Excitement is flooding the cryptocurrency market as Bitcoin sits on the teetering edge of price discovery.
Meanwhile, the emerging ICO project Bitcoin Minetrix smashes the $13 million milestone, stoking considerable interest among analysts.
Bitcoin Rises, but Traders Anticipate Further Gains Ahead
Bitcoin is poised for another monumental breakout, catapulting it to unprecedented heights, according to analysts.
Currently trading at $70.5K, Bitcoin breached $71K today for the first time since mid-March.
Ts price is up 4.9% today, 11.6% this week, and 36% this month. It holds a $1.3 trillion market cap, and its 24-hour trading volume has seen a drastic surge, up 48% at $45 billion.
After creating a $73.75K ATH on 14 March, Bitcoin retraced, touching lows of $61.1K.
However, analysts believe this is Bitcoin’s local bottom, speculating that more gains are imminent.
“The new higher low has locked in, and#Bitcoin is pushing back towards the highs. The next leg higher has started. $100,000 is a matter of time,” said prominent market analyst CryptoJelleNL.
The analyst cited a price chart depicting Bitcoin forming higher highs and higher lows, with its recent bounce forming the latest higher low.
In another recent tweet, Jelle noted that Bitcoin’s funding rate has returned to a base level. This indicates leverage longs have been flushed out, reducing Bitcoin’s liquidation risk and enabling more sustained upward price movement in the coming weeks.
“Bitcoin is at $70,000, and the funding heatmap looks like this.The shakeout did its job,” he explained.
Meanwhile, trader One Intent anticipates Bitcoin climbing to $86K in the coming weeks.
Following a break of a trend line resistance level and bounce from the 200-day EMA, he noted that Bitcoin is currently in the “short squeeze” phase, enticing bears to place trades, which, when liquidated, will enable Bitcoin’s price to soar upward.
“Bitcoin is bouncing off a key support level (200 EMA), breaking diagonal resistance, and soon will be eating up the shorts, resulting in a short squeeze,” he said.
Bitcoin has increased since the tweet, but remains in the short squeeze phase.
In another tweet today, the analyst explains, “Bitcoin will consolidate here, giving bears time to seek revenge on yesterday’s pump. They go short again and boom higher into a monthly close.”
Evidently, Bitcoin’s recent bounce has stoked bullish market sentiment, with experts anticipating an uptrend continuation for the market leader.
Yet, this is not the only crypto gathering pace. New presale Bitcoin Minetrix is also surging, having recently crossed the $13 million total raised mark.
Trending Bitcoin Minetrix Raises $13M and Offers 55% Staking APY
The Bitcoin Minetrix presale is thriving, with the Bitcoin halving less than one month away.
Bitcoin Minetrix is a compelling cloud mining project that harnesses a novel Stake-to-Mine mechanism for secure, decentralized, and effortless cloud mining.
The project invites users to stake its native token, $BTCMTX, in exchange for Bitcoin mining credits. They can then burn these credits for cloud mining power, which translates to free Bitcoin.
This innovative approach essentially tokenizes Bitcoin cloud mining, making it widely accessible and simple for anyone to get started.
The project is built on the Ethereum network but will pay real BTC rewards. This has generated massive excitement, evident in the presale’s $13 million total raise.
In a two-pronged approach to rewards, Bitcoin Minetrix will also supplement staking rewards with its native $BCMTX token.
While the Stake-to-Mine mechanism has yet to launch, presale investors can stake their tokens for $BTCMTX. Currently, rewards are valued at 57% APY, but this will decrease as the staking pool grows.
Further incentivizing early adopters, the Bitcoin Minetrix presale price will incrementally increase throughout the event, with the next uptick in just four days or when the presale hits $13.6 million.
Therefore, those looking to secure the best price should not wait around.
Visit Bitcoin Minetrix Presale
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