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Bitcoin Price Prediction: BTC Pumps 13% In 7 Days To Boost MicroStrategy Bitcoin Profits Above $4 Billion As This Bitcoin Derivative Closes ...
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Bitcoin Price Prediction: BTC Pumps 13% In 7 Days To Boost MicroStrategy Bitcoin Profits Above $4 Billion As This Bitcoin Derivative Closes ...

Inside Bitcoins
By Inside Bitcoins
Created 1 year ago, last updated 1 year ago
7 mins read
Bitcoin Price Prediction: BTC Pumps 13% In 7 Days To Boost MicroStrategy Bitcoin Profits Above $4 Billion As This Bitcoin Derivative Closes ...

The Bitcoin price surged 13% in the last week to trade for $52,141 as of 1:35 a.m. EST time.

The pump helped MicroStrategy (MSTR), the largest corporate owner of BTC, to boost profits on its $10 billion Bitcoin stash to more than $4 billion.

As of the end of January, the firm held 190,000 BTC tokens acquired for up to $5.93 billion, or $31,224 per coin. The firm started buying BTC in Q2 of 2020, with a steady addition to its portfolio quarter after quarter.

The $4 billion profits clocked in as the Bitcoin price hit $52,800 on Thursday morning. Since then, however, the Bitcoin price has retraced to $52,141.

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Bitcoin Price Outlook

The Bitcoin price is testing the upper boundary of the ascending parallel channel at $53,000. This is a crucial roadblock, which if breached could extend the upside potential for BTC.

The Relative Strength Index (RSI) at 81 shows BTC is massively overbought. The price strength quantifier also suggests that while the risks of a pullback remain high, the upside potential remains high as the RSI is still northbound, showing momentum is still rising.

The Moving Average Convergence Divergence (MACD) also reinforces Bitcoin price bullish outlook, as it is moving above its signal line (orange band). The histogram bars are also flashing green, showing the strong presence of the bulls in the BTC market.

Increased buying pressure could see Bitcoin price overcome the immediate blockade at $53,000, with the potential to extend the gains 5% to the $55,000 milestone. In a highly bullish case, Bitcoin price could make it to $60,000, nearly 15% above current levels.

TradingView: BTC/USDT 1-day chart

On the flipside, if profit booking commences, the Bitcoin price could drop, first to lose the support due to the midline of the channel. This could see it fall into the supply zone that now acts as a bullish breaker between $44,300 and $46,760. A break and close below its midline at $45,554 would clear the clog for an extended drop.

With the Bitcoin price confronting crucial resistance at $53,000, forward-looking investors might consider diversifying their portfolios with presales like BTCMTX, which analysts rank among the best crypto to buy now for explosive growth.

Promising Alternative To Bitcoin

BTCMTX is the native cryptocurrency for the Bitcoin Minetrix ecosystem. This is a stake-to-mine project that makes BTC ownership achievable. To do this, BTCMTX token holders can stake their holdings for credits and then redeem these holdings for mining hash power.

The project is in the presale stage, boasting upwards of $10.96 million in sales so far out of the $11.850 million target. Investors looking to buy BTCMTX can do so for only $0.0135, but hurry to buy now with that rate due to end in four days.

There are multiple benefits for users that mine BTC with Bitcoin Minetrix, including cost-effectiveness, ease of use and navigation, and the fact that you avoid stressors like noise and heat.

Visit the Bitcoin Minetrix website to buy BTCMTX here.

Also Read:

New Crypto Mining Platform - Bitcoin Minetrix

Rating

  • Audited By Coinsult
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