2023-10-24 17:00 |
The price of Bitcoin (BTC) has passed $30,000 once again, leading many analysts to predict a positive end to 2023 for the world’s largest cryptocurrency.
With signs of a broader recovery in the crypto market, traders are keen to know how high BTC could climb before year-end.
This positive outlook has also spilled over to new projects such as Bitcoin Minetrix (BTCMTX), a presale platform that has just reached the $2 million funding milestone.
Bitcoin Surges Above $30k as Bulls Eye Further UpsideBTC’s value has surged 12% over the past week, cracking the key $30,000 resistance level in the process.
This jump comes after two months of rangebound trading between $25,000 and $28,000.
At the time of writing, BTC is trading around the $30,650 level, representing its highest value since August 8.
Bitcoin (BTC) Chart. Source: TradingviewAnalysts point to several factors driving this latest price increase: a pullback in the U.S. Dollar Index (DXY), boosting interest in riskier assets like cryptocurrencies.
Additionally, optimism around a spot BTC ETF being approved in early 2024 is increasing.
Some analysts also point to the impending Bitcoin halving event, scheduled for April/May 2024, as another reason investors are becoming increasingly optimistic about the coin’s prospects.
This shift in sentiment is evidenced by the Crypto Fear & Greed Index, which now sits at 53 – well out of “Fear” territory.
Could Bitcoin Stage an End-Of-Year Rally?With Bitcoin back above $30,000, speculation is growing on whether the coin can stage a year-end rally to finish 2023 on a high note.
According to many traders, Bitcoin holding support above $30,000 could be a positive sign, believing that much of the selling pressure related to macroeconomic and geopolitical events has already been priced in.
Moreover, with the next Bitcoin halving less than seven months away, some traders argue that historical price increases leading up to the event could set the stage for an end-of-year surge.
However, risks remain from the possibility of one more interest rate hike before 2023 concludes, which would pour cold water on crypto market optimism.
Bitcoin Minetrix Presale Hits $2m As Stake-To-Mine Model Attracts InvestorsWhile Bitcoin has led the crypto market to rebound, a new project called Bitcoin Minetrix (BTCMTX) has also gained momentum.
The decentralized cloud mining platform recently hit a significant milestone in its presale, surpassing $2 million raised.
With its innovative “Stake-to-Mine” model, Bitcoin Minetrix is emerging as a potential breakout star this year.
The model works by users purchasing BTCMTX, Bitcoin Minetrix’s native token, and then staking them to earn non-tradable credits.
These credits can then be burned to earn cloud mining power for BTC.
As noted in Bitcoin Minetrix’s whitepaper, this provides a simple and secure way for crypto enthusiasts to get exposure to Bitcoin mining without expensive hardware or risky contracts.
With 42.5% of tokens set aside to fund mining operations and aggressive marketing plans, Bitcoin Minetrix’s developers have their sights set on long-term growth.
The developers also run a $30,000 “Minedrop” giveaway, where ten lucky winners will each receive $3,000 worth of BTCMTX tokens.
To enter, would-be participants can visit the Bitcoin Minetrix website and complete several simple tasks for a chance to win this crypto-based prize.
The buzz surrounding this giveaway, combined with endorsements from prominent crypto influencers, has elevated the project’s visibility and generated further interest.
With BTC reclaiming $30,000, Bitcoin Minetrix’s timing and innovative staking model could make it one to watch in the remaining months of 2023.
Visit Bitcoin Minetrix Presale
The post Bitcoin Price Analysis as BTC Passes $30K – Will It Have a Bullish End to the Year as Bitcoin Minetrix Also Hits $2M appeared first on BeInCrypto.
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