There are several reasons to be optimistic about the upcoming quarter and year in the world of cryptocurrency. Pseudonymous crypto analyst @bitbitcrypto took to Twitter to share his insights on why there is a bullish outlook on Bitcoin and an innovative new token called Bitcoin Minetrix ($BTCMTX).
Bitcoin’s Strong October Performance
Firstly, @bitbitcrypto highlighted the historical performance of Bitcoin in the month of October. Since 2018, Bitcoin has not experienced a decline in October, making it a favorable month for the cryptocurrency. This track record attracts more buyers into the market, creating a self-fulfilling prophecy and potentially driving the price higher.
Bullish Catalysts for 2024
In addition to Bitcoin’s performance in October, @bitbitcrypto identified four bullish catalysts for the year 2024. These include:
- The anticipated beginning of an interest rate cutting cycle from the US Federal Reserve.
- The fact that it is an election year, which is typically strong for stocks.
- Upcoming decisions on spot Bitcoin ETF applications from the SEC.
- The Bitcoin halving event.
“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,”
argued @bitbitcrypto.
With these factors in play, it wouldn’t be surprising to see Bitcoin reach new highs for the year and potentially surpass $40,000 this month, reflecting a 44% increase from its current level of just under $28,000.
Bitcoin Minetrix: A New Mining Derivative Token
While Bitcoin’s prospects are promising, there is another exciting development in the world of cryptocurrency – Bitcoin Minetrix ($BTCMTX). This decentralized cloud mining platform has recently launched a presale of its native $BTCMTX token, which has already raised $350,000 in just a few days.
Bitcoin Minetrix introduces an innovative stake-to-mine mechanism, where owners of $BTCMTX tokens can earn mining credits by staking their tokens. These mining credits are then used to participate in Bitcoin Minetrix’s mining operations. Additionally, token stakers earn yield in the form of tokens allocated by the protocol for community rewards.
The project’s official staking dashboard currently indicates a massive APR rate of over 2,000% for rewards. This presents a significant opportunity for investors to earn substantial rewards and capitalize on the next price rise.
Renowned British presale analyst Jacob Crypto Bury believes that $BTCMTX has a 10x potential, while both Zach Humphries and Michael Wrubel commend the project for its innovative approach to Bitcoin mining.
Bitcoin Minetrix plans to allocate 42.5% of the presale proceeds to invest in Bitcoin mining, 35% for marketing, 15% for community rewards, and 7.5% for staking. The project is currently in phase 1 of its four-part roadmap, which involves the presale. The subsequent phases will encompass development, launch, and mass adoption.
Although talks with cloud providers and work on the stake-to-mine dashboard for the app and desktop are scheduled for phase 2 and 3, preparations have already begun.
To purchase the $BTCMTX token, investors can use ETH, USDT, BNB, or a bank card. For those opting to use ETH, staking-to-earn is available immediately.
Investors are advised that cryptocurrency is a high-risk asset class, and this article is provided for informational purposes only and should not be considered as investment advice. Potential loss of capital is a risk associated with this investment.
