Traders are turning bullish on Bitcoin again after it surged by a strong 15% in the past week, allowing it to reach the 2022 high of $48,285.
The sudden price rise is helping to spark the narrative of the next crypto bull run, with the Bitcoin block halving event just weeks away.
With the bull run narrative active, traders are now looking for other mining-related projects that have the potential to explode following the historic halving event.
In particular, Bitcoin Minetrix ($BTCMTX) continues to grow in popularity after crossing the staggering $10.6 million milestone in its fundraising.
Bitcoin is now up by an impressive 15% over the past week as it closes in on the 2024 highs.
The cryptocurrency had seen a brief pullback through January following the SEC’s approval of a series of Bitcoin ETF products on US financial markets.
Bitcoin dropped as low as $38,000 during the retracement but found support at the 100-day MA level and bounced.
This week, Bitcoin broke above a symmetrical triangle pattern, kickstarting a sudden surge to the current $48,200 level;
Looking ahead, if the buyers continue to push beyond the 2024 highs, resistance lies at $50,000.
This is followed by resistance at $52,145, $53,000, $56,000, and $56,700 (1.618 Fib Extension).
On the other side, support lies at $47,000, $44,750, $43,455, and $42,000.
With Bitcoin making another push higher, many wonder why it’s suddenly bullish again.
The cryptocurrency underwent a historic event in January after the US SEC approved a series of ETFs on financial markets.
One month following the event, the nine approved ETFs reached a significant milestone of hitting $10 billion in assets under management, demonstrating the extraordinary appeal from accredited institutional investors.
In addition, the upcoming Bitcoin block halving event is sparking a wave of optimism in the sector as traders speculate an imminent supply shock for $BTC.
The Bitcoin block halving event is now just an estimated 67 days away. The event will slash the current block reward from 6.25 BTC per block to just 3.125 BTC.
The hard-coded event typically occurs every four years, reducing the influx of tokens onto the open market. With institutional investors piling into $BTC through the approved ETFs, traders expect a supply shock following the event as there won’t be enough $BTC to buy – leading to higher prices.
With the block halving just weeks away, traders are turning their attention to newly emerging mining projects that will directly benefit from the bitcoin block halving.
After the event, many independent miners will be forced to turn off their mining machines. Still, some large projects are likely to see massive surges as their infrastructure will see significant demand.
In particular, Bitcoin Minetrix’s decentralized mining solution is gaining traction as investors pile into its presale, pushing the fundraising beyond $10.6 million.
Traders believe that its stake-to-mine infrastructure will see a sudden surge in popularity following the block halving, leading to 10x returns.
Bitcoin Minetrix ($BTCMTX) has crossed the astonishing $10.6 million milestone in its presale as traders rush for its stake-to-mine ecosystem.
The project introduces a novel cloud-mining solution that lets users mine in a decentralized manner through stake-to-mine, allowing everyday users to mine Bitcoin easily.
The overall goal for Bitocin MInetrix is to tokenize the cloud mining industry, which has historically been plagued with scams as miners are locked into long-term contracts and left short on expected earnings.
Bitcoin MInetrix intends to change this by using smart contracts to allocate user earnings and tokenization so miners are always in control of their funds.
To get started, users must buy and stake $BTCMTX tokens to earn Mining Credits. These Mining Credits can then be burnt for allocated time on the Bitcoin Minetrix cloud mining solution.
Given its impressive rise to $10.6 million in funding, investors are clearly backing $BTCMTX as a disruptive force in the cloud mining sector.
Users looking to participate can purchase Bitcoin Minetrix for $0.0134 in the presale.
With the bull run narrative starting, $BTCMTX is expected to see 10x returns following the block halving as it looks to benefit directly from the historic event.
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