HomeNFT'sCryptocurrency Price Forecast: Ex-Goldman Sachs Executive Sees ''Astounding'' Possibility Of BTC At...

Cryptocurrency Price Forecast: Ex-Goldman Sachs Executive Sees ”Astounding” Possibility Of BTC At $500K As This Bitcoin Cloud Mining Platform Nears $10 Million

-


Join Our Telegram channel to stay up to date on breaking news coverage

The Bitcoin price is up 3% in the last 24 hours to trade for $43,380 as of 1:05 a.m. EST time, with trading volume surging 45%.

This is part of an ongoing recovery rally after the Bitcoin price suffered the aftermath of Grayscale Bitcoin Trust (GBTC) redemptions. As investors cashed in their GBTC shares by selling BTC, the Bitcoin price fell nearly 12% after a local top of $48,969 on January 11.

Meanwhile, a former executive of American investment bank Goldman Sachs, Raoul Pal, has updated his crypto market cycle forecast, saying the Bitcoin price could repeat a “bubble” price pattern like what was witnessed during the 2011-2013 cycle. In his opinion, this could send the king of cryptocurrency to levels as high as $500,000.

Raoul Pal Anticipates $500,000 Possibility For Bitcoin Price

Appearing in an interview with Pomp Investments founder Anthony Pompliano, Pal said there is a “60% probability this is a relatively normal cycle,” where BTC hit $150,000. Still, he gives it a “20% chance that it’s actually a front-loaded cycle because of the spot BTC ETF and other stuff that maybe gets to that $150,000 faster and then fades.” In his opinion, this could hurt a lot of people who expect such a rally to continue into 2025.

Pal also maintains a 20% chance of it turning out to be a bubble cycle,more like 2011, 2012, 2013.”

Despite Pal’s ambitious targets, the Bitcoin price remains below a critical barrier. If it is able to flip it into support, investors would probably be safe. In the meantime, this week is critical for crypto, with multiple events lined up.

These include the Federal Open Market Committee (FOMC) meeting, some of the S&P 500 earnings, a supply unlock from some altcoins, and the launch of Jupiter decentralized exchange’s native token, JUP.

Bitcoin Price Outlook As BTC Confronts Critical Barricade

The Bitcoin price is confronting a critical resistance at $43,750, with a flip of this blockade into support setting BTC atop an ascending trendline. Before that, however, the king of crypto must overcome resistance due to the 50-day Simple Moving Average (SMA) at $42,860.

Further north, Bitcoin price could climb to the $48,000 psychological level, or in the highly bullish case, extend a neck higher to tag $50,000, 15% above current levels.

Notably, BTC displayed a similar price action beginning in September, consolidating below an ascending trendline. When it finally broke above it on October 23, it rallied nearly 65% to the January 11 high. This can be seen on the BTC/USDT daily chart below.

Bitcoin

TradingView: BTC/USDT 1-day chart

Conversely, if the ascending trendline holds as a resistance, the Bitcoin price could pull south, testing the 100-day SMA at $40,119. In the dire case, it could slide into the demand zone, ranging from $38,496 to $39,895. A break and close below the midline of this order block at $39,196 would confirm the continuation of the downtrend, with Bitcoin price likely to extend the fall to the $37,800 critical support.

Past this buyer congestion level, the Bitcoin price could roll over to the $30,000 psychological level, 30% below this level. A break and close below this level would invalidate the bullish thesis.

Elsewhere, forward-looking investors are already counting the days to the BTC halving in April that’s likely to kickstart the next bull cycle.  With this, investors are turning to a revolutionary BTC cloud mining project called Bitcoin Minetrx (BTCMTX).

Promising Alternative To Bitcoin

BTCMTX is the ticker for the Bitcoin Minetrix ecosystem and is ranked among analysts’ top choices for penny cryptos with the potential for explosive growth. The project operates as a tokenized cloud-mining platform where community members can mine BTC in a decentralized fashion.

Bitcoin Minetrix spares investors the challenge of high hardware costs and deceptive frauds that have eroded people from mining BTC. It also ensures you do not need to suffer the heat, space demands, and every other hassle that comes with traditional BTC mining.

The Bitcoin Minetrix presale has recorded upwards of $9.8 million in funds raised out of a target of $10.326 million. Investors looking to buy BTCMTX can do so on the website, where each token is selling for $0.0131.

With a price hike coming in less than 24 hours, secure your tokens in this project before it’s too late.

Visit Bitcoin Minetrix to buy BTCMTX in the presale here.

Also Read:

New Crypto Mining Platform – Bitcoin Minetrix

Bitcoin MinetrixBitcoin Minetrix
  • Audited By Coinsult
  • Decentralized, Secure Cloud Mining
  • Earn Free Bitcoin Daily
  • Native Token On Presale Now – BTCMTX
  • Staking Rewards – Over 100% APY

Bitcoin MinetrixBitcoin Minetrix


Join Our Telegram channel to stay up to date on breaking news coverage



LEAVE A REPLY

Please enter your comment!
Please enter your name here

LATEST POSTS

Positive Analystic View Regarding XRP Surge Despite Cancellation of SEC Meeting

Nobody in the XRP community expected the SEC to cancel a meeting behind closed doors on July 18 without giving any reason. Some people...

Forecasting the Price Surge of Banana Gun: BANANA Skyrockets by 28% Following Binance Trading Announcement, Elevating Meme Games ICO with $160K Raised

Join Our Telegram channel to stay up to date on breaking news coverage The Banana Gun price soared 28% in the last 24 hours to...

XRP Price Experiences a Decline, Nevertheless Uptrend Support Remains Resilient

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency...

Latest Cryptocurrency Rollouts, Additions, & Initial Sales Today – Vitreus, Laika AI, Ruby Protocol

Join Our Telegram channel to stay up to date on breaking news coverage Several positive news stories are triggering renewed investor confidence amid the cryptocurrency...

Most Popular