTC, including BTC-related altcoins, is extremely high.
Looking to capitalize on the hype, the cloud mining token Bitcoin Minetrix is set to ends its crypto presale on April 25th. Its highly successful presale is in its final stages, after having already raised over $13 million in its ICO.
Bitcoin Minetrix is building a decentralized stake-to-mine dashboard, which will make BTC mining rewards accessible to small-scale investors.
Owing to the high technical expertise and capital investment required, the crypto mining industry has largely been a monopoly of wealthy corporations.
However, everyday investors can challenge this monopoly and earn BTC rewards by simply purchasing $BTCMTX tokens and staking them using Minetrix’s stake-to-mine dashboard.
Owing to this cloud mining utility as well as its early presale demand, popular crypto YouTubers such as Insider Alpha are backing Bitcoin Minetrix to potentially offer 100x returns.
As such, with some estimates projecting the Bitcoin price to reach $300k in this bull cycle, the crypto mining industry is set to become extremely profitable. In such a scenario, mining stocks and tokens such as $BTCMTX could deliver outsized returns.
