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<p>The Bitcoin price is up 3% in the last 24 hours to trade for $43,380 as of 1:05 a.m. EST time, with trading volume surging 45%.</p>
<p>This is part of an ongoing recovery rally after the Bitcoin price suffered the aftermath of Grayscale Bitcoin Trust (GBTC) redemptions. As investors cashed in their GBTC shares by selling BTC, the Bitcoin price fell nearly 12% after a local top of $48,969 on January 11.</p>
<p>Meanwhile, a former executive of American investment bank Goldman Sachs, Raoul Pal, has updated his crypto market cycle forecast, saying the Bitcoin price could repeat a “bubble” price pattern like what was witnessed during the 2011-2013 cycle. In his opinion, this could send the king of cryptocurrency to levels as high as $500,000.</p>
<h2 id="raoul-pal-anticipates-500-000-possibility-for-bitcoin-price">Raoul Pal Anticipates $500,000 Possibility For Bitcoin Price</h2>
<p>Appearing in an interview with Pomp Investments founder Anthony Pompliano, Pal <a href="https://www.youtube.com/watch?v=y7poRrGTsfk" target="_blank" rel="noopener noreferrer nofollow">said</a> there is a “60% probability this is a relatively normal cycle,” where BTC hit $150,000. Still, he gives it a “20% chance that it’s actually a front-loaded cycle because of the spot BTC ETF and other stuff that maybe gets to that $150,000 faster and then fades.” In his opinion, this could hurt a lot of people who expect such a rally to continue into 2025.</p>
<p><iframe title="@AnthonyPompliano Puts Me in the Hot Seat" width="640" height="360" src="https://www.youtube.com/embed/y7poRrGTsfk?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe></p>
<p>Pal also maintains a 20% chance of it turning out to be a bubble cycle,<em> “</em>more like 2011, 2012, 2013.”</p>
<p>Despite Pal’s ambitious targets, the Bitcoin price remains below a critical barrier. If it is able to flip it into support, investors would probably be safe. In the meantime, this week is critical for crypto, with multiple events lined up.</p>
<p>These include the Federal Open Market Committee (FOMC) meeting, some of the S&amp;P 500 earnings, a supply unlock from some altcoins, and the launch of Jupiter decentralized exchange’s native token, <a href="https://insidebitcoins.com/news/wen-price-prediction-solana-meme-coin-wen-pumps-48-on-token-airdrop-euphoria-as-this-gamefi-upstart-closes-on-8-million" target="_blank" rel="noopener noreferrer nofollow">JUP.</a></p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">This week is CRITICAL for crypto…</p>
 <p>We have;<br>– FOMC<br>– <a href="https://twitter.com/search?q=%24JUP&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$JUP</a> launch<br>– Some of the S&amp;P 500 earnings<br>– A supply unlock from some Altcoins</p>
 <p>I am discussing it all and more LIVE NOW on my show…<a href="https://t.co/X7YitKVuVq" rel="noopener noreferrer nofollow">https://t.co/X7YitKVuVq</a> <a href="https://t.co/Hd6ldHDA5f" rel="noopener noreferrer nofollow">pic.twitter.com/Hd6ldHDA5f</a></p>
 <p>— Ran Neuner (@cryptomanran) <a href="https://twitter.com/cryptomanran/status/1751971217811095589?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 29, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<h2 id="bitcoin-price-outlook-as-btc-confronts-critical-barricade">Bitcoin Price Outlook As BTC Confronts Critical Barricade</h2>
<p>The Bitcoin price is confronting a critical resistance at <a href="https://insidebitcoins.com/news/bitcoin-price-prediction-bitcoin-etf-ads-might-appear-on-google-starting-monday-as-this-btc-derivative-soars-past-9-6-million" target="_blank" rel="noopener noreferrer nofollow">$43,750</a>, with a flip of this blockade into support setting BTC atop an ascending trendline. Before that, however, the king of crypto must overcome resistance due to the 50-day Simple Moving Average (SMA) at $42,860.</p>
