Bitcoin Holds Firm Above $52K; Traders Eye $55K in Short-Term
Bitcoin maintained its stability, while ether surged over 5% as investors anticipate an ETH ETF soon. AI-focused tokens surged following OpenAI’s Sora launch, reigniting hopes for the sector’s expansion. Bitcoin (BTC) prices remained steady over the weekend, hovering around $52,000, with trading volumes relatively lower than weekdays. This stability aligns with the recent trend of reduced weekend volatility, a shift observed since the introduction of U.S. spot bitcoin exchange-traded funds (ETFs) in January.
Inhoudsopgave
Bitcoin Target of $55,000
Conversely, other major tokens like ether (ETH) and Polygon’s MATIC recorded significant gains, climbing over 5% since Friday. Ether’s rise is attributed to expectations of an ether ETF, which would allow U.S. investors access to the asset, driving enthusiasm within the Ethereum ecosystem. The CoinDesk 20 Index (CD20), reflecting the performance of the largest cryptocurrencies, rose by 2.68% in the past 24 hours. AI-related tokens, including Worldcoin’s WLD, Fetch AI’s FET, Bittensor’s TAO, and Sleepless AI’s AI, surged up to 10% after OpenAI unveiled its Sora text-to-video generator. Market analysts are eyeing a short-term bitcoin target of $55,000, with a long-term projection of $70,000.
“Bitcoin is approaching its peak and is likely to push towards $55,000 in the coming weeks,” said Ed Hindi, Chief Investment Officer at Tyr Capital. “In 2024, we expect bitcoin to rally to its all-time highs, reaching $70,000 early in the year,” he added. Hindi also noted that ether could generate significant excitement due to its higher growth potential and investment prospects in the coming months.
“The real excitement will revolve around Ethereum. With the potential launch of an Ether spot-ETF in the U.S., coupled with growing global interest in DeFi, achieving $5,000 for ETH in 2024 seems plausible,” he concluded
Want to learn more about bitcoin mining or start mining yourself?
“This data underscores considerably stronger profitability in the mining sector compared to challenges experienced in 2022 and part of 2023.”
In approximately six months, Bitcoin undergo a “halving,” reducing the new bitcoins awarded to miners by half. Satoshi Nakamoto introduced this event in 2009 as an anti-inflationary measure. Occurring roughly every four years, the lead-up to halvings traditionally proves the most profitable time for crypto investors. “Buying bitcoin six months before a halving and selling 18 months after has historically outperformed a ‘buy and hold’ strategy,” affirms the analyst.
Bitcoin mining explained.
Bitcoin Mining is the industry where the largest institutional party BlackRock is betting big and has recently become majority shareholder in four of the five largest mining companies.
You buy one or more Bitcoin mining machines and within 6-8 weeks it is mining for you with a current rate of 5.2 cents including hosting. Security and maintenance. What does a miner cost? How can these power rates be so low? Want to know more?
Attend the free Q&A about mining:
With Mitchell Weijerman (CEO of Epic Mining) . Where Mitchell answer all your questions live.
Also you can calculate profit in this spreadsheet
Full article about mining in depth you can find here. Bitcoin mining – Buy Low Mine High.
The simple way how smart investors can profit from a broken banking system. How crypto miners made 16.7 billion USD in 1 year and how we can get a piece of it. How anyone can make money with crypto mining within 4-8 weeks, regardless of your knowledge or experience.
