Crypto Gloom

Bitcoin Price Prediction: IntoTheBlock Says 5 Catalysts Driving BTC Halving Could Drive Bitcoin ATH in 6 Months as This New ICO Reaches $12 Million.

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By Crypto Gloom

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The price of Bitcoin has risen nearly 2% over the past 24 hours, trading at $52,311 as of 6:30 a.m. ET.

During the same period, trading volume fell nearly 15%, and investors cited fractals to predict a decline in BTC prices. For the layperson, “A fractal is an indicator on a candlestick chart that identifies reversal points in the market.”

Traders utilize fractals to get an idea of ​​the direction in which prices are tilting. “Tuesdays are usually bearish, so I expect consolidation today or a break in the NY PM session,” said one trader and analyst @Mangyeko, adding that this would be a good confluence in his opinion. If analysts’ assumptions are true, the price of Bitcoin could fall on February 20 after remaining flat below the $52,789 barricade for a week.

It is worth mentioning that @Mangyeko is not the only analyst predicting a correction in Bitcoin price. Another trader, @TSignalyst, says the king of cryptocurrencies is on the verge of collapse.

Meanwhile, analysts at on-chain aggregation tool IntoTheBlock say there are five catalysts that could push BTC to all-time highs within six months.

Analyst Lucas Outumuro, head of research at on-chain aggregation tool IntoTheBlock, gives an 85% chance of Bitcoin price hitting a new all-time high (ATYH).

5 Catalysts That Could Send Bitcoin Price to a New ATH

According to Outumuro, the expected surge in Bitcoin price is due to increasing bullish momentum. Researchers acknowledge this assumption in five key themes:

bisector

The halving is scheduled for April 24 and is about 11 weeks away. In this event, miner rewards will be cut in half, potentially kicking off the next bull cycle if history is anything to go by.

Exchange Traded Fund (ETF)

The ETF story continues to drive the cryptocurrency market following its landmark approval on January 10th. The U.S. market continues to see growing demand in the sector, with more than $4 billion in new inflows reported in or around the first 30 days of trading since January. 10. Recent reports show that markets in China, Europe, and Canada are all lining up for a piece of the U.S. ETF cake.

monetary policy easing

The Federal Reserve’s (FRB) easing of monetary policy is a macroeconomic catalyst that could push Bitcoin prices higher. This comes as inflation rates are falling, along with hopes that the Federal Reserve may lower interest rates. If this happens, the market will see increased liquidity, benefiting risky assets such as BTC and stocks.

american elections

As Americans prepare for the November 2024 election, IntoTheBlock sees it as a potential bullish catalyst. This is because as time passes, the probability that a Republican administration will be launched continues to increase. Republicans in particular have often advocated for cryptocurrencies, one easy example being SEC Commissioner Hester Pierce, nicknamed Crypto Mom.

institutional finance

Lastly, IntoTheBlock highlights regions such as Asia and South America that are enjoying the legalization of BTC. In doing so, access to corporate treasuries and ETFs is fueling the growth of the cryptocurrency industry, with the US market enjoying a similar turning point.

With these five factors at play, there is an 85% chance the Bitcoin price will hit an all-time high in the next six months, says IntoTheBlock’s Outumuro.

Bitcoin price forecast amid speculation of new all-time high

Bitcoin price faces a massive hurdle of $52,768, with the Relative Strength Index (RSI) hinting at a possible rejection. This is because this momentum indicator appears calm, moving horizontally to show buyer fatigue. An RSI position of 79 shows that the Bitcoin price is massively overbought and suggests a correction is possible.

Looking at the blurry histogram bars of Moving Average Convergence Divergence (MACD), you can see that the bullish cycle is losing steam. The MACD is also flattening, lending credence to the fatigue theory.

If the bears have their way, the Bitcoin price could retreat and return to the 78.6% Fibonacci level of $49,786. A prolonged decline could lead to BTC testing the most important Fibonacci level of 61.8% at $47,445. In a serious case, the king of cryptocurrencies could fall below the 50% Fibonacci level at $45,801. A drop below the buyer congestion level could cause the Bitcoin price to roll over to the psychological $40,000 level, nearly 25% below current levels.

bitcoinbitcoin

TradingView: BTC/USDT 1-day chart

converse case

Nonetheless, bulls have a strong presence in the Bitcoin market as the Awesome Oscillator (AO) indicator is still recording a lot of green histogram bars. If this group of traders strengthens their buyer momentum, the Bitcoin price could break the $52,768 blockade.

This move will not only focus on the $55,000 goal, but also make the $60,000 milestone the next logical goal.

Elsewhere, forward-thinking investors are now looking at BTCMTX, with IntoTheBlock joining the list of market watchers keeping an eye on the halving event, with analysts including YouTuber Jacob Bury saying it has 10x potential upon launch.

A promising alternative to Bitcoin

BTCMTX supports the Bitcoin Minetrix ecosystem, an innovative project that decentralizes and tokenizes BTC mining. This makes it easily accessible to the general public as well.

Bitcoin Minetrix is ​​focused on revolutionizing the cloud mining space and providing a trusted path to BTC mining for enthusiasts by leveraging transparency, independence, and safety.

The project is in the pre-sale phase and boasts sales of more than $11.162 million of its $11.85 million target. Traders can now purchase BTCMTX for $0.0135. This is a level 26 price tag, lasting less than 20 hours before rising. So if you’re interested, act quickly.

Enjoy easy access, simplified pricing, and a hassle-free BTC mining experience at Bitcoin Minetrix, where analysts have listed its token BTCMTX as one of the best penny cryptocurrency investments with explosive growth potential.

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