The crypto market has been on the rise in recent weeks, with Bitcoin (BTC) pushing above the crucial $30,000 level.
Although the BTC price has pulled back slightly in the past day, traders are now speculating whether the coin could hit $40,000 by the end of the year.
Meanwhile, crypto mining startup Bitcoin Minetrix (BTCMTX) continues to wow investors during its limited-time presale phase, raising over $3.1 million in early funding.
Bitcoin Pulls Back After Hitting Resistance at $35k
Over the past 12 hours, Bitcoin has retraced from its recent high above $35,000, giving up some gains after the latest FOMC meeting.
BTC is now trading around the $34,850 level, which is a 3% dip from yesterday’s peak.
Analysts point to overheating in the derivatives markets as one factor contributing to the pullback.
Data showed that Bitcoin derivatives, like futures and options, are at elevated levels – indicating a high amount of leverage and speculation.
With the derivatives market overextended, the pullback reflects a “de-risking” by traders, possibly aligning the price with less leveraged positions.
The move down could also be a much-needed breather following the Fed’s latest interest rate announcement.
Fed Chair Jerome Powell signaled the central bank is considering slowing the pace of rate hikes, which is good news for risky assets like cryptocurrencies.
However, Powell reiterated that the Fed is still strongly focused on bringing down inflation – meaning policy uncertainty will likely remain into 2024.
Can Bitcoin Regain Momentum & Reach $40k This Year?
Amid the BTC pullback, the big question is whether Bitcoin can regain momentum and push towards $40,000 before year’s end.
The Fed’s latest comments hint at a potential end to rate hikes, which would bring back liquidity to the crypto market.
However, geopolitical tensions and macroeconomic conditions are still creating tension in the market, potentially impacting investors’ buying and selling decisions.
Bitcoin’s historical price patterns ahead of halving events could also provide catalysts to help BTC reach $40,000.
BTC tends to follow four-year cycles aligned with halving events, with prices often surging months beforehand.
The next halving is scheduled for April 2024 – leading some to predict that Bitcoin’s value could soar between now and then.
Finally, accumulation trends also point to growing confidence in Bitcoin.
Major investors are trading their stablecoins for BTC, suggesting that demand is increasing among high-net-worth individuals.
If these accumulation patterns persist, alongside the historical impact of halvings and improving macroeconomic conditions, then Bitcoin could be poised for a rally to $40,000 by the end of 2023.
New Project Bitcoin Minetrix Turning Heads in Presale & Surpasses $3.1 Million Milestone
While traders ponder whether Bitcoin can reach $40,000, another crypto project is making headlines of its own.
Bitcoin Minetrix (BTCMTX) is an exciting new platform that’s causing a stir in the market due to its unique “Stake-to-Mine” model.
This model allows users to earn BTC rewards simply by staking BTCMTX, Bitcoin Minetrix’s native token.
Through this process, crypto mining is brought back into reach of normal investors.
Thanks to Bitcoin Minetrix’s groundbreaking use case, the project’s presale has seen enormous traction, raising over $3.1 million from investors.
Investors can buy BTCMTX tokens through this presale for just $0.0114 ahead of their open market debut, which is slated to occur once the presale ends.
Members of Bitcoin Minetrix’s Telegram channel are already looking forward to these listings, believing that the increased accessibility and liquidity could help push up the token’s price.
Additionally, prominent crypto influencers like Michael Wrubel have thrown their weight behind BTCMTX, believing that it could be primed for an end-of-year surge.
BTCMTX has even been ranked first on CoinSniper – a widely-used website that tracks new and upcoming crypto projects.
Whether Bitcoin Minetrix can live up to its hype is anyone’s guess, but for now, it is undoubtedly one of the most talked-about projects in the crypto market.
Prospective investors can buy BTCMTX tokens through Bitcoin Minetrix’s website using ETH, USDT, or a credit/debit card.