by –News Direct–
Bitcoin has rallied 11% in the past month, crossing above the $27,000 threshold and leading many analysts to reconsider whether the $30,000 level could be in play again this year.
The strength of the worlds largest cryptocurrency remains uncertain, however, and Bitcoin analysts are divided on whats next for BTC.
BTC Rallies as Courts Side with Grayscale Over Bitcoin ETF
The shift in sentiment around Bitcoin from bearish to bullish can be traced back to a legal decision in late August. After months of speculation, a court decided that the SEC had arbitrarily denied Grayscales application to turn its Bitcoin trust into a spot Bitcoin ETF.
The decision cleared the way for a spot Bitcoin ETF and could usher in a new wave of Bitcoin trading. A spot Bitcoin ETF would be far more accessible to retail traders and non-crypto retirement investors than most existing vehicles for crypto investment.
In the past month, the SEC has delayed its decision on approving any BItcoin ETF, signaling that it could still be months before an approval. However, that hasnt slowed the momentum in BTC, which is up 11% since the court decision.
Analysts Divided on Whether Bitcoin Can Continue Rally
Despite the recent bullish momentum, there are still many headwinds facing Bitcoin. A hawkish Fed has signaled that it could raise interest rates further. Yields from relatively safe investments like US treasuries have exploded higher. And the SEC could further delay or even block the launch of Grayscales spot Bitcoin ETF.
These factors have made analysts cautious in predicting continued gains for Bitcoin.
One of the most bullish analysts, Michal van de Poppe, CEO of MN Trading, predicted on X that Bitcoin will retest the $26,700-$26,900 level before making a move in the direction of $30,000. He doesnt specify a timeline for when such a retest could occur.
Other analysts are more circumspect. Tom Essaye, founder of Sevens Report Research, has said that the crypto market hasnt yet priced in the continued hawkishness of the Fed. That could result in severe whiplash in Bitcoins price before it reaches $30,000.
Bitcoin Minetrix Emerges as BTC Alternative, Launches Stake-to-Mine Ecosystem for Cloud Mining
While Bitcoins future remains uncertain, a new cryptocurrency is launching to enable more investors to play a role in Bitcoin mining.
Bitcoin Minetrix is a new crypto project building the worlds first stake-to-mine ecosystem. Investors in Bitcoin Minetrixs $BTCMTX token can stake their coins and earn mining credits. These credits can be redeemed for mining hashpower, enabling investors to earn BTC.
This ecosystem solves one of the biggest problems with cloud Bitcoin mining. With Bitcoin Minetrix, investors never need to send tokens to an unknown mining farm. Instead, they keep their $BTCMTX safely locked and send non-transferrable mining credits instead.
Its a simple and secure solution that eliminates the need for trust in the cloud. Bitcoin Minetrix plans to start out by renting hashpower from existing mining farms and ultimately to build its own datacenter.
Regardless of what happens to the price of BTC in the coming months, mining has the potential to be lucrative.
That reality is reflected in the massive demand for $BTCMTX during the Bitcoin Minetrix presale. The presale has already raised more than $500,000 and is rapidly approaching its soft cap.
For now, investors can buy $BTCMTX at a price of $0.011. However, time is running out before the price of this stake-to-mine token increases.
Visit Bitcoin Minetrix Presale
DISCLAIMER: This is not to be taken as investment advice. Crypto is a volatile asset, do your own research before investing and only invest money you can afford to lose. We may receive commission for clicking links in this article.
Contact Details
Alex Brown
View source version on newsdirect.com: https://newsdirect.com/news/will-the-bitcoin-price-hit-30k-again-in-2023-or-is-bitcoin-minetrix-a-better-buy-958693072
Finance News
COMTEX_441479484/2655/2023-10-05T13:26:06
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.