Altcoins
Bitcoin Price Falls More Than 7%, But Traders Think New Altcoin Could Outperform BTC
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Bitcoin has seen notable selling pressure recently, down 7.47% today, currently trading at $42.7K.
However, the Bitcoin Minetrix presale continues to progress, having exceeded $8.3 million. As such, several prominent analysts are supporting its post-IEO boom.
Bitcoin Plunges as Volume Slows and GBTC Sells Off
Experts expected high volatility after Bitcoin ETF approvals on Wednesday; and that is precisely what happened.
After hitting $48.7K following the approvals, BTC fell nearly 20% to a low of $41.9K earlier today.
But after a modest recovery, Bitcoin stands at $42.7k, down 7.58% today and 2.37% this week.
Crypto analyst Alpha Dojo conducted an in-depth analysis of Bitcoin’s short-term price trajectory, highlighting a 10.5% decline on Friday due to $500 million in outflows from the Grayscale Bitcoin Trust (GBTC).
Ran Neuner why this is happening on As soon as the buyback option opened up, for the first time, people start exiting – as they exit, Bitcoin has to be sold on the market.
He concluded: “We might see some selling pressure for a while, but fortunately the market is not selling off – it’s mainly Bitcoin and not Alts! »
Returning to Alpha Dojo’s analysis, he also explained that open interest fell by $920 million and “there is virtually no liquidity, either up or down.”
This indicates that traders may have been eliminated from their positions during turbulent market conditions and were reluctant to return to them, given the uncertainty surrounding Bitcoin’s next move.
That said, Coin Data shows that long Bitcoin liquidations have significantly outpaced short liquidations over the past 24 hours, with long liquidations at $108 million versus short liquidations at $17 million.
Additionally, Bitcoin’s funding rate is nearing its lowest levels since October, indicating that bears are taking control of the market and further declines could be imminent.
Prominent analyst Ali Martinez expects a larger pullback for Bitcoin, recently highlighting that BTC is rejecting ascending channel resistance and believes it will continue to retrace ahead of a new uptrend.
He writes: “This suggests that Bitcoin was rejected from the upper limit of the channel at $48,000, and now $BTC will return to the lower limit at $34,000, then rebound to the upper limit at $57,000.
Meanwhile, the analyst Michael van de Poppe believes Bitcoin will now trade between $48,000 and $34,000, but expects “altcoins and Ethereum to significantly outperform.”
Bitcoin Minetrix is an altcoin currently showing immense potential as top traders are backing it for gains of up to 100x.
Bitcoin Minetrix Stake-to-Mine Presale Explodes Past $8.3 Million
Bitcoin Minetrix is a recently launched cloud mining protocol allowing investors to earn Bitcoin effortlessly.
It works by users staking $BTCMTX tokens in exchange for Bitcoin mining credits, which they can burn for cloud mining power. This then earns them free Bitcoin.
The process is seamless, with users only needing an Ethereum-compatible wallet and $BTCMTX tokens to get started. There are no requirements for specialist equipment or technical expertise, making it perfect for beginners.
Additionally, the decentralized and community-based nature of $BTCMTX eliminates the risk of cloud mining scams. This makes Bitcoin Minetrix a more compelling and secure alternative to other cloud mining solutions.
With this in mind, analysts are extremely bullish on Bitcoin Minetrix, with Jacob Bury recently it could increase 100 times after its IEO. Bury is a renowned small-cap gem hunter who launched numerous high ROI projects early last year, so his approval strongly indicates the potential of $BTCMTX.
The project was also picked up by major media outlets such as Bitcoin Magazine, Business Insider and Cointelegraph. This illustrates the legitimacy of Bitcoin Minetrix as well as its ability to generate significant hype and awareness.
Bitcoin Minetrix presale is currently priced at $0.0128, but this price will gradually increase with the next hike in just over two days.