<p>Further north, Bitcoin price could climb to the $48,000 psychological level, or in the highly bullish case, extend a neck higher to tag $50,000, 15% above current levels.</p>
<p>Notably, BTC displayed a similar price action beginning in September, consolidating below an ascending trendline. When it finally broke above it on October 23, it rallied nearly 65% to the January 11 high. This can be seen on the BTC/USDT daily chart below.</p>
<p><a href="https://insidebitcoins.com/wp-content/uploads/2024/01/BTCUSDT_2024-01-30_09-00-55.png" rel="noopener noreferrer nofollow"><img decoding="async" class="aligncenter wp-image-476385 size-full" src="https://insidebitcoins.com/wp-content/uploads/2024/01/BTCUSDT_2024-01-30_09-00-55.png" alt="Bitcoin" width="1273" height="548" srcset="https://insidebitcoins.com/wp-content/uploads/2024/01/BTCUSDT_2024-01-30_09-00-55.png 1273w, https://insidebitcoins.com/wp-content/uploads/2024/01/BTCUSDT_2024-01-30_09-00-55-300x129.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/01/BTCUSDT_2024-01-30_09-00-55-1024x441.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/01/BTCUSDT_2024-01-30_09-00-55-768x331.png 768w" sizes="(max-width: 1273px) 100vw, 1273px"></a></p>
<p><a href="https://www.tradingview.com/x/z78YIvE6/" target="_blank" rel="noopener noreferrer nofollow">TradingView: BTC/USDT 1-day chart</a></p>
<p>Conversely, if the ascending trendline holds as a resistance, the Bitcoin price could pull south, testing the 100-day SMA at $40,119. In the dire case, it could slide into the demand zone, ranging from $38,496 to $39,895. A break and close below the midline of this order block at $39,196 would confirm the continuation of the downtrend, with Bitcoin price likely to extend the fall to the $37,800 critical support.</p>
<p>Past this buyer congestion level, the Bitcoin price could roll over to the $30,000 psychological level, 30% below this level. A break and close below this level would invalidate the bullish thesis.</p>
<p>Elsewhere, forward-looking investors are already counting the days to the BTC halving in April that’s likely to kickstart the next bull cycle. &nbsp;With this, investors are turning to a revolutionary BTC cloud mining project called <a href="https://insidebitcoins.com/visit/bitcoinminetrix" target="_blank" rel="noopener noreferrer nofollow">Bitcoin Minetrx (BTCMTX)</a>.</p>
<p><iframe title="Bitcoin Minetrix  | Earn Bitcoin By Buying And Staking BTCMTX!" width="640" height="360" src="https://www.youtube.com/embed/gC6dUIdUZMM?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe></p>
<h2 id="promising-alternative-to-bitcoin">Promising Alternative To Bitcoin</h2>
<p>BTCMTX is the ticker for the Bitcoin Minetrix ecosystem and is ranked among <a href="https://www.linkedin.com/pulse/best-penny-crypto-investments-top-picks-explosive-growth-calsona-j8nhe" target="_blank" rel="noopener noreferrer nofollow">analysts’ top choices for penny cryptos with the potential for explosive growth</a>. The project operates as a tokenized cloud-mining platform where community members can mine BTC in a decentralized fashion.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/BitcoinMinetrix?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BitcoinMinetrix</a> is a cutting-edge cloud mining platform, empowering users to participate in decentralized <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> mining.</p>
 <p>By eradicating the risks associated with third-party cloud mining scams, it provides users with full command over their mining activities. 🔒 <a href="https://t.co/MWZnuafYih" rel="noopener noreferrer nofollow">pic.twitter.com/MWZnuafYih</a></p>
