Bitcoin reached a significant milestone in early January when it got ETF approval from the SEC. The process took a decade to complete, and the new situation will likely have a positive impact on the token's growth. The new situation has pushed BTC token prices to over $47,000, breaking December's consolidation phase.
However, after the initial gains, Bitcoin's price dropped below $43,000 just days after Bitcoin ETFs became a reality. The question is whether Bitcoin will be able to break the $50,000 before February and stay above it before the next halving event. Let's dig deeper into the subject to get an answer, and we'll also introduce you to Bitcoin Minetrix, a cloud-based platform with huge potential that allows you to mine BTC remotely.
The approval of Bitcoin ETFs has an impact on the entire crypto industry. Of course, accepting BTC ETFs came with a few hiccups, including releasing fake news, statements, and other misleading information. These events increased volatility, leading to significant price movements from BTC. The news of Bitcoin ETFs pushed the token's price above $49,000, the highest in the past 21 months, but the gains quickly crumbled by over $3,000.
The price dropped only days after the event, pushing BTC to below $42,800. The drawback is caused by price corrections and US inflation numbers that were higher than expected, forcing the FED to keep raising interest rates for the next few months. The entire situation had a negative effect on Bitcoin prices, and everyone's eyes are on the next halving event planned for April. Historically, BTC halving events were always followed by significant gains and bull runs, which will likely repeat after the next event.
According to leading crypto price prediction experts, BTC is currently in an accumulation phase. Despite having a trade of over $4.8 billion during the first day of Bitcoin ETF trading, the world's leading crypto turned around, losing over $6,000 in a matter of days.
The immediate setback is likely a reaction to the massive market shifts, and the sentiment around ETF approval will likely improve in the next few weeks. Almost all experts predict that BTC will surpass the elusive $50,000 price point by the end of the month. However, BTC must stay above the $41,000 support line for that to happen. Investors will likely increase buying in the next few days, and if they buy enough tokens, BTC could surpass $50.000 exceptionally quickly. The bottom line is that BTC is currently in a state of increased volatility, and everyone is looking for a price breakout of above $44,000, which would result in further growth and new highs in the past two years.
While the long-term outcome looks excellent for Bitcoin, the most optimistic price predictions put the token below $100,000 by the end of the year. In other words, the best BTC can do is double in value, but only if all factors align perfectly. On the other hand, a new crypto platform, Bitcoin Minetrix, is showing massive growth potential and could even become one of the biggest gainers on the market this year. Let's see why you should consider investing in BTC MTX tokens as soon as possible.
Bitcoin Minetrix is a cloud-based Bitcoin mining platform designed to make the process available to a broader user base. Mining BTC tokens are generally known for coming with massive hardware and electricity costs, but Bitcoin Minetrix solves both problems in one swoop. Namely, the platform allows users to stake native BTC MTX tokens to earn mining credits they can use to rent remote BTC mining machines to mine the tokens. The entire process is controlled using a dedicated smartphone app, allowing users to monitor and tweak their progress at any moment.
Therefore, Bitcoin Minetrix provides a safe, cost-efficient system allowing token holders to mine BTC without technical expertise, hardware setup, or maintenance costs. The simple design has made Bitcoin Minetrix a hugely popular investment option in the past few months.
Bitcoin Minetrix is a Stake-to-Mine platform that aims to revolutionize the process of mining BTC tokens by making them available for everyone. The platform is entirely built on the Ethereum blockchain and is fully compatible with all ETH-based wallets. Users must stake their BTC MTX, which are ERC-20 tokens, to earn non-tradable tokens they must burn to get BTC-cloud mining power. The platform has 4 billion tokens, with 2.4 billion available during the ongoing presale.
It offers excellent utility, significantly better security than traditional BTC mining, and large staking rewards with an APY of 138%. It shows massive growth potential and will easily be one of the best ICOs in 2024.
The official Bitcoin Minetrix token presale event is still ongoing, and it raised over $8.5 million. The soft cap is $15.6 million, while the hard cap is $32 million. Therefore, around 1 billion BTC MTX tokens have been sold already, becoming more expensive every seven days. The minimal investment is $10, and you can use ETH, BNB, or USDT to get BTC MTX tokens.
If you invest in Bitcoin Minetrix today, you can enter the official Gleam competition to win one of the ten prize allocations worth $3,000 in BTCMTX tokens. The giveaway has over 36,000 entries, so hurry up and secure your spot among the earliest investors to get a chance to win BTCMTX tokens before the platform goes live later this year.
Bitcoin entered a phase of enormous price swings and increased volatility. There is no way to guess when BTC will surpass $50,000, but with enough support and broader adoption through BTC ETFs, the chances of it reaching new all-time highs this year are growing daily. However, if you want to invest in a crypto that can help you get 100x returns this year, Bitcoin Minetrix is the way to go. You can also stake the tokens you buy to earn Bitcoin mining credits and BTC along the way. Invest today and join the growing Bitcoin Minetrix community, and you might win another $3,000 worth of tokens.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.