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The Bitcoin price has dropped 1.5% in the last 24 hours to trade at $42,732 as of 05:30 a.m. EST on trading volume that rose 1.3% to $23 billion.
The slight BTC price decrease comes as The Flow Horse, a pseudonymous trader on X, tells his followers that the upcoming Bitcoin halving may cause the Bitcoin price to soar.
Just a little advice, as most people in this market are obsessed with intraday activity and try to emulate their favorite traders, riding every little move the market offers: We are on the cusp of the most reliable and popular narrative that this market has seen to this point.…
— HORSE (@TheFlowHorse) January 30, 2024
Based on historical data, after every Bitcoin halving event in four years, there is always a bull market that follows, the analyst said.
The trader is also keen to warn investors of short-term BTC volatility.
I still think with $BTC this is a dead-cat bounce and we are not near any new trend upward. At least if things remain contained and orderly, there is a big range to trade.
— HORSE (@TheFlowHorse) January 29, 2024
The Flow Horse is not the only prominent figure that sees the BTC price soaring. Other individuals in the industry predict a period of buying pressure and a reduced supply after the halving , which will likely drive the price up.
Joe Caselin, Head of Institutional Marketing at BIT: #BTC may continue to soar despite the “buy the rumour, sell the news” setup re #ETF approvals. Incoming buy pressure combined with reduced supply after the #halving makes for a very bullish 2024 where we break through the ATH.
— BIT TRADE OFFICIAL (@bitradeexchange) January 2, 2024
Bitcoin Price Maintains Uptrend Within The Rising Channel
The Bitcoin price continues the bullish momentum, maintaining the current uptrend within the rising channel.
The bear’s stance is rejected at the $42,447 level, coinciding with the lower boundary of the channel, which is an opportunity for the bulls to regroup.
The bulls, however, remain in control, as the price is still trading above the critical support zone at $42,000.
If the bullish momentum sustains, the price could break above the closest resistance mark at $43,400, soaring toward the previous high of $49,000.
The Bitcoin price is trading above the 50-day simple moving average (SMA), indicating sustained bullish momentum. If the uptrend movement is sustained, the price could overcome the 200-day SMA hurdle.
The relative strength index (RSI) is also in a downtrend from the overbought region but above the 50-midline level at 53. If the bullish momentum is sustained, it could drive the RSI towards the 70-overbought position.
Bitcoin Price Bulls Target To Reclaim $49,000 Mark
The BTC price is on a downward trend. However, if the bulls can sustain through the pressure and find support at the $40,900 level, there is a possibility of a bullish upswing, as the bulls aim to reclaim the $49,000 mark before the halving event in April.
Analysts suggest that this price aligns closely with previous BTC positions, especially when compared to its all-time high (ATH) just before the halving events.
#Bitcoin Halving in Just 80 Days 🤔
Ever wondered where Bitcoin was 80 days before in the previous Halvings ?
– In 2016, BTC was -62% below its ATH
– In 2020, BTC was -52% below its ATH
– In 2024, BTC is currently -42% below its ATHSo, even if it seems like Bitcoin’s price… pic.twitter.com/d7zYuZPLwP
— Mags (@thescalpingpro) January 23, 2024
If the current support level is breached, the price may experience a further downturn, with a possible support level of $38,542.
Such a scenario could create a great opportunity for investors to add more BTC to their portfolios.
Meanwhile, investors who are looking for substantial returns from their investments might consider Bitcoin Minetrix as analysts say this Bitcoin derivative could be the best way to play the halving.
Bitcoin Minetrix Explodes Past $10 Million, Headed For The $10.3 Million Soft Cap
The Bitcoin Minetrix’s (BTCMTX) presale just roared past $10 million and is now hurtling towards its $10.9 million target.
We’re nearing the end of #BitcoinMinetrix Stage 22, with just 1 day left on the clock! ⏰
What are the primary components required for #Bitcoin mining? pic.twitter.com/TC1aslkPLU
— Bitcoinminetrix (@bitcoinminetrix) January 30, 2024
In the current stage, you can buy BTCMTX at a reduced rate of $0.0132 per token before the price increases in less than 5 days.
Bitcoin mining has been a complex and resource-intensive process that requires specialized hardware and technical knowledge. Bitcoin Minterix is a decentralized cloud mining platform that is set to lower such barriers to entry.
Embarking on an exciting journey into cloud mining with #BTCMTX! 🚀
Users gather staking credits, monitoring their mining capabilities.#Ethereum network’s smart contracts guarantee seamless, decentralized distributions, ensuring a secure and dependable mining experience. 🔗💻 pic.twitter.com/l1NXxe2XRz
— Bitcoinminetrix (@bitcoinminetrix) January 30, 2024
To participate in the project, you can purchase BTCMTX tokens, representing shares in cloud mining power. This in turn allows you to participate in Bitcoin mining regardless of your expertise, potentially earning you rewards.
The platform enables this process through the stake-to-mine feature, which gives you total control of your mining activities.
To mine on the BTCMTX platform, you must have an Ethereum-compatible wallet like MetaMask to purchase and stake in BTCMTX.
Join The Presale Now, Stand A Chance To Win $3000
Alongside the stake-to-mine setup, Bitcoin Minetrix also offers a complementary staking protocol for BTCMTX. As of now this earns you an annual percentage yield (APY) of 67%. Over 627 million tokens have already been staked.
By buying and staking BTCMTX, you also gain entry into the $30,000 minedrop airdrop competition, where ten people will be declared winners, each taking a $3,000 prize.
CryptoNews’ host, Ari, remains optimistic about the ability of BTCMTX to surpass expectations on launch. He also said he wouldn’t be surprised if its price explodes 50X in the next bull run.
To take part in the presale, visit the BTCMTX official website, connect your digital wallet, and swap your ETH or USDT for BTCMTX. You can also make purchases directly using your bank card.
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