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Bitcoin has suffered notable sell pressure recently, down 7.47% today, currently trading at $42.7K.
However, the Bitcoin Minetrix presale continues to push ahead, having surpassed $8.3 million. As such, several top analysts are backing it to explode following its IEO.
Bitcoin Plunges as Volume Slows and GBTC Sells Off
Experts anticipated high volatility following Wednesday’s Bitcoin ETF approvals; and that is precisely what happened.
After rallying to $48.7K following the approvals, BTC fell almost 20% to lows of $41.9K earlier today.
But following a modest recovery, Bitcoin stands at $42.7K, down 7.58% today and 2.37% this week.
Crypto analyst Alpha Dojo conducted a deep dive on Bitcoin’s short-term price trajectory, highlighting a 10.5% dump on Friday due to $500 million worth of outflows from the Grayscale Bitcoin Trust (GBTC).
Ran Neuner explained why this is occurring on X, stating, “GBTC held $25bn+ worth of Bitcoin that has been locked up for years with no option to be sold. As soon as the redemption option opened, for the first time, people are starting to exit – as they exit, the Bitcoin must be sold on the market.”
He concluded, “We could see some selling pressure for a while, but luckily, the market is not selling off – it’s mainly Bitcoin and not the Alts!”
Moving back to Alpha Dojo’s analysis, he also explained that Open Interest fell by $920 million and “there’s hardly any liquidity, neither upward nor downward.”
This indicates traders may have been wiped out of their positions amid the turbulent market conditions and been hesitant to reenter, given the uncertainty surrounding Bitcoin’s next move.
That said, Coinglass data shows that Bitcoin long liquidations have significantly outpaced short liquidations over the past 24 hours, with long liquidations at $108 million compared to shorts at $17 million.
Furthermore, Bitcoin’s funding rate is nearing its lowest levels since October, signaling bears are taking control of the market, and more downside could be imminent.
Prominent analyst Ali Martinez expects a deeper pullback for Bitcoin, recently pointing out that BTC is rejecting an ascending channel resistance and believes it will continue to retrace before a further uptrend.
He writes, “This suggests that Bitcoin faced rejection from the channel’s upper boundary at $48,000, and now $BTC will retrace to the lower boundary at $34,000, and then rebound back to the upper boundary at $57,000.”
Meanwhile, analyst Michaël van de Poppe believes Bitcoin will now trade between $48K and $34K but expects “altcoins and Ethereum to outperform significantly.”
One altcoin currently showing immense potential is Bitcoin Minetrix, as leading traders back it for gains of up to 100x.
Stake-to-Mine Bitcoin Minetrix Presale Explodes Past $8.3M
Bitcoin Minetrix is a newly launched cloud mining protocol enabling 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 requiring an Ethereum-compatible wallet and $BTCMTX tokens to get started. There are no specialist hardware or technical expertise requirements, making it perfect for beginners.
Furthermore, the decentralized and community-owned nature of $BTCMTX removes 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 massively bullish on Bitcoin Minetrix, with Jacob Bury recently speculating it could 100x after its IEO. Bury is a renowned low-cap gem hunter who called numerous high ROI projects early last year, so his endorsement strongly indicates $BTCMTX’s potential.
The project has also been picked up by top media outlets like Bitcoin Magazine, Business Insider, and Cointelegraph. This illustrates Bitcoin Minetrix’s legitimacy alongside its ability to gather significant hype and notoriety.
The Bitcoin Minetrix presale is currently priced at $0.0128, but this will incrementally increase with the next hike in just over two days.
Visit Bitcoin Minetrix Presale
Source: https://finbold.com/bitcoin-price-slides-over-7-but-traders-think-new-altcoin-could-outperform-btc/