Bitcoin Surges as Market Awaits ETF Approval
The Bitcoin price has slightly increased by less than a percent in the last 24 hours and is trading at $45,217 at 1:25 a.m. EST time.
Speculation about the approval of spot Bitcoin exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC) is driving the market. They are expected to be approved by January 10.
Matrixport predicts that Bitcoin could hit $50,000 this week because of the squeeze on the spot market by the futures market and the surge in trading volume. The funding rate of Bitcoin stayed high across the Christmas holidays, indicating that traders are bullish and expect the approval of a Bitcoin ETF.
Matrixport Anticipates an Altcoin Season
Matrixport predicts an altcoin season because the Bitcoin dominance indicator has fallen to 50.3%, historically leading to a rally in the crypto market.
Bitcoin Price Outlook As Matrixport Anticipates Rally to $50,000
The Bitcoin price continues to consolidate above an ascending trendline, promising more gains. The Relative Strength Index (RSI) and other indicators suggest that the price could keep climbing.
The Bitcoin price might rise to $48,000 in the short term and to $50,000 in the highly bullish case.
Converse Case
If the bears take over, Bitcoin price might drop and even break support, exposing BTC to lower price levels.
On the flip side, if the prevailing bullish outlook validates, enlightened investors may continue buying BTCMTX, a promising alternative to Bitcoin.
Promising Alternative to Bitcoin
BTCMTX, the native cryptocurrency for the Bitcoin Minetrix ecosystem, offers a new way of Bitcoin mining and is having a presale. The project is in presale with over $7 million raised out of a target of $7.998 million.
Each BTCMTX token is selling for $0.0126, providing an affordable entry for investors for the next three days. The website can be visited to buy BTCMTX in the presale.
Hot Take
The upcoming approval of Bitcoin ETFs is driving the market, with potential for a rally to $50,000. Additionally, altcoins may see a season based on market indicators. Join the presale of BTCMTX for the next three days to take advantage of an affordable entry.
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