Analyst Sets Bullish Bitcoin Price Prediction as New Presale Project Bitcoin Minetrix Nears $11m Milestone

The post Analyst Sets Bullish Bitcoin Price Prediction as New Presale Project Bitcoin Minetrix Nears $11m Milestone appeared first on Coinpedia Fintech News

Bitcoin (BTC) has started 2024 on a high note, with the coin’s price breaking above $50,000 for the first time in over two years.

Leading analysts are now predicting that Bitcoin could soar even higher in the weeks ahead if the current momentum continues.

With exciting new presale projects like Bitcoin Minetrix (BTCMTX) progressing towards their fundraising goals, there are plenty of opportunities for investors to potentially see sizable returns in the ongoing bull market.

Analyst Predicts Bitcoin Could Soon Reach Range High Around $58k

The positive momentum around Bitcoin so far in 2024 is being reflected in bullish predictions from leading industry analysts.

One of those sharing an upbeat forecast this week is Charles Edwards, the founder of Capriole Investments and a respected quant trader.

In a tweet on Tuesday, Edwards suggested Bitcoin could soon see significant gains that take it to its 2021 range high of around $58,000.

He pointed to BTC consolidating in this range for nine weeks back then, and said a continued push up would likely see the coin rise by at least 25%.

Edwards also highlighted the current $500 million in daily Bitcoin ETF flows as potentially boosting BTC’s price even more.

However, he did note some key levels that would invalidate his prediction, namely losing $47,000 on the weekly or $49,000 on the daily chart.

All in all, investors will be watching closely in the coming days to see if BTC can hold these levels and make a run towards $58,000 – and potentially beyond.

Spot BTC ETF Inflows Hit $2.3 Billion in Just Four Days

Edwards’ bullish prediction could be further boosted by the impressive progress of spot Bitcoin ETFs in the US.

As noted above, these funds have seen enormous inflows in recent weeks, demonstrating the institutional appetite for BTC exposure.

According to data from Apollo, the 10 spot Bitcoin ETFs attracted over $2.3 billion in inflows in just the last four days alone.     

To put that into perspective, it took the first 20 days of trading for these funds to gather $2.2 billion in inflows.

Four of the ETFs have now crossed the $1 billion threshold in assets under management (AUM), with the Bitwise Bitcoin ETF being the latest to hit the milestone.

Unsurprisingly, the rapid growth of spot ETFs has been identified by many analysts as a key driver of Bitcoin’s recent price rally above $52,000.

If ETF inflows continue at this pace, it would undoubtedly give Edwards’ prediction more credibility in the near term.

Unique Stake-to-Mine Model Drives Presale Frenzy for Bitcoin Minetrix

As Bitcoin and the wider market show more optimism, new projects like Bitcoin Minetrix stand to benefit from a bullish contagion effect.

Bitcoin Minetrix is an Ethereum-based project that allows holders to “cloud mine” Bitcoin simply by staking BTCMTX tokens – without requiring specialized hardware or expertise.

It utilizes a unique “Stake-to-Mine” model, where staking BTCMTX generates non-tradable mining credits that provide access to BTC mining rewards.

With features including staking yields up to 62% APY, decentralized mining infrastructure, and a soon-to-be-released mobile app, Bitcoin Minetrix has quickly gained traction.

The ongoing token presale has already raised almost $11 million across multiple stages, as investors seek exposure to crypto assets linked to the mining sector.

BTCMTX tokens are currently on offer for $0.0134, with purchases permitted in ETH, USDT, or via credit/debit card.

Major exchange listings are planned post-presale, so many investors believe now is the optimal window to get involved before wider adoption.

More than 21,000 people now follow Bitcoin Minetrix on Twitter – and the project has even been ranked second on CoinSniper.net.

With its groundbreaking combination of staking and mining, seasoned development team, and growing presale demand, Bitcoin Minetrix represents one of the most promising crypto innovations in early 2024.

Interested investors can buy BTCMTX tokens by linking a crypto wallet to the presale dashboard at bitcoinminetrix.com.