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The Bitcoin price is up 0.25% in the last 24 hours to trade for $42,811 as of 2:00 a.m. EST time with a 15% surge in trading volume.
Still, Morgan Stanley’s head of digital assets, Andrew Peel, has warned of a potential “paradigm shift” in how digital assets are perceived and used, saying it could affect the heft of the US dollar (USD).
Peel believes the dollar’s dominance of foreign exchange reserves, now standing at about 60%, could be threatened by the combined heft of digital assets led by Bitcoin and Central Bank Digital Currencies (CBDCs).
The launch of spot Bitcoin ETFs (exchange-traded funds) in the US last week has accelerated the shift, Peel said, adding that CBDCs enable faster cross-border payments without the need for a common currency.
Bitcoin Price Outlook With The Dollar Dominance Threatened
Following the 8% slump on January 12, the Bitcoin price slipped below the confines of the ascending parallel channel. It continues to trade below the confluence between the centerline of the Bollinger indicator and the horizontal line at $43,826.
However, the Relative Strength Index (RSI) points to an extended fall, as it is moving south to show falling momentum. The Moving Average Convergence Divergence (MACD) indicator is also southbound after crossing below the signal line (orange band) on January 12.
If the bears have their way, Bitcoin price could descend below the confluence between the lower band of the Bollinger and the horizontal line at $40,726, with the potential for an extended fall to the $40,000 psychological level.
In the dire case, Bitcoin price could extend the fall to the $30,000 psychological level, below which the bullish thesis would be invalidated.
TradingView: BTC/USDT 1-day chart
On the flipside, the Bitcoin price could benefit from late buyers and sidelined investors buying the dip. Increased buying pressure could see BTC price reclaim back into the fold of the ascending channel. Further north, the price could shatter the midline of the channel at $48,000, with the potential for extended gains. In a highly bullish case, the gains could see BTC tag the $50,000 psychological level.
Meanwhile, many investors are turning to cloud-mining project Bitcoin Minetrix, with analysts saying it is one of the cryptocurrencies to watch out for in 2024. The project is also one of the three best presales that you should get in early on.
Promising Alternative To Bitcoin
BTCMTX is the ticker for the Bitcoin Minetrix ecosystem, a stake-to-mine project that makes BTC ownership achievable. To do this, BTCMTX token holders can stake their holdings for credits and then redeem these holdings for mining hash power.
Do you follow the idea of #CloudMining for $BTC? 🌟⚒️
It’s a way to mine #Bitcoin without the hassle of owning hardware.
💰 No need for upfront costs on equipment.
🔧 Only basic tech know-how is required. pic.twitter.com/MavCGFFphW— Bitcoinminetrix (@bitcoinminetrix) January 9, 2024
The project is in the presale stage, boasting upwards of $8.674 million in sales so far out of the $9.509 million target.
With the upcoming halving in April, mining costs are projected to soar.@RiotBlockchain, @TeraWulfInc, and @CleanSpark_Inc are well-positioned, but what’s your take on how other miners will adapt? 🚀⛏️
On the other hand, #BitcoinMinetrix has also now raised over $8,400,000! 📣 pic.twitter.com/BwdYTOkrWF
— Bitcoinminetrix (@bitcoinminetrix) January 15, 2024
Analysts say BTCMTX is among penny cryptos with the potential for exponential growth. Investors looking to buy BTCMTX can do so on the website, where each token is selling for $0.0129.
Visit the Bitcoin Minetrix website to buy BTCMTX here.
Also Read:
New Crypto Mining Platform – Bitcoin Minetrix
- Audited By Coinsult
- Decentralized, Secure Cloud Mining
- Earn Free Bitcoin Daily
- Native Token On Presale Now – BTCMTX
- Staking Rewards – Over 100% APY
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