Bitcoin Price Prediction: Bitcoin Jumps 13% In A Week As Whale Moves $6B And Investors Migrate To This Bitcoin Derivative With 10X Potential

The Bitcoin price corrected 1% in the last 24 hours after surging over 13% in the last week to trade at $70,147.94 as of 3:10 a.m. EST as investors take profits.

Dormant Bitcoin Whale Transfers Over $6 Billion To Three Wallets

This comes as the owner of the fifth largest BTC wallet moved more than $6 billion in the leading crypto to three new wallets this past weekend. Initially funded with 94,500 BTC back in 2019, the wallet’s BTC balance remained unchanged until the weekend, on-chain tracking firm Arkham said in an X post.

The 5th richest Bitcoin address just moved over $6 BILLION in BTC to three new addresses.

37X moved almost its ENTIRE BALANCE of 94.5K BTC ($6.05B) in the early hours of Saturday 23rd March, leaving only 1.4 BTC in the address.

The 94.5K BTC had not been moved since 37X… pic.twitter.com/mAjpg0oqnD

— Arkham (@ArkhamIntel) March 25, 2024

The BTC holdings were first split into two amounts and sent to two different wallets. One of the amounts was then sent to a new address, while the other amount was divided again between two more wallets.

There are now subsequently three wallets, with one of the addresses holding a whopping $5 billion. The rest is split almost evenly between the other two wallets. Meanwhile, 1.4 BTC, worth just over $97k at BTC’s current price, still remains in the original address.

The Bitcoin Price Is At Risk Of Falling Out Of Its Positive Channel

4-hour chart for BTC/USDT (Source: TradingView)

A short-term bullish channel has emerged on BTC’s charts after the Bitcoin price printed a series of higher highs and higher lows throughout the last couple of days. However, the crypto is resting on the lower boundary of this price channel. A break below this level could lead to a correction.

Should the Bitcoin price fall out below this channel, it might seek support from the $68,863.99 mark. Falling below this key price point could then expose BTC to the risk of dropping to $65,847.29 in the following few days.

This bearish thesis could, however, be invalidated if the Bitcoin price manages to remain in the aforementioned ascending channel for the next 24 hours. Traders might subsequently decide to push the leading crypto’s price towards the $72,564.10 resistance level. Flipping this level into support in the short term could then give BTC the foundation needed to attempt to reach a new all-time high above $73,777.

Bitcoin Price Stalls As Technicals Suggest Traders Are At A Crossroads

Technical indicators on BTC’s 4-hour chart are sending mixed signals. On one hand, the Moving Average Convergence Divergence (MACD) line is trying to cross below the MACD Signal line. Traders tend to see this specific technical occurrence as a sign that a crypto is starting to enter a bearish phase. A confirmation would be when the MACD line crosses below the MACD Signal.

On the other hand, the Relative Strength Index (RSI) suggests that buyers are slowly entering BTC’s charts because the RSI is attempting to rise above its Simple Moving Average (SMA) line. These two technical indicators crossing might signal the continuation of BTC’s bullish trend.

The RSI getting rejected by the SMA in the next 12 hours could be the tipping point that sends BTC into the short-term bearish phase. Conversely, if the RSI manages to climb above the SMA line it might indicate that the market leader’s price will keep rising in the next 24 hours, potentially resulting in BTC flipping the $72,564.10 resistance into support. 

While the Bitcoin price tries to keep its positive momentum going, Bitcoin Minetrix’s presale shows no signs of slowing down as it charges towards the $13 million milestone.

Investors Might Flock To Bitcoin Minetrix After The Halving

With the Bitcoin halving approximately 24 days away, miners and investors are bracing for the fifty percent reduction in the network’s mining rewards. This highly-anticipated event has led to some of BTC’s strongest price surges in the past due to the reduced supply and unchanged demand. 

While BTC’s price could skyrocket, analysts and experts warn that small BTC mining operations may close shop due to decreased profit margins after the halving.

These smaller mining operators will be left with no choice but to look for alternatives to replace the lost revenue. Bitcoin Minetrix, through its decentralized cloud mining platform and stake-to-mine model, is perfectly placed to be the top pick for these smaller operators.

The project also appeals to retail investors because it opens up the opportunity to earn a passive income that is paid in BTC. 

Halving Pressure Could Boost BTCMTX 10X

Through Bitcoin Minetrix, token holders, whether mining operators or retail investors, are able to earn mining rewards without having to worry about the high-maintenance backend operations. 

Anyone looking to start earning with Bitcoin Minetrix will need to purchase its BTCMTX token on its official website. Once purchased, the tokens will need to be staked in exchange for “gas” token rewards. These gas tokens will then have to be burned for token holders to claim a portion of Bitcoin Minetrix’s cloud mining power.

#BitcoinMinetrix showcases a tokenized cloud mining platform, empowering everyday folks to engage in decentralized $BTC mining. ⚒️

Successfully eliminating the threat of third-party cloud mining scams and providing complete autonomy over operations. 🔒 pic.twitter.com/QC5dsnouV4

— Bitcoinminetrix (@bitcoinminetrix) March 26, 2024

Given the central role that BTCMTX plays in the Bitcoin Minetrix ecosystem, the increased demand for the project following the halving could cause the price of BTCMTX to skyrocket in the weeks after the halving. 

BTCMTX is currently selling for $0.0143 and can be bought using either ETH, USDT, BNB, MATIC or bank card. There is also a 55% APY being offered to presale investors.

BTCMTX can be purchased here.

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