Bitcoin Price Pauses Before Push to $40,000 While Pro Traders Load Up $2.5m on Bitcoin Minetrix
Friday, October 27th, 2023 – The Bitcoin price rally has paused before it takes the next leg higher to target $40,000, but in the meantime pro traders have ponied up nearly $2.5 million for Bitcoin Minetrix, the new path-breaking tokenized cloud mining venture.
Trading at around $34,000, Bitcoin had entered overbought territory on a technical view, so a pullback from $35,000 was to be expected.
In the derivatives markets, call options show pro traders are expecting the top cryptocurrency’s next key test to be at the $40k level.
If there is a successful breach of expected resistance in the $40k region then the floodgates are likely to open, bringing a march back to Bitcoin’s all-time high into view. As we approach the Bitcoin block reward halving event in April next year, market participants can reasonably expect to see Bitcoin hit new all-time highs.
Bitcoin’s breakout opens up opportunities in altcoins, as traders begin to seek out the best risk-reward prospects in the fledgling bull run.
Professional traders and savvy investors have been quick to single out Bitcoin Minetrix for special attention in that regard, as seen in the accelerating fundraising the project is witnessing for its novel Bitcoin cloud mining venture.
Altcoins that are able to align most closely with the Bitcoin growth story will attract a large share of the billions of dollars in investment flowing into the crypto sector, and Bitcoin Minetrix is right up among them.
Priced at $0.0112, $BTCMTX has only hours left to go in Stage 3 of its presale before the price rises to $0.0113 in Stage 4.
There is just $600,000 left to raise in the current stage (target is $3,101,000), which means the token could sell out early. Prospective token buyers need to move
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