Bitcoin has had a positive run so far in 2023, with the coins price soaring over 120% since the start of the year.
Amidst this positivity, one prominent analyst has issued a bold price prediction, forecasting even more gains for Bitcoin in the coming weeks.
Meanwhile, traders are also excited about the presale for Bitcoin Minetrix (BTCMTX), a hot new token that seeks to revolutionize the crypto mining space.
Bullish Momentum Propels Bitcoin to 2023 High Near $38,000
BTC has shown impressive performance recently, with the price reclaiming the $37,000 level after breaking out above $30,000 in October.
This bullish momentum propelled Bitcoin to a 2023 high of $37,980 last week, although the price has since retraced by just over 2%.
Several factors are contributing to Bitcoins renewed strength, such as the Relative Strength Index (RSI), which is above 60, indicating that the bulls are in control.
Additionally, mining difficulty recently hit an all-time high as hashrate continues growing, underscoring the faith in Bitcoins future.
The election of a pro-Bitcoin candidate as Argentinas president has also helped boost sentiment towards BTC.
With optimism now in full flow, theres a growing belief that Bitcoin could push towards $40,000 before the end of the year.
Spot trading volumes remain elevated at $19.6 billion daily, a 23% increase from the previous day.
These factors paint a rosy picture of Bitcoin's current situation and set the stage for further price movements in the near term.
Prominent Analyst Predicts Bitcoin Will Surge Past $40,000
As Bitcoin hovers near $37,000, one well-known analyst believes the cryptocurrency is gearing up for a decisive move past $40,000.
Matthew Hyland, a widely followed trader, notes that Bitcoin's recent correction played out almost exactly as anticipated, with bearish divergence on the RSI temporarily pushing the price back down.
However, Hyland sees this as necessary to set the stage for further gains.
In a recent tweet, he stated, The next leg up once forming bullish divergence will take Bitcoin past $40,000.
This would align with the bullish Elliott Wave count, suggesting that Bitcoin is now in the midst of a larger uptrend.
According to Hyland, Bitcoin could be primed for this move soon, as long as Bitcoin holds support around $35,000.
Overall, Hyland's optimistic projection will be music to the ears of Bitcoin investors who have been eagerly anticipating the next upward leg.
Stake-to-Mine Project Bitcoin Minetrix Also Receives Bullish Forecasts & Generates Over $4m During Token Presale
With Bitcoin potentially pushing toward $40,000, traders have also been buzzing about an emerging project called Bitcoin Minetrix (BTCMTX) and its ongoing presale.
Bitcoin Minetrix introduces a groundbreaking Stake-to-Mine model that allows users to earn BTC rewards by staking the platforms native BTCMTX token, which is gaining bullish predictions from analysts.
This process generates "mining credits," which can be exchanged for cloud mining power to mine BTC virtually.
By using the Stake-to-Mine model, miners could sustain their profits even when the upcoming Bitcoin halving reduces block rewards in 2024.
Bitcoin Minetrix also features a high-yield staking protocol offering substantial APY potential.
According to Bitcoin Minetrixs whitepaper, the total supply of BTCMTX is capped at four billion tokens, with up to 77.5% of these tokens available to presale buyers.
The project's presale has already raised over $4.2 million, and hype is building around its potential to reshape the mining space.
The excitement has been further amplified by a $30,000 airdrop event, influencer endorsements, and a high ranking on CoinSniper.
During the presale, investors can buy BTCMTX tokens at the discounted price of $0.011, although this will increase in the later stages.
With exchange listings, a mobile app, and partnerships with cloud mining firms on its roadmap, Bitcoin Minetrix could offer traders an intriguing new opportunity in the final weeks of 2023.
View source version on newsdirect.com: https://newsdirect.com/news/analyst-gives-bullish-bitcoin-price-prediction-as-traders-also-back-new-bitcoin-minetrix-token-550808876
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Watch Mirror journalist was involved in the writing and production of this article.