 <p>— Bitcoinminetrix (@bitcoinminetrix) <a href="https://twitter.com/bitcoinminetrix/status/1748027620489298129?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 18, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>Bitcoin Minetrix spares investors the challenge of high hardware costs and deceptive frauds that have eroded people from mining BTC. It also ensures you do not need to suffer the heat, space demands, and every other hassle that comes with traditional BTC mining.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">Knowing the benefits of <a href="https://twitter.com/hashtag/BitcoinMinetrix?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BitcoinMinetrix</a>:</p>
 <p>Easy access for convenience. 🌐</p>
 <p>Streamlined cost structure for enhanced efficiency. 💲</p>
 <p>Peace of mind with no worries about the resale value. 🔄 <a href="https://t.co/hx3zJLXTfN" rel="noopener noreferrer nofollow">pic.twitter.com/hx3zJLXTfN</a></p>
 <p>— Bitcoinminetrix (@bitcoinminetrix) <a href="https://twitter.com/bitcoinminetrix/status/1747906731537993818?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 18, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>The Bitcoin Minetrix presale has recorded upwards of $9.8 million in funds raised out of a target of $10.326 million. Investors looking to <a href="https://insidebitcoins.com/news/how-to-buy-bitcoin-minetrix-on-presale-alessandro-de-crypto-video-review" target="_blank" rel="noopener noreferrer nofollow">buy BTCMTX</a>&nbsp;can do so on the website, where each token is selling for $0.0131.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">2024 brings both challenges and opportunities for <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> miners: Halving slashes revenues but prompts global hash redistribution. 🚀💰</p>
 <p>🌍 North America may lose dominance while new markets emerge. Transaction fees and mergers offer hope.<a href="https://twitter.com/hashtag/BitcoinMinetrix?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BitcoinMinetrix</a> has also achieved… <a href="https://t.co/urLNMF5xZ7" rel="noopener noreferrer nofollow">pic.twitter.com/urLNMF5xZ7</a></p>
 <p>— Bitcoinminetrix (@bitcoinminetrix) <a href="https://twitter.com/bitcoinminetrix/status/1751907701494288676?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 29, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>With a price hike coming in less than 24 hours, secure your tokens in this project before it’s too late.</p>
<p>Visit Bitcoin Minetrix to buy BTCMTX in the presale&nbsp;<a href="https://insidebitcoins.com/visit/bitcoinminetrix" target="_blank" rel="noopener noreferrer nofollow">here</a>.</p>
<h3 id="also-read">Also Read:</h3>
<ul>
 <li><a href="https://insidebitcoins.com/news/how-to-buy-bitcoin-minetrix-on-presale-alessandro-de-crypto-video-review" rel="noopener noreferrer nofollow">How To Buy Bitcoin Minetrix On Presale – Alessandro De Crypto Video Review</a></li>
 <li><a href="https://insidebitcoins.com/news/bitcoin-minetrix-presale-has-just-hours-left-last-chance-to-buy-before-price-rise" rel="noopener noreferrer nofollow">Bitcoin Minetrix Presale Has Just Hours Left: Last Chance to Buy Before Price Rise</a></li>
 <li><a href="https://insidebitcoins.com/news/bitcoin-etf-ads-might-appear-on-google-from-today-after-policy-update" rel="noopener noreferrer nofollow">Bitcoin ETF Ads Might Appear On Google From Today After Policy Update</a></li>
 <li><a href="https://insidebitcoins.com/news/bitcoin-price-prediction-10x-research-says-go-long-btc-at-43k-as-whales-increase-btc-holdings-by-3-billion-in-january-and-bitcoin-minetrix-surges-towards-10-million" rel="noopener noreferrer nofollow">Bitcoin Price Prediction: 10x Research Says Go Long BTC At $43K As Whales Increase BTC Holdings By $3 Billion In January And Bitcoin Minetrix Surges Towards $10 Million</a></li>
</ul>
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Bitcoin Price Prediction: Former Goldman Sachs Exec Sees ”Crazy” Possibility Of BTC At $500K As This Bitcoin Cloud Mining Platform Closes On...

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Inside Bitcoins

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