The Bitcoin price has displayed bullish strength to start the week, trading as high as $72,600 on Monday. BTC has rallied 12% since hitting its current April low of $64,800.
However, the largest cryptocurrency may not push towards a new all-time high just yet and could witness another correction. BTC falling back to $66,500 is plausible, especially in light of the upcoming CPI