Analyst Lists 5 Reasons BTC Price Can Hit $40,000 In October, As Bitcoin Minetrix Hits $350,000
There are five reasons to be bullish on the coming quarter and year in general, pseudonymous crypto analyst @bitbitcrypto argued on Twitter on Sunday.
Firstly, he cited the fact that October is usually a strong month for Bitcoin. Indeed, Bitcoin hasn’t fallen in October since 2018.
Markets move on expectations.
— Bitbit.BTFD (@bitbitcrypto) October 1, 2023
Markets tend to front-run the next narrative or event that’s coming up. It’s simple: participants take positions before the event, and that’s enough to move the market.
Uptober is just a meme, but the stats aren’t; October is usually a strong month pic.twitter.com/X96E5szywl
That history of good price performance in October is in itself enough to encourage more buyers to enter the market this month, leading to a self-fulfilling prophecy.
@bitbitcrypto then cited four bullish catalysts for 2024.
These include an anticipated beginning of an interest rate cutting cycle from the US Federal Reserve, the fact that it is election year (usually strong for stocks), upcoming decisions on spot Bitcoin ETF applications from the SEC and the Bitcoin halving.
“The closer we get, there will be more and more bullish predictions for 2024, and the speculations will create massive buying pressure heading to the end of the year… The more speculations, the more expectations – markets move on expectations” he argued.
Given the above, perhaps it wouldn’t be too surprising to see Bitcoin (BTC) hit fresh highs for the year and march onwards towards $40,000 this month.
That would mark a 44% jump from current levels just under $28,000.
This Bitcoin Mining Derivative Token Set to Sour?
While things are looking up for Bitcoin this month and during the upcoming quarter, things are looking even better for a new Bitcoin mining derivative token called Bitcoin Minetrix ($BTCMTX).
Bitcoin Minetrix, a decentralized cloud mining platform, recently launched a presale of its native $BTCMTX token and has already reached $350,000 in just a few days.
The platform is introducing an innovative new stake-to-mine mechanism – $BTCMTX owners who stake their tokens will earn mining credits.
These mining credits can then be used to earn a portion of Bitcoin Minetrix’s Bitcoin mining operations.
However, in addition to token stakers earning a yield in the form of cloud mining credits, $BTCMTX stakers also earn yield in the form of tokens allocated by the protocol for community rewards.
As per the project’s official staking dashboard, rewards are currently being dolled out at a massive APR rate of over 2,000%.
Investors should move quickly so as not to miss out on these big rewards and also to get in ahead of the next price rise.
When the presale hits $3.08 million, the token price will rise from $0.011 to $0.0111, before eventually ending the presale at $0.0119.
Get in On 2023’s Best Staking Coin Early
Its innovative approach to the tokenization of Bitcoin cloud mining to produce a yield for its stakers positions $BTCMTX as potentially one of 2023’s best staking coins.
Popular British presale analyst Jacob Crypto Bury thinks $BTCMTX has 10x potential.
Meanwhile, both Zach Humphries and Michael Wrubel have hailed the project as an innovative new approach to Bitcoin mining.
Bitcoin Minetrix will be using 42.5% of the proceeds of its presale to invest in Bitcoin mining, 35% for marketing, 15% for community rewards and 7.5% for staking.
Bitcoin Minetrix is in phase 1 of its four-part roadmap. After the presale phase, the other three phases commence, encompassing development, launch, and mass adoption.
Although not scheduled until phase 2 and 3, talks with cloud providers and work on the stake-to-mine dashboard for app and desktop has already started.
To buy the $BTCMTX token you will need ETH, USDT, BNB or a bank card. If you plan to purchase with ETH you can start staking-to-earn straightaway.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
