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The Bitcoin price dropped by a fraction of a percentage in the last 24 hours to trade at $51,515 as of 00:19 a.m. EST on trading volume that plunged 13% to $14 billion.
This comes after Ki Young Ju, CEO of CryptoQuant, revealed that there is a notable surge in Bitcoin accumulation among superholders. This indicates a strategic move preceding the cryptocurrency’s price surges.
#Bitcoin inflows into accumulation addresses have reached an all-time high of 25.3K $BTC.https://t.co/HrkV3TUGJT pic.twitter.com/FSLUHNlVCZ
— Ki Young Ju (@ki_young_ju) February 21, 2024
Bitcoin has surged 23% in the last month, with Bitcoin inflows into accumulation addresses reaching an unprecedented high of 25,300 BTC and still growing. These addresses have no outgoing transactions, have a balance exceeding 10 BTC, and exclude accounts associated with centralized exchanges.
As Bitcoin investors continue to accumulate BTC, will its prices soar?
Bitcoin Price Is Consolidating, Aims to Break Out
The Bitcoin price has been on an upward movement since the start of February, evident with the markup phase. The bulls were able to sustain bullish momentum, supported by the inverse head and shoulders pattern, before encountering rejection at $53,000.
However, after the rejection, the bulls and the bears are struggling to take control of the price. This has led to a consolidation phase, as the bulls aim to surpass the upper boundary of the ascending triangle pattern.
BTC is trading above the 200-day Simple Moving Average (SMA), which indicates sustained bullish momentum. If the bulls sustain this momentum, BTC will overcome the 50-day SMA hurdle, driving the price even higher.
Moreover, the 50-day SMA is trading above the 200-day SMA, with a golden cross formed at $42,875. The golden cross is an indication that the price is on a sustained bullish rally. The Relative Strength Index (RSI) is around the 50-midline level at 51, supporting the consolidation sentiment with the possibility of a breakout.
Furthermore, the Moving Average Convergence Divergence (MACD) supports the bullish momentum, with the moving average line (blue) trading above the signal line (orange), signaling more buy options for investors.
The extension of the green bars on the histogram above the zero line also indicates a continuous positive momentum.
Bitcoin Price Prediction
The current Bitcoin price analysis suggests that BTC is set to break out of the consolidation phase, pushing the price over the ascending triangle pattern. The bulls are looking to breach the current resistance at $53,000, targeting the $55,000 psychological barrier.
However, if the bears take control of the price at this level, they may drive the price down. The support levels at $50,600 and $49,000 act as a cushion against downward pressure.
Meanwhile, analysts say the Bitcoin Minetrix ICO has 10X potential on launch and thus might be a better alternative in the medium term.
BTCMTX Presale Closing In On Its $12.37 Million Target: Best Crypto To Buy Now?
The process of mining Bitcoin is historically known to demand large amounts of investment due to overpriced hardware costs. However, there is a transformative solution with Bitcoin Minetrix (BTCMTX). BTCMTX promises to change the perception of Bitcoin cloud mining by cutting costs and fortifying security through decentralized mechanisms.
What exactly is #BTCMTX?
🌐 #BTCMTX is a tokenized cloud mining platform enabling everyone to mine $BTC in a decentralized manner.
🔒 Providing a secure and transparent journey.
Addressing a significant issue by eliminating the threat of third-party cloud mining frauds. pic.twitter.com/OirA4EPSEt
— Bitcoinminetrix (@bitcoinminetrix) February 25, 2024
The project continues to attract a huge following. This presale, now in its 28th round, has successfully raised over $11.4 million, hurtling toward its $12.37 million target.
Stage 28 of #BitcoinMinetrix is live! 🚀
How does the mempool affect mining strategies? 🤔 pic.twitter.com/xPz8YVnmed
— Bitcoinminetrix (@bitcoinminetrix) February 25, 2024
To join the presale, buy BTCMTX, going for a reduced cost of $0.0137. Buy now, as the price is set to rise in about four days.
Stake BTCMTX, Win $3,000 In Minedrop Airdrop Competition
BTCMTX has a staking feature that allows you to stake your acquired tokens, earning an impressive 59% annual percentage yield (APY), with over 700 million BTCMTX tokens already staked.
🌐 The Stake-to-Mine concept presents an innovative approach poised to reintroduce #Bitcoin mining to everyday #Crypto enthusiasts, for various reasons.#BTCMTX participants solely require an #Ethereum compatible wallet like #MetaMask, ensuring straightforwardness. 🔒 pic.twitter.com/IPRnX3NMzc
— Bitcoinminetrix (@bitcoinminetrix) February 25, 2024
By buying and staking, you also earn a place in the project’s $30,000 minedrop competition, where ten lucky winners will receive $3,000 worth of BTCMTX each.
According to Jacob Bury, a crypto analyst and YouTuber, BTCMTX has the potential to deliver a 10X return on investment for investors upon its launch.
To take part in the presale, visit the BTCMTX official website and swap your ETH or USDT for BTCMTX. You can also make purchases directly using your bank card.
Related News
New Crypto Mining Platform – Bitcoin Minetrix
- Audited By Coinsult
- Decentralized, Secure Cloud Mining
- Earn Free Bitcoin Daily
- Native Token On Presale Now – BTCMTX
- Staking Rewards – Over 50% APY
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