Bitcoin has been on a steady rise, and with its unstoppable momentum, experts believe that the Bitcoin derivative market is about to witness an explosive surge in value.
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Bitcoin price closed strongly above the horizontal support at $31,405 on the weekly timeframe, signaling a strong bullish trend. In the last 24 hours, the king of cryptocurrency is up almost 1%, coming out of the weekend with momentum intact, and recording a 25% increase in 24-hour trading volume. It is up almost 12% in the last seven days.
With the tables turning for the market, many traders now believe it is the right time to buy BTC ahead of the potential bull run beginning November 2023. The majority of experts believe that now is the right time to buy BTC, with similar conclusions but different viewpoints.
According to leading analysis Glassnode, Bitcoin’s rally could continue in November 2023. The weekly close is important for the BTC price, confirming the break above the most important resistance in Bitcoin’s history.
The crypto fear and greed index shows that the market is in a state of greed at 68, increasing the odds for an upward movement.
Bitcoin price bullish momentum comes ahead of November 1, when Federal Reserve Chair Jerome Powell will be providing direction concerning interest rates. Powell’s assertions came out as being mildly dovish, causing the US Dollar (USD) to sell off. Bitcoin, known to be negatively correlated or inversely proportional to the USD, saw marginal gains.
With BTC looking unstoppable, the $35,000 psychological level is now in sight. The crossover of the Moving Average Convergence Divergence (MACD) indicates bullish momentum, suggesting Bitcoin price uptrend may not be done just yet.
Increased buying pressure above current levels could see Bitcoin price breach the $32,246 resistance level and test the supply zone. A flip of this supply barrier into a bullish breaker could open the skies for BTC to foray above the $50,000 psychological level.
On the other hand, caution is advisable, as profit takers and smart money remain the biggest threat to Bitcoin price upside potential. A pullback could see millions of long positions liquidated, sending Bitcoin price below the key support of $31,405.
In the dire case, Bitcoin price could slump further, potentially reaching the $25,000 psychological level.
Meanwhile, investors are looking at BTCMTX, a Bitcoin derivative expected to benefit from the overflows of a BTC rally with 10X growth potential. BTCMTX is the powering token for the Bitcoin Minetrix ecosystem, selling for $0.0113 per token. The presale collections have reached $2.705 million, out of the $3.385 million target.
The hallmark of the Bitcoin Minetrix ecosystem is to give everyone a chance to own BTC. It has decentralized and tokenized the entire process, lowering the entry barriers and eliminating chances of swindles.
BTCMTX is touted as a stake-to-mine crypto presale, where token holders stake their BTCMTX holdings for mining credits. When you redeem these credits, you get mining hash power, thus cloud mining.
BTCMTX is among the top three initial coin offerings (ICOs) to buy in October 2023. Don’t miss out on the opportunity to buy BTCMTX in the presale.