Blockchain

Bitcoin Price Prediction: VanEck’s Bitcoin ETF Volumes Surge 1,400% As Experts Say This BTC Cloud Mining Token Might Be The Best Altcoin To Buy Now

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The Bitcoin price has dropped a fraction in the past 24 hours to trade for $51,871 as of 1:25 a.m. EST time on trading volume that surged 45% over the last 24 hours.

As things stands, the Bitcoin price is 23% away from its all-time high of $69,000, recorded on Nov. 10, 2021.

Nevertheless, retail investors appear absent despite BTC rising 242% over the last 15 months. This is unorthodox considering retail has predominantly been the main driver of previous bull runs so far. To put this in perspective, a Google Trends search shows there is low interest in this cycle.

Meanwhile, reports indicate that VanEck’s HODL, the firm’s spot BTC exchange-traded fund (ETF) product, recorded a striking rise in trading volume. The surge comes less than a week after VanEck indicated it would slash fees, but the massive spike was still surprising.

Trading volume surged to $258 million, representing a 14X increase, ascribed to 32,000 individual trades. “This is 60X its average,” says Balchunas, adding that other ETFs that did well include WisdomTree’s BTCW and Blackrock’s IBIT.

BTCW recorded a trading volume of $154 million, which represents a 12X increase in the investment product’s average. It also constitutes a 25X increase on its assets ascribed to 23,000 individual trades. This is also unorthodox given that BTCW had posted only 221 trades on Friday.

Furthermore, BlackRock’s IBIT also saw a sizeable surge in trading volumes, which Balchunas described as among “unsolved mysteries.”

Bitcoin Price Prognosis Amid Skyrocketing Spot BTC ETF Trading Volumes

The Bitcoin price horizontal consolidation continues, with immediate support presenting at $51,335. A decisive candlestick close below this buyer congestion level could initiate a downtrend. This could see BTC break below the midline of the channel to test the supply zone turned bullish breaker between $45,556 and $46,691.

The bears could manage to haul the Bitcoin price below the midline (mean threshold) of the order block at $46,166. A close below this level on the daily timeframe would confirm the continuation of the downtrend.

If the supply zone holds as support, however, it could provide a good entry for sidelined and late investors before the Bitcoin price takes the next leg up. The most logical move in such a turn of events would be to clear the range high of $52,985, bringing the $56,000 milestone into focus.

In a dire case, the Bitcoin price could extend the fall below the lower boundary of the ascending channel to the $40,000 psychological level.

The Relative Strength Index (RSI) has already executed a sell signal crossing below the signal line (yellow band). Also, the histogram bars of the Awesome Oscillator (AO) are flashing red to show the bears gaining ground. This status is reinforced by fading histogram bars of the Moving Average Convergence Divergence (MACD) indicator. These features accentuate the bearish suposition.

Bitcoin price

TradingView: BTC/USDT 1-day chart

Converse Case

On the other hand, if buyer momentum increases at current rates, the Bitcoin price could shatter or break out from above the confines of the ascending parallel channel. This could set the pace for BTC to target the $55,000 milestone, or in a highly bullish case, extend the gains to the $60,000 psychological level.

The Bitcoin Price From An On-Chain Perspective

On-chain aggregator tool, IntoTheBlock, reveals key roadblocks and important support bases for the Bitcoin price. The Global In/Out of the Money (GIOM) metric shows that while BTC enjoys strong support downward, the region between $52,718 and $67,413 could deliver significant opposition to BTC upside potential. Here, approximately 2.52 million addresses holding around 823,990 BTC tokens would be looking to sell at breakeven prices of $58,293.74.

BTC GIOM

BTC GIOM

Also, 92.9% of BTC holders are currently sitting on unrealized profit (in the money). This is against 4.87% who are sitting on unrealized losses (out of the money). Meanwhile, only around 2.23% are breaking even (at the money).

On the other hand, the In/Out of the Money Around Price (IOMAP) model puts initial resistance slightly lower between $51,706 and $53,256, where 1.02 million addresses hold approximately 571,870 BTC tokens bought at an average price of $52,057.98.

BTC IOMAP

BTC IOMAP

Meanwhile, while the Bitcoin price continues to consolidate, investors are looking at the halving, an event expected to solidify the next directional bias for BTC. With it, proactive traders are buying BTCMTX, a project providing easy entry into the BTC market. The project is recording massive success in the presale with analysts including YouTuber Jacob Bury anticipating 10X growth potential.

Promising Alternative To Bitcoin

BTCMTX, ranked among analysts’ top choices for the five best cryptos to buy in 2024, is the powering token for the Bitcoin Minetrix project, which enables investors to mine BTC by staking their holdings.

Specifically, BTCMTX token holders stake their holdings for mining credits and then redeem or burn them for mining hash power. In so doing, it has decentralized and tokenized the entire process, enhancing convenience for community members.

The project has revolutionized Bitcoin mining as we know it, and ensuring all third-party risks are eliminated. Other benefits include no hassles relating to heat, space, or cost, among others.

Bitcoin Minetrix is in the presale stage, where each token is selling for $0.0136. Investors can buy BTCMTX on the official website, with presale sales now reaching $11.259 million out of a target objective of $12.178 million.

Visit Bitcoin Minetrix to buy BTC MTX here.

Also Read:

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