Bitcoin Price Prediction: BTC Breaks $50K As Jack Dorsey Says He Is Bullish About BTC Mining

bitcoin price jumped up It is trading up more than 3% at $50,095.76 as of 2:25 a.m. ET as investors look to ride the market leader’s positive momentum.

Bitcoin price continues to be strong.

BTC/USDT 4-hour chart (Source: TradingView)

that much bitcoin The price continued to trade within a bullish channel over the past 48 hours, which ultimately provided the momentum needed to overcome the $50,000 barrier. BTC may soon turn the $50,000 resistance into support if bulls continue to push the price of the major cryptocurrency higher.

That could provide the foundation needed for a potential rally to $52,115 in the next few days.

Optimism may be invalidated if: bitcoin The price fails to close the 4-hour candle above the $50,000 threshold within the next 24 hours. In this alternative scenario, the cryptocurrency could retest the immediate support level of $47,930.

Continued selling pressure at this mark risks BTC falling to the next major support level at $44,430 in the near term. In an extremely bearish scenario, the Bitcoin price could fall as low as $42,450.

Bitcoin price shows no signs of slowing down

Technical indicators on BTC’s 4-hour chart show that near-term momentum is in favor of buyers. Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) are both bullish.

A MACD line located above the MACD signal line can be considered a signal that BTC is currently in a bullish cycle. As the former surpasses the latter, this positive momentum seems to be growing stronger.

A significant bullish technical signal is on the verge of being triggered by the RSI indicator on the BTC 4-hours chart. RSI is currently attempting to break above the simple moving average (SMA) line. The intersection between these two lines can be a strong signal that buyers have gained a short-term advantage over sellers.

As a result, it may be easier for bulls to push Bitcoin prices higher over a 48-hour period following a possible crossover than for bears to move lower over the same period. If this technical flag is confirmed and validated, BTC could soon overcome the $50,000 barrier again and challenge the $52,115 resistance shortly thereafter.

Bitcoin’s continued rise could pave the way for: bitcoin Derivative projects like Bitcoin Minetrix will proliferate in the near future. This is perfectly consistent with the 10X bullish predictions analysts have already made for this Bitcoin cloud mining project.

Next 10X Opportunity

Take a look at these benefits: #Bitcoin Metrics:

Easy accessibility for improved convenience. 🚀

Simplified pricing structure for increased efficiency. 📊

Experience peace as you don’t have to worry about resale. 💼 pic.twitter.com/OuEk3DfXJT

— Bitcoin Minetrix (@bitcoinminetrix) February 11, 2024

Bitcoin Minetrix An innovative cloud mining platform that aims to give the BTC cloud mining space a much-needed makeover. Through decentralization and a stake-mining model, the project not only makes Bitcoin cloud mining more secure, but also makes the process as simple as staking ERC-20 tokens.

To get started, investors must purchase BTCMTX on the project website. The token is currently selling for $0.0134 and can be purchased using Ether (ETH), Tether (USDT) or a bank card.

After purchasing, you will need to stake your tokens for gas rewards and burn them to share in Bitcoin Minetrix’s cloud mining power.

Investors are optimistic about BTC mining

The recent introduction of spot Bitcoin ETFs (Exchange Traded Funds) in the US has boosted the price of the market leader over the past few weeks. As a result, investors are actively seeking opportunities to earn passive income paid in BTC. This is evident in Bitcoin Minetrix’s pre-sale, which surpassed $10.7 million.

In addition to this, legendary tech entrepreneur Jack Dorsey is supporting a new BTC mining venture called Ocean. Ocean is a new type of Bitcoin mining pool launched in November 2023 with the slogan “Bitcoin mining as it was done.”

The main purpose of the pool is to address the centralization threat posed to the Bitcoin network by large mining pools.

The introduction of Ocean highlights the growing demand for more Bitcoin mining initiatives to participate in this space, which would perfectly lead to a 10x increase in Bitcoin Minetrix in the near future. Adding to the project’s potential is the upcoming halving scheduled for April this year, which will make it more difficult to obtain new BTC.

This reduction in supply is likely to result in increased demand from spot Bitcoin ETFs, distorting the supply and demand ratio, which is very positive for Bitcoin-related projects.

BTCMTX available for purchase here.

Related articles:

A new cryptocurrency mining platform – Bitcoin Minetrix

• Thanks to Coinsult
• Decentralized, secure cloud mining
• Get free Bitcoin every day
• Native token currently in pre-sale – BTCMTX
• Staking Rewards – APY 50% or more