Bitcoin Price Prediction: As Valkyrie Says It’s 95% Sure Spot BTC ETFs Will Start Trading Thursday, Bitcoin Minetrix Presale Blasts Past $8 Million

General

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The Bitcoin price tumbled 2% in the last 24 hours to trade for $46,052 as of 1:30 a.m. EST, with trading volume plunging 10%.

It comes after a dramatic developments in the spot Bitcoin exchange-traded funds (ETFs) with the official X account of the US Securities and Exchange Commission (SEC) being compromised, leading to a fake announcement that all spot BTC ETFs applications had been approved.

The news that the announcement was fake triggered a sell-off, with more than $210 million liquidations recorded across the market, comprising $134 million longs and $67 million shorts. For the Bitcoin market, there were up to $56 million in liquidations.

Total liquidations

Total liquidations

In the aftermath, crypto executives and political figures are calling for the SEC to investigate itself for market manipulation. Among the crypto executives that criticized the SEC were the Gemini twins, Cameron and Tyler Winklevoss, as well as Ripple CEO, Brad Garlinghouse.

Senator Bill Hagerty said, “Just like the SEC would demand accountability from a public company if they made such a colossal market-moving mistake, Congress needs answers on what just happened. This is unacceptable.”

The incident isn’t expected to affect whether the SEC approves or not spot BTC ETFs and news no that front is due by today, Wednesday, January 10.

Filers Still Expect Approval But Bitcoin Price Reacts To Fake News

While the fake news caused a dip in Bitcoin price, filers still anticipate an approval, with Valkyrie Chief Investment Officer Steven McClurg saying it is 95% sure ETFs will trade on Thursday.

Other executives that have expressed optimism include VanEck CEO Jan van Eck, who said ETFs are “all getting ready to basically list on Thursday.” This comes amid fees battles with all applications lowering their fees to capture their market.

Bitcoin Price Outlook Amid Expectations For Spot BTC ETF Approvals

After the fake spot Bitcoin ETF approval news was rebuffed by the SEC, the Bitcoin price dipped 5%.

With the Simple Moving Average (SMA) northbound, this is the path with the least resistance. Increased buying pressure above current levels could see Bitcoin price extend to clear the range high at $47,972, or higher, the $48,000 psychological level. In a highly bullish case, BTC could extend to the $50,000 level.

The green histogram bars of the Awesome Oscillator (AO) show the bulls maintain a strong presence in the BTC market. The position of the Relative Strength Index (RSI) above the mean level at 50 also points to a strong price strength, increasing the upside potential for BTC.

Bitcoin price

TradingView: BTC/USDT 1-day chart

Converse Case

On the other hand, if the sellers increase their selling momentum, Bitcoin price could drop, losing the support at $43,860. This is a critical level, marking the midline of a weekly supply zone. A break and close below it would confirm the continuation of the downtrend.

Further south, the slump could extend below the $37,800 level, For the prevailing bullish outlook to be invalidated, however, BTC market value must drop below the $30,000 psychological level.

On-chain Metrics Supporting Bitcoin Price Bullish Outlook

According to data from Santiment, a spike in two metrics, the Whale Transaction Count and Volume, supports the bullish outlook for Bitcoin price. With this uptick intensifying when the market crashed in the sell the news situation that followed the hacking incident, it suggests investors bought the dip.

More closely, the whale transaction count metric for transfers of $100,000 and above spiked, bolstered the buy-the-dip assumption from institutional investors on January 9. With the volume metric coinciding with these spikes, the bullish outlook remains alive for BTC.

Santiment: Daily active addresses, volume, whale transaction count

Santiment: Daily active addresses, volume, whale transaction count

Meanwhile, as investors wait with bated breath for possible spot BTC ETF approvals, savvy investors are looking for ways to own BTC. This explains the growing attention and interest in BTCMTX, featuring among analysts’ top picks for the best ICOs to buy in 2024.

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Promising Alternative To Bitcoin

BTCMTX presents itself as a promising alternative to Bitcoin as well as the gateway into the BTC ecosystem via via its cloud-mining system, decentralized and tokenized so there are neither third parties nor the hassles related to traditional mining.

It’s presale just blasted past $8 million raised, and is rapidly heading to its targeted $8.5 million with less than 24 hours to a price hike.

The ticker for the Bitcoin Minetrix ecosystem, BTCMTX, stands among analysts’ top choices for the best investments in 2024 with potential for 1000X returns. It is a stake-to-mine project, where investors stake their BTCMTX tokens for credits and then redeem these credits for mining hash power.

Investors looking to buy BTCMTX can do so on the Bitcoin Minetrix website, where each token is selling for $0.0127. With an imminent price hike, this make it your last chance to take advantage of the low rates as there is barely 24 hours left.

Join the BTCMTX community to be part of the transformation of accessibility and safety in mining, achieved through innovative cloud mining and staking methods.

Visit Bitcoin Minetrix website to buy BTCMTX here.

Also Read:

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