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A new cryptocurrency ICO is set to explode with millions raised, but first, a dip in price is predicted due to an overbought relative strength index (RSI)


The cryptocurrency market showed bullish momentum this week, with Bitcoin surging above $35,800 for the first time in over 18 months. This positivity was fueled by expectations that the US Securities and Exchange Commission will soon approve a Bitcoin ETF.

FXOpen analyst wrote on TradingView that the positivity is also due to expectations that the US Securities and Exchange Commission will approve a Bitcoin ETF. According to analysts at Bernstein, an asset management firm, SEC approval of a Bitcoin ETF could happen as early as Q1 2024. 

The same analysts predict that the price of Bitcoin could reach $150,000 by 2025. Jurrien Timmer, director of global macroeconomics at Fidelity, called Bitcoin “a commodity currency or exponential gold that aims to be a store of value and a hedge against monetary depreciation.”

Technical Indicators Suggest Potential for Pullback

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While the prospects of a Bitcoin ETF have fueled market optimism, a look at the charts suggests some potential for a pullback from overbought territory.

The BTC/USD price is slightly above the upper border of its ascending channel, signaling overbought conditions. The BTC/USD price divergence with the RSI indicator, also in overbought territory, indicates vulnerability.

The price is above the key $35,000 psychological level. Analysis shows false breakouts above round numbers are common. The breakout from the recent consolidation zone could attract buyers who may get trapped if a pullback occurs, exerting selling pressure.

So while ETF approval seems imminent and could attract significant capital long-term, technically Bitcoin may be poised for a pullback from overbought levels in the short term.

Excitement Around Bitcoin ETFs Impacts On-Chain Efficiency

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The excitement around Bitcoin ETFs also appears to have triggered defiance in Bitcoin’s on-chain efficiency, marking a divergence from previous cycles. The Stablecoin Supply Ratio Oscillator, a measure of whether markets are parked in stablecoins or Bitcoin, shows a new all-time high of 4.13 as traders have loaded their portfolios with Bitcoin.

While this suggests limited stablecoins on hand to pump Bitcoin further, it also reflects growing excitement ahead of a potential Bitcoin Spot ETF approval – with traders positioning for big gains. However, the last time this happened in June 2019, it coincided with a huge bearish spike in Reserve Risk, a measure of confidence in Bitcoin’s risk/reward proposition.

Uniquely, despite the aggressive shift over the past month from stablecoins to Bitcoin, Reserve Risk has remained extremely low – suggesting markets have strong confidence in Bitcoin’s current risk/reward outlook.

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New Altcoin ICO ‘Bitcoin Minetrix’ Next Crypto To Explode

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Amidst the Bitcoin price surge, innovative new altcoin project Bitcoin Minetrix has also been gaining traction. 

Having already raised over $3 million in ICO (initial coin offering) funding after being featured in leading crypto news sites like CryptoSlate, Bitcoin Minetrix utilizes a novel “stake-to-mine” concept that could emerge as the next big thing in cryptocurrency.

The Bitcoin Minetrix ICO consists of ten stages, with the price increasing 10% each round. Having successfully raised $3 million so far, Bitcoin Minetrix has entered Stage 5 – meaning there is still an opportunity to get in at the lowest price of $0.0114 before it increases in 4 days.

Here’s an overview of how Bitcoin Minetrix works and why it could be the next cryptocurrency to explode after its ICO:

Bitcoin Minetrix is a tokenized cloud mining platform that enables users to mine Bitcoin in a decentralized manner by staking BTCMTX tokens to earn mining credits. These credits can then be redeemed to mine actual BTC.

Customers who proactively stake their BTCMTX tokens receive over 150% APY rewards in the form of additional tokens. The extra tokens earned now will grant holders more mining power once staking goes live.

While mining credits are ERC-20 tokens, they have a unique utility – they can be redeemed for designated BTC cloud mining time slots. This enables retail investors to tap into new Bitcoin rewards through cloud mining.

Once the stake-to-mine system is fully operational, stakers can look forward to earning real BTC income streams through cloud mining. This innovative model makes bitcoin mining accessible without expensive hardware or technical expertise.

Decentralized Cloud Mining Addresses Key Issues

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Cloud mining offers several benefits like easy entry, cost efficiency, and avoidance of disruptions associated with physical mining rigs. It eliminates the need for hardware, setup, and maintenance, making mining user-friendly even for beginners.

Bitcoin Minetrix specifically addresses key issues like the high cost of hardware and misleading scams prevalent in BTC mining space. By utilizing decentralized cloud mining, Bitcoin Minetrix ensures a secure and transparent mining experience for users.

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To participate, users simply need an Ethereum-compatible wallet like MetaMask. They can then purchase and stake BTCMTX tokens to earn non-tradable credits, which are burned in exchange for actual BTC cloud mining power. This elegant Stake-to-Mine concept opens the doors to profitable bitcoin mining for regular crypto investors.

With its innovative model and current low entry price, Bitcoin Minetrix presents a compelling investment opportunity. The project has already gained significant traction, raising $3 million in presale funding. As it continues development and expands operations, Bitcoin Minetrix could very well become the next big breakthrough in cryptocurrency – with explosive value for early adopters.
Learn more about the next cryptocurrency to explode and take part in the ICO at bitcoinminetrix.com.

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