The price of Bitcoin has climbed to its highest level in over a year, coming close to $37,000, as cryptocurrency investors wait in anticipation for US regulators to potentially approve the first Bitcoin exchange-traded fund (ETF).
The Securities and Exchange Commission (SEC) now has an 8-day period, from November 9th through the 17th, to decide whether to approve a spot Bitcoin ETF. Experts predict that even if approved, an ETF’s launch could be delayed by about a month due to the two-step process required for launching a new ETF.
First, the Trading and Markets division of the SEC must sign off on a 19b-4 filing. Second, the Corporate Finance division must approve the S-1 filing or prospectus.
Analysts at Bloomberg believe that even if no spot Bitcoin ETF is approved during this current period, there is still a 90% probability that at least one will get approved by January 10, 2024.
Eric Balchunas and James Seyffart, analysts who expect the SEC to eventually greenlight all 12 ETF applications, pointed out that comment periods end on November 10th for seven applicants. This means the SEC could begin issuing approvals from November 11th to the 17th.
Expert Predicts Bitcoin Price Consolidation Before Breakout
Cryptocurrency analyst Michaël van de Poppe tweeted today to his 671,000 followers:
“Major resistance is approaching for Bitcoin. The $38,000 to $40,000 range is likely to see significant resistance, and I don’t anticipate a breakout all at once. Consolidation underneath is more likely, and the first test often fails. If a correction follows, that’s the time to take a long position.”
He believes Bitcoin will struggle to power straight through this area initially. More likely Bitcoin trades sideways under this zone for a period, as the first attempt breaking resistance frequently stalls. Should Bitcoin correct lower after hitting resistance, van de Poppe believes that correction would present an opportunity to go long.
In addition, Bitcoin’s relative strength index (RSI) sits around 65 presently. An RSI reading of 65 signals overbought conditions, meaning a pullback could occur before Bitcoin resumes its uptrend.
Generally RSI levels above 70 are deemed overbought, while levels below 30 are oversold. So, we advise traders to follow Bitcoin’s RSI since this is a good indicator of an upcoming correction Poppe was talking about as well.
Bitcoin Minetrix Emerges as Promising New Altcoin
The presale for the new Bitcoin Minetrix (BTCMTX) token has raised $3.7 million since going live last month. With the current price at $0.0115, the token price is scheduled to rise in just two days when the presale enters its next, 7th stage.
Bitcoin Minetrix is solidifying its status as one of the most exciting cryptocurrency projects, as presale investment keeps climbing ahead of the imminent milestone. The project introduces staking on Ethereum for BTCMTX tokens as an alternative to Bitcoin mining, grabbing attention from the crypto community.
The upcoming launch of the next presale phase and associated price bump helps explain why interest in Bitcoin Minetrix has spiked higher. For those looking to participate, we outline everything you need to know about this emerging token.
Why Investors Believe in Bitcoin Minetrix ($BTCMTX)
The goal of Bitcoin Minetrix is to revolutionize cloud mining by building a unique ecosystem centered around its native BTCMTX token.
BTCMTX holders can stake their tokens to generate passive income. By utilizing the infrastructure of established cloud mining companies, this model reduces costs for individual miners.
As tokens are staked, Bitcoin Minetrix rewards holders with non-tradable ERC-20 credits that can be exchanged for Bitcoin cloud mining hashpower on the platform. After redeeming credits, users get allotted cloud mining time to earn a share of revenues. This streamlines mining while optimizing profits.
Investors are optimistic about Bitcoin Minetrix establishing itself in the crypto space this year, thanks to the current low price of $0.0115 per token and also the unique staking-to-mining feature is growing more popular with the upcoming Bitcoin halving event, since BTCMTX tokens can be exchanged to offset reduced mining profitability.
For miners seeking sustainability, Bitcoin Minetrix offers an attractive option with its novel strategy. Stakers also enjoy yields up to 161% annually on their BTCMTX tokens.
Additional tokens earned before live staking for credits starts will position holders for greater mining rewards once redeemable. While credits are ERC-20 tokens, they uniquely enable access to designated Bitcoin cloud mining time slots, letting retail participants access new Bitcoin supply.
Ultimately, stakers could earn actual BTC rewards through cloud mining, creating a new potential revenue stream.
Popular YouTuber Austin Hilton highlighted the token’s potential to explode thanks to the combination of staking and mining. His review reinforced why many see Bitcoin Minetrix as a promising crypto investment.
Best Crypto to Buy Now?
With Bitcoin testing critical resistance between $37,000 and $40,000, the markets wait anxiously to see if a breakout or pullback is in store next. Yet for opportunistic investors, the big story could be the emergence of the Bitcoin Minetrix.
This innovative token combines staking rewards of over 150% APY with the ability to redeem credits for Bitcoin cloud mining hashpower. As the project rapidly approaches the next presale phase, the token price of just $0.0115 presents a tempting entry point.
Bitcoin Minetrix has quickly gained traction for its unique approach and low buy-in cost compared to high-priced Bitcoin. With presale fundraising surpassing $3.7 million already, investors clearly see significant potential.
The clock is ticking as the next presale stage launches in just two days. Savvy crypto investors looking for the next big thing would be wise to research Bitcoin Minetrix now and consider grabbing a position before the price jumps higher. The project’s blend of staking income and cloud mining capabilities could make BTCMTX one of the most exciting and profitable assets of 2023.
Visit Bitcoin Minetrix