Bitcoin (BTC) went as high as $44,345 on Tuesday, but since then failed to break above this level and entered a phase of consolidation. At the time of writing, BTC is trading around $43,400.
The price has broken out upwards from an ascending triangle technical pattern, surpassing the $38,000 resistance level in the beginning of December. This signals a resumption of the broader uptrend, with price targets of around $45,000 in the near-term and $50,000 over the medium-term. The Relative Strength Index got into an overbought territory above 80, so some consolidation around the $45,000 area could occur before the uptrend continues.
The Ascending Triangle is considered a bullish continuation pattern, typically breaking out upwards in the direction of the prior trend. Most traders however await a decisive breakout before taking a directional bet.
Michaël van de Poppe, who has 675,000 followers, urged caution that swift corrections will happen even amid positive developments like a spot Bitcoin ETF approval, which analysts expect by January 10, 2024.
“Gentle reminder; corrections will happen and they’ll be swift. An approval of a spot Bitcoin ETF is the largest event in the past years. It doesn’t mean markets are going to be moving in a ballistic manner to $200K in one-go. Take your profits and buy corrections.”
On the other hand, Mags’ analysis focused on key moving averages that can define bull and bear trends in Bitcoin’s price action. Specifically, he notes that Bitcoin is about to see a golden cross form on its weekly price chart. A golden cross occurs when a faster moving average crosses above a slower moving average, signaling the start of an uptrend.
In Bitcoin’s history, its 200-week moving average has marked the bottom of bear markets, except for the current bear market that broke below it. However, Mags notes that price has now moved back above the 200-day moving average. If the faster 50-week MA crosses back above the 200-week MA, it would form a golden cross pattern that typically kicks off long-term bull markets.
Moreover, a golden cross would invalidate the death cross that formed back in February 2023 when Bitcoin’s 50-week MA crossed below its 200-week MA. This death cross signaled the start of the recent harsh crypto winter. In summary, Mags sees bullish longer-term indications forming that could reverse the prevailing bear trend.
Bitcoin Minetrix – Streamlined Cloud Mining
One emerging project on the radar of cloud mining enthusiasts is Bitcoin Minetrix (BTCMTX). Its presale has attracted over $4.9 million in investments thus far, as users are enticed by the streamlined cloud mining experience BTCMTX offers.
Currently in stage 10 of its successful presale, BTCMTX price appreciates 10% after the completion of each stage. Bitcoin Minetrix strives to remove many of the frustrations and upfront costs linked to conventional Bitcoin mining. BTCMTX token holders can earn Bitcoin mining credits by staking their assets, which they can later swap for BTC.
At its foundation, Bitcoin Minetrix permits individuals to tap into cloud computing infrastructure to mine Bitcoin without establishing their own hardware. This drastically improves accessibility, considering specialized ASIC miners can retail for thousands. Staking BTCMTX also allows any user to secure extra Bitcoin mining incentives.
By addressing transparency and reliability challenges in cloud mining, Bitcoin Minetrix has amassed significant trust. The ecosystem leverages Ethereum-compatible wallets like MetaMask to simplify onboarding. Users can seamlessly purchase tokens, choose staking options, and instantly begin accumulating Bitcoin profits.
Bitcoin ETF Token Capitalizes on Approval Hype
Speculation around a potential spot Bitcoin exchange-traded fund (ETF) approval in 2024 seems to be gathering steam.
As its name implies, Bitcoin ETF Token looks to take advantage of the success of a real Bitcoin ETF by structuring deflationary tokenomics around crucial milestones in the approval timeline.
Originally, BTCETF sold presale tokens for $0.005 each. However, robust demand has now pushed prices up to $0.0064. Meanwhile, the project has advanced to Stage 7 of its presale after surpassing $2.9 million in market capitalization.
Additionally, BTCETF tokenomics mandate burning 25% of the total supply when certain ETF-related developments occur. A final 5% burn will happen if Bitcoin reaches $100,000.
On top of the supply shocks tied to key events, BTCETF taxes all transactions at 5% to perpetually diminish the circulating amount.
These deflationary mechanisms ensure BTCETF holders are compensated for staying invested long-term. Moreover, supply shocks make the token scarcer over time if adoption increases. All in all, BTCETF might be an interesting option for investors who are eager about ETF approvals early next year.
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