Bitcoin Sees Marginal Movement
If you look at Bitcoin’s price movement over the past 24 hours, you’ll see an increase of 1%. That puts the price at $43,160, however, trading volume has dropped almost 1% to $25.9 billion.
Meanwhile, when you look at the weekly chart from over the past seven days, you’ll see that the coin’s price is 1.4% lower, but it has actually increased over 16% monthly. This shows that resistance at $44k is a challenge for Bitcoin at the moment.
Bullish Prediction for Bitcoin
Raoul Pal, a former Goldman Sachs executive, believes that the rise of Bitcoin has not even started yet. He thinks the bull cycle could last for years and lead to Bitcoin hitting $1 million by 2025.
Pal feels that the current bull cycle is similar to the one in 2016/2017, where a surge in liquidity made digital assets surge. This time, however, he believes the current bull run is still in its infancy.
Predicting Bitcoin’s Price
After failing to reach the resistance at $44,000, Bitcoin recently dropped in price and is currently trading at $43,000. Many people are unsure if the coin can surpass these barriers, but Pal’s prediction may change things.
When you look at the technical aspects, BTC still has plenty of scope to grow, with wide Bollinger bands and a neutral RSI indicating room for further growth..
Promising Alternative To Bitcoin
Bitcoin Minetrix (BTCMTX) is seen as a promising alternative to Bitcoin, with an ongoing presale that has already raised over $6.5 million and its token set to increase in value in four days. With its own cloud mining platform, BTCMTX might just be a winner.
The project’s fully decentralized and transparent cloud miner allows users to mine BTC easily and seamlessly.
Hot Take
It is clear that Bitcoin is still fighting to overcome resistance at $44k, with some analysts seeing room for further growth. Meanwhile, Bitcoin Minetrix seems to have promising prospects for those who are looking for an alternative to BTC.
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