Bitcoin’s price has enjoyed a strong week after some significant volatility recently. Alongside rival Bitcoin Cash, the market leader has fared as one of the best-performing large-cap cryptos.
Meanwhile, other Bitcoin-related coins like Bitcoin SV and Bitcoin Gold are also rising, while the newly launched Bitcoin Minetrix ($BTCMTX) presale is gaining momentum as its presale surges past $1.6 million.
Bitcoin Could Hit $30K, But Macro Fears Loom Large
With the Bitcoin halving set for April 2024, many investors anticipate significant gains in the run-up. That said, Bitcoin’s price followed a different trajectory leading up to the last halving, which occurred on 11 May 2020.
On 13 March 2020, the price capitulated to retest its bear market lows of $3,852. This is an essential reminder that upward momentum is not guaranteed before the halving, but it does remain possible.
However, the worrying thing is that Bitcoin’s current market structure looks similar to what occurred leading up to the March 2020 lows. This could indicate a strong sell-off to retest its bear market lows. Let’s take a look below:
On the other hand, Bitcoin’s current price is trading in a crucial range that holds a bull and bear case.
First, let’s look at the bull case. Zooming into its recent price action on the weekly chart, we can see that it has created a higher high and held strong at its support level. This indicates upside potential and is furthered when we consider technical indicators.
Bitcoin is trading above both the 50-day EMA and the monthly VWAP. Both factors point to a bullish next move, enabling Bitcoin to hit $30K and potentially break the resistance level.
However, it could also be about to form a head and shoulders pattern, which is significantly bearish. If it rejects its $30K resistance and falls below its support (the neckline in a head and shoulders pattern), we may see the price plunge and retest its bear market lows around $18K.
This would create a similar chart pattern to what was seen in 2020. That said, a breakout above the $30K resistance would invalidate this theory and increase the likelihood that the bear market bottom is already in.
Analysts have varied opinions on where its price is headed. A popular analysis by P_S_Trade recently pointed out that BTC is trading at a downtrend resistance and noted the formation of a head and shoulders chart pattern. According to the trade idea, Bitcoin will plunge to $19K in the coming months.
Prominent analyst rektcaptial also predicts an upcoming bearish move for Bitcoin. According to the analysis, Bitcoin is currently trading at “lower high resistance,” which could cause a break below its support level if it rejects.
Meanwhile, TradingShot believes that Bitcoin’s price resembles its post-halving price in September 2020. The analysis highlights a falling wedge breakout after a long period of accumulation, indicating a macro trend reversal and the beginning of a bull rally.
Despite the mixed market sentiment, there remains a significant risk that Bitcoin could revisit its bear market lows before a notable price increase. However, one BTC-related token that does look bullish is Bitcoin Minetrix, a new cloud mining project that has recently launched its ICO.
Stake-to-Mine Project Bitcoin Minetrix Looks Bullish as ICO Hits $1.6 Million in 3 Weeks
Bitcoin Minetrix is a new project that lets users mine Bitcoin by effortlessly staking the $BTCMTX token. The presale launched three weeks ago and has already surpassed $1.6 million, drawing investors with its pioneering use case and massive upside potential.
Users simply stake $BTCMTX tokens to get started. They receive mining credits in return and can burn them for cloud mining power, translating to Bitcoin rewards.
This solves several massive criticisms of Bitcoin mining, like its complexity and upfront cost. Bitcoin Minetrix is beginner-friendly, and users do not require any hardware to get started.
Furthermore, it is considerably more secure than other cloud mining platforms thanks to its decentralized $BTCMTX token. The project also boasts other advantages, like being more environmentally friendly and not requiring space or generating noise at the user’s home.
Ultimately, Bitcoin Minetrix is truly decentralizing Bitcoin Mining by enabling anyone to begin earning BTC rewards. This bolsters the demand for the $BTCMTX token, which alludes to significant upside potential when considering that most tokens will be locked for staking.
These factors have attributed to a monumentally successful presale, with round one already sold out. Therefore, investors looking to buy at the best price should act now before the next price hike.