Bitcoin Price Prediction: As JPMorgan Warns Of More BTC Price Pressure On Grayscale Selling Bitcoin, This Cloud Mining ICO Looks Primed To Explode

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The Bitcoin worth dropped 3.4% within the final 24 hours to commerce at $41,475 as of 11:05 p.m. EST, with day by day buying and selling quantity surging 43% to $27 billion.

This drop in BTC worth comes as JPMorgan warns that Bitcoin’s worth could proceed to fall in coming weeks if traders in Grayscale Bitcoin Belief (GBTC) proceed to promote their holdings.

Bitcoin worth may face extra stress with GBTC profit-taking, says JPMorgan#bitcoin #BTC #tafouio #cryptonews pic.twitter.com/RiZ2oG84Gn

— tafou.io (@tafouio) January 18, 2024

Buyers in GBTC have been cashing out since Bitcoin ETFs have been authorised final week, both to maneuver into new funds with decrease charges or simply to carry BTC itself.

If JP Morgan’s estimate of Grayscale promoting Bitcoin value $3 billion seems to be right, one other $1.5 billion may be prepared to go away Bitcoin.

Bitcoin Value Bulls Look For Rebound At $36,392

Bitcoin Price Chart Analysis. Source: GeckoTerminal.com — BTCUSD Chart Evaluation. Supply: GeckoTerminal.com

The Bitcoin worth bulls have acquired rejection on the $49,000 mark, permitting the bears to exert downward stress, inflicting the worth to say no and surpass the decrease boundary of the rising channel.

The value has additionally fallen under the 50-day easy shifting common (SMA), coinciding with the decrease boundary of the channel. Nevertheless, it has managed to remain above the 200-day SMA, indicating the likelihood of rebound and supported by the SMA cross at $28,500, affirming the bullish momentum.

The relative energy index (RSI) can be buying and selling downwards under the 50 impartial degree, indicating intense promoting stress

Bitcoin Value In A Downtrend

Bitcoin worth is in a downtrend. If the momentum is sustained, the worth may attain a $36,392 degree, the space X of the rising channel. This degree signifies a double backside sample, permitting the bulls to drive the worth up, anticipating reclaiming the earlier excessive at $49,000.

The downtrend is a good alternative for traders so as to add extra BTC to their portfolios. Nevertheless, some traders in search of different methods to play this tough market are leaping into Bitcoin Minetrix. Its token, BTCMTX, seems to be primed to blow up this yr when listed on exchanges.

Bitcoin Minetrix (BTCMTX) Presale Nears $9.5 Million Objective With Over $8.8 Million Already Secured

The Bitcoin Minetrix (BTCMTX) presale has roared previous $8. 8 million in funds raised because it races in the direction of it $9.5 million goal. However there’s solely 47 hours left earlier than the worth, at the moment at $0.0129, is hiked.

Massive accomplishment for #BitcoinMinetrix!

Surpassing the $8,600,000 milestone! 🌐 pic.twitter.com/r3i9wdtSbg

— Bitcoinminetrix (@bitcoinminetrix) January 17, 2024

Bitcoin Minetrix is a cloud mining platform permitting customers to take part in decentralized Bitcoin mining by the stake-to-mine function, giving customers full management over their mining actions.

The platform helps customers keep away from being scammed by third-party cloud mining platforms.

To mine on the BTCMTX platform, you want an Ethereum-compatible pockets like MetaMask to buy and stake BTCMTX tokens.

Exploring the benefits of #BTC cloud mining!

🚀 Newbie-friendly expertise: no want for technical experience.💸 Finances-friendly: keep away from hefty electrical energy and {hardware} prices.🌐 Bid farewell to house constraints, noise, and warmth disturbances.🔄 Overlook about resale issues! pic.twitter.com/MlwYKwoKLa

— Bitcoinminetrix (@bitcoinminetrix) January 13, 2024

Get BTCMTX Now, Win a $3000 Reward within the Minedrop Competitors

The platform has been working a $30,000 minedrop airdrop competitors since its inception. To take part within the airdrop, you want to purchase BTCMTX tokens. You might have the possibility to be one of many ten fortunate winners to obtain a $3000 reward.

Furthermore, if you stake your tokens, you can additionally earn rewards, with the payout being based mostly in your stake’s proportion within the staking pool and an annual pay yield of 74%. At the moment, over 560 million tokens have already been staked.

Zach Humphries, a crypto analyst on YouTube with over 123k subscribers, featured BTCMTX in a latest video. He explains the benefits of leveraging its staking-to-mine function, emphasizing that the optimum approach to reap advantages is by buying the presale early.

To hitch the presale, go to the BTCMTX web site, join your digital pockets, and swap your ETH or USDT for BTCMTX tokens. You may as well purchase instantly utilizing your financial institution card.