Bitcoin’s (BTC) price has started the week strongly, passing $56,500 earlier today for the first time since December 2021.
The world’s leading crypto has seen steady gains since Saturday, rallying almost 12%.
With groundbreaking projects like Bitcoin Minetrix (BTCMTX) also making waves and raising $11.4 million in its ICO, the crypto market seems primed for further growth in the weeks ahead.
Bitcoin’s latest rally comes as institutional demand keeps growing.
Grayscale’s Bitcoin ETF has seen slowing outflows for three days, hitting a record low of $22.4 million on Friday.
Meanwhile, inflows to the combined ETFs, excluding Galaxy and Invesco, reached a two-week high of $515.5 million on Saturday.
Fidelity’s ETF saw the bulk of the inflows at over $243 million.
This sustained institutional demand helped propel Bitcoin’s price upward over the weekend and into this week.
Additionally, over $284 million worth of BTC shorts were liquidated in the last 24 hours due to the coin’s price spike.
Traders betting against Bitcoin have been caught off guard by the latest rally, highlighting the coin’s resilience against price corrections.
With strong inflows continuing and short sellers squeezed out, Bitcoin’s momentum shows no signs of slowing down.
Several analysts on Twitter are calling for even higher Bitcoin prices in the near term.
Jelle, a popular analyst with 66,000 followers, tweeted that Bitcoin is well on its way to completing a bullish megaphone pattern – with $60,000 now in reach.
He believes the ongoing rally has room to run, speculating that a further 5% rise (at least) is on the cards.
Similarly, Stack Hodler posted a long thread arguing Bitcoin is still severely underestimated.
He pointed out Bitcoin’s massive total addressable market as a secure store of value that could accelerate retirement for people globally.
In his view, Bitcoin trades at a fraction of its actual value to humanity and still has enormous upside potential ahead.
Other Twitter analysts echoed this sentiment, saying Bitcoin could offer financial freedom to the masses.
With analysts still forecasting significant upside, this week’s surge could be just the beginning of Bitcoin’s bull run.
Many believe institutional inflows are still ramping up and will continue to do so ahead of the next Bitcoin halving in April.
While Bitcoin’s rally takes center stage, projects like Bitcoin Minetrix are also gaining momentum.
Bitcoin Minetrix aims to make Bitcoin mining more accessible to people through its Stake-to-Mine system.
Instead of buying expensive hardware and dealing with complex setups, users can stake BTCMTX tokens to earn mining credits.
These credits provide access to mining power – enabling passive BTC rewards.
Built on Ethereum, Bitcoin Minetrix creates a tokenized economy around its native BTCMTX token.
The token can also be used for staking, with yields set at 59% per year, further boosting holders’ income potential.
Bitcoin Minetrix is in the middle of a successful presale for its BTCMTX token and has raised over $11.4 million from participants.
This strong interest demonstrates investors’ demand for new ways to get into Bitcoin mining.
Over 22,000 people have also followed Bitcoin Minetrix on Twitter, while hundreds are piling into the project’s Telegram channel daily.
BTCMTX has even been ranked second on CoinSniper.net – further showcasing its appeal to the investment community.
As the market witnesses Bitcoin’s price continuing to climb, projects like Bitcoin Minetrix offer a way for everyday investors to capitalize on the action.
With exchange listings in the pipeline once the presale concludes, Bitcoin Minetrix is well-positioned to capture more momentum.
Interested investors can buy BTCMTX tokens using ETH, USDT, or a credit/debit card at bitcoinminetrix.com.
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