Crypto prices have plunged after eight consecutive weeks of upward movement. Traders are closely monitoring market leader Bitcoin to determine whether prices will continue falling or if they will make a quick “V” shaped recovery.
However, Bitcoin-related presales, Bitcoin ETF Token, and Bitcoin Minetrix have pushed ahead unfazed, with both recently hitting important milestones.
Market Euphoria Caused Mass Long Liquidations, but Analysts Disagree if Dip Is Over
Bitcoin has been considerably bullish this month, peaking at $45K, its highest price since April 2022. This led to massive excitement, causing many traders to rush in and long Bitcoin in anticipation of an uptrend continuation.
However, futures traders placing long orders significantly outpaced those placing shorts, meaning long buyers had to pay a premium to fill the liquidity gap. This is known as positive funding rates, and several analysts warned that this presented a significant risk.
Prominent trader yourfriendSOMMI notified traders of the high funding rates on Sunday, stating that “weak hand copers are Leverage Long here to gamble and think they earn “free money.”
The high funding rates then triggered a significant sell-off, with a whale front running the cascading effect. X user Mike Alfred reported this, noting that a whale sold approximately $1.5 billion of Bitcoin.
Consequently, the price of Bitcoin dropped, causing many of the late long orders to get liquidated. Data from Coinglass shows that over $349 million in longs has been liquidated over the last 24 hours.
Some analysts see this as a “cleansing” for the market, wiping out its overleverage and helping restore balance. One of those is Jackis, noting that open interest has rebased as leverage longs are shut down, speculating that Bitcoin should continue higher in the coming days.
Open interest measures the amount of unsettled derivative contracts on an asset, so BItcoin’s falling open interest could signal it is no longer overleveraged.
However, other traders are more apprehensive. Mister Crypto believes there is still room for another leg down due to a recent bearish divergence formed with the RSI indicator.
The popular crypto analyst added that once “Funding Rates flip negative, I will become bullish again.”
While Bitcoin’s near-term move remains uncertain, market consensus is that its mid-to-long-term trajectory is bullish, coinciding with its overarching trend.
However, those looking for more profitable near-term cryptos will be pleased to learn about presales Bitcoin ETF Token and Bitcoin Minetrix, both backed to explode as they gather massive momentum.
Deflationary Bitcoin ETF Token Rewards Users as SEC Approves Bitcoin ETFs
Should the SEC approve Bitcoin ETF applications at its deadline in January, analysts believe it could inject $1 trillion of liquidity into the crypto market. $155 billion of this could flow directly to Bitcoin, with the rest going to altcoins, according to CryptoQuant.
One project that stands to benefit significantly from this is Bitcoin ETF Token. It is undergoing a presale, hitting $3.5 million in one month.
Bitcoin ETF Token rewards holders as ETFs are approved. It does so by burning 25% of its total supply across five milestones and through a deflationary burn mechanism that decreases by 1% at each target.
It also features a staking mechanism, offering a 79% APY and real-time Bitcoin news directly to its website.
Its focus on the Bitcoin ETFs narrative and cutting-edge deflationary tokenomics provides unprecedented upside potential.
With a market cap at launch of $12.39 million, even capturing 0.1% of the incoming Bitcoin ETF liquidity would almost 10x its price. However, some analysts are backing it for even more upside, with Crypto Boy speculating it could 100x.
Leading media outlets like Cointelegraph, Crypto News, Yahoo Finance, and Investing.com have rallied behind the project, too. Therefore, Crypto Boy’s 100x prediction should not be ruled out.
Visit Bitcoin ETF Token Presale
Stake-to-Mine Bitcoin Minetrix Lets Users Effortlessly Cloud Mine Bitcoin and Raises $5.1M
The second Bitcoin-related project displaying immense potential is Bitcoin Minetrix. It offers a revolutionary use case, enabling users to mine Bitcoin effortlessly from its Ethereum-based platform.
With the Bitcoin halving just months away, miners are in an exciting spot where the crypto they earn could be about to soar in value. However, many everyday crypto users cannot mine Bitcoin due to the intense hardware and knowledge requirements to get started.
Bitcoin Minetrix presents a beginner-friendly cloud mining solution, enabling anyone to earn BTC with an Ethereum-compatible wallet and $BTCMTX tokens.
The operation works by users staking $BTCMTX for Bitcoin mining credits, which are non-transferable ERC-20 tokens. Then, they can burn these credits on the Bitcoin Minetrix platform for cloud mining power, earning them BTC.
The decentralized and transparent $BTCMTX token also eradicates the inefficiencies and risk of scams associated with many competitor cloud mining platforms.
Consequently, analysts have been raging about the Bitcoin Minetrix presale. Prominent YouTuber Michael Wrubel explained several reasons he is bullish to his 310K subscribers.
Meanwhile, Jacob Bury speculates, “Something big is brewing” amid the Bitcoin Minetrix presale.
Investors can buy $BTCMTX for $0.011 but must hurry as its price will rise incrementally throughout the presale.
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