Bitcoin is enjoying bullish momentum after a brief downturn earlier this weekend. With it currently priced at $35.1K, could we see a $40K Bitcoin for the first time since April 2022? Yet, despite Bitcoin’s recent pullback, the new mining protocol Bitcoin Minetrix ($BTCMTX) has continued gathering momentum as it surges past $3.3 million in its presale.
After peaking at $36K on Thursday, Bitcoin underwent a sell-off and retested its $34K support. However, there was strong demand, with the price firmly rejecting before commencing a resurgence toward the $36K level.
Currently, Bitcoin is at $35.1K on a short-term uptrend, creating higher highs and higher lows since Friday’s support retest. This signifies a move toward $36K is likely.
However, technical indicators show that there could be an incoming selloff. The 4-hour Bitcoin price chart below shows a bearish divergence on the RSI indicator, and that trading volume is decreasing.
These signals illustrate diminishing buying momentum and could align with the $36K resistance to create a reversal.
This idea is backed up by Bitcoin not retesting previous pricing zones before its ascent. Generally, prices retest earlier key levels after breaking a trading range, meaning Bitcoin may still return.
If so, we could see it headed toward its previous resistance of $28.5K before continuing its rally.
Prominent trader Rekt Capital recently noted the potential of an upcoming pullback. The analyst illustrates that the current price action replicates 2019, pointing out the scope for a “pre-halving pullback” before the 2024 Bitcoin halving.
However, other analysts are more optimistic about Bitcoin’s upcoming price action, predicting that the next leg up will occur without a pullback.
CrediBULL Crypto recently posted a chart idea showing that Bitcoin recently broke above $35K and may retest $34K one more time before creating new highs.
The analyst states that “max pain is up” and that many people will miss out by waiting “for a dip that never comes.”
Meanwhile, esteemed TradingView analyst FieryTrading was optimistic about Bitcoin’s near-term price action, forecasting a move to $40K after it formed a bull flag pattern on the 4-hour price chart.
However, the analyst updated the analysis after the recent pullback, noting that a move back below the bull flag resistance would be “definitely bearish.”
As such, Bitcoin is currently in a flip-flop position where it lies on the edge of being massively bullish or short-term bearish. With that in mind, those looking for a project with a more promising short-term outlook should consider the explosive Bitcoin Minetrix presale.
Market participants are poised with a rare opportunity to buy a revolutionary cryptocurrency in its infancy. Bitcoin Minetrix is a new project enabling users to mine Bitcoin by staking $BTCMTX tokens on its Ethereum-based protocol.
This use case makes Bitcoin mining accessible to everyone, requiring no expertise, hardware, or upfront costs. All users need is a MetaMask and $BTCMTX. As such, Bitcoin Minetrix could face tremendous mainstream adoption, particularly given the upcoming Bitcoin halving and anticipated spike in Bitcoin’s price.
The platform works by users staking $BTCMTX tokens in return for Bitcoin mining credits. They can then burn these credits on the platform for cloud mining power, which earns them free BTC.
This ingenious model democratizes and simplifies Bitcoin mining. However, it also garners tremendous buy pressure while minimizing sell pressure through staking and paying rewards through credits, not the native token.
While the platform is yet to launch, investors can buy the $BTCMTX token early at a discounted presale rate of $0.0114. Currently, it is in stage five of ten, with the next stage beginning in just one day.
The price will rise by 10% each round, so those seeking the most upside potential should act quickly.
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