The Bitcoin price has soared by 39% in the past month as the crypto king traded at $37,192 as of 10:50 a.m. EST.
Prominent analyst @el_crypto_prof highlights a rare buy signal seen on the M-Chart for BTC, a phenomenon last seen eight years ago. Concurrently, Bitcoin has surged above the SMA 20 line, reinforcing expectations of an unprecedented pump in the Bitcoin price and what the analyst calls ”the biggest bull run ever.” The presence of institutional players further strengthens this bullish outlook.
This indicator shows a buy signal on the M-Chart of $BTC, which has only happened once before and that was 8 YEARS ago.
At the same time $BTC also breaks above the SMA 20 line.
One reason why I believe we’re facing the biggest bull run ever.
Institutions are here. pic.twitter.com/4i7ulROUhp
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲 (@el_crypto_prof) November 10, 2023
Bitcoin Price Prediction
Looking at 1-hour BTC/USD charts, the MACD indicator is now in the green zone as the Relative Strength Indicator moves upwards, with bulls now looking to reclaim the overbought region. Both these point towards a looming price leap in the short term.
The 5-day moving average has now exceeded the 15-day moving average to form a golden cross. This shows bull dominance as they look to break past the $37.8K resistance.
Looking at volatility, The Bollinger bands are not far apart, showing low volatility levels on the Bitcoin price. This comes as trading activities decrease, with the trading volume dropping by 40% in the last 24 hours.
As indicators point to a pump in the Bitcoin price in the short term, the enthusiasm surrounding ETF approvals could send Bitcoin to new, more extraordinary highs.
That’s great news for the new Bitcoin ETF Token (BTCETF). It holds the potential to explode big upon completion of its ongoing pre-sale due to its linkage to ETF-related events.
Bitcoin Price Prediction: Is the BTCETF An Alternative to Bitcoin?
he Bitcoin ETF Token seeks to capitalize on the boost that the approval of spot Bitcoin ETFs will give Bitcoin and the crypto market broadly.
— BTCETF_Token (@BTCETF_Token) November 11, 2023
BTCETF also aims to provide users with passive income opportunities by allowing them to lock up their tokens and earn payouts annually through the platform’s staking technology.
BTCETF also introduces a unique token burn mechanism for specific events in the spot ETF approval process. This results in deflationary pressure as 5% of the total supply is burnt at each milestone.
Early Success in the Pre-sale Phase
During the initial four days of the presale phase, BTCETF raised over $432,000, with early investors acquiring tokens for $0.0052 each.
The whitepaper indicates that 25% of the overall supply is reserved for staking, supporting network security and stability. The present rate of return from staking BTCETF tokens is above 1,000%. However, this rate will fall as more tokens are staked.
BTCETF’s early contributors are eligible for exclusive discounts and early entry into the token presale. With a price per token of $0.0052, this presale offers 40% of the entire supply of 840,000,000 tokens.
In tandem with critical dates for the spot BTC ETF, the presale will focus on community building and showcasing the project’s unique value proposition. Eighty-four million BTCETF tokens will be available in the presale, giving early backers plenty of options.
Acknowledging the potential benefits that the broader Bitcoin ETF narrative may bring to BTCETF is essential. So, as you watch out for the Bitcoin price, remember to supercharge your upside potential by participating in the BTCETF pre-sale.
Visit here and get your BTCETF.
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