Bitcoin price is trading at $47.9 thousand at 8:30 a.m. EST after rising 10.3% last week amid bullish sentiment that has been boosted in recent days by the start of the Chinese New Year of the Dragon.
The increase has caused BitMEX founder Arthur Hayes will eat the humble pie after previously saying he was shortening BTC was expected to fall as low as $35,000 before recovering again.
now hayes says He is no longer missing the king of cryptocurrencies and expects Bitcoin to reach a new all-time high of $70,000 by the end of the year.
Meanwhile, US President Joe Biden also made headlines after sharing a photo of himself with laser eyes on his X account (formerly Twitter). Because it was the Bitcoin bulls who started wearing such bright eyes, At first it seemed that Biden had become a Bitcoin ambassador.
In fact, the tweet was an obscure reference to the Kansas City Chiefs victory against San Francisco 49ers in the 2024 Super Bowl.
Just as we designed it. pic.twitter.com/9NBvc5nVZE
–Joe Biden (@JoeBiden) February 12, 2024
Bitcoin price prediction
Analyzing the 1-hour BTC/USD charts, we notice that the candles within the Pitchfork channel are quite volatile, with wicks on both sides, suggesting indecision between buyers and sellers with Bitcoin trading 0.33% below its previous price of 24 hours. The Money Flow Index (MFI) is at 42.29 which is somewhat neutral but leaning towards the bottom indicating that there is no significant buying or selling pressure at the moment.
On the other hand, the average directional index (ADX) is at 16.14, indicating a weak trend. An ADX value below 25 often suggests that there is no strong trend in the market and that price movements could be more random or based on range-bound conditions.
Despite the recent uncertainty, Bitcoin appears to be on track to rise in the long term, as indicated by market activity. This can be attributed to recent data suggesting that Wall Street ETFs are buying 12.5 times more Bitcoin per day than the network can produce.
— Documenting ₿itcoin 📄 (@DocumentingBTC) February 12, 2024
Bitcoin Price Prediction: What are the chances that BTC won’t keep pumping?
Now that the price is moving above the Pitchfork median line (red line) but below the resistance, Bitcoin price could see an increase in the short term as there is still room to retest the resistance. However, if the price breaks above the upper trend line of the Pitchfork descending channel with significant volume, it could indicate a possible trend reversal.
Since the ADX indicates a weak trend and the MFI is neutral, there is also a chance that the price will continue to move sideways within the channel, especially if it fails to break out.
BTC/USD 1-hour chart | Fountain: TradingView
Meanwhile, many investors are turning to the Bitcoin cloud mining project, Bitcoin Minetrix. Its pre-sale has surpassed $10.7 million as it moves toward its goal of $11.5 million. It is also classified by analysts among he top pre-sales for 2024.
An optimal substitute?
Bitcoin Minetrix makes Bitcoin mining easier and cheaper for almost everyone by integrating cloud mining with staking, eliminating the need for expensive mining hardware.
With tokenized cloud mining platform, anyone can mine $BTC securely and transparently.
Say goodbye to third-party scams and take control of your mining journey. pic.twitter.com/b9fZpDbDMH
—Bitcoinminetrix (@bitcoinminetrix) February 8, 2024
Users have full control over their cloud mining using Bitcoin Minetrix’s mining staking functionality. By staking your BTCMTX tokens, you can earn cloud mining credits that can be used for decentralized Bitcoin mining. Thanks to this, the risk of fraud associated with third-party cloud mining services is also eliminated.
Another passive method of making money on the website is staking BTCMTX, which currently generates a return of 63% annually. The stake has reached around 661 million tokens. Additionally, there is a Minedrop contest, where ten lucky winners will receive $3,000.
🎉 #BitcoinMinetrix $30,000 Minedrop Now Available! 🎉
Get ready for your chance to win a share of $30,000 in $BTCMTX!
—Bitcoinminetrix (@bitcoinminetrix) October 5, 2023
Popular cryptocurrency expert and YouTuber Jacob Bury, with 27,000 followers, has given his seal of approval to Bitcoin Minetrixpredicting a possible 10x increase in value upon launch.
With analysts speculating Amid a Bitcoin price surge amid the impending halving event, Bitcoin Minetrix is also perfectly positioned to benefit.
Since the price of BTCMTX tokens will rise in less than three days from the current $0.0134, interested investors should act quickly to secure the lowest price.
You can buy BTCMTX tokens with other cryptocurrencies, including ETH and USDT, and even with a credit card.
Visit Bitcoin Minetrix on this link to make your purchase.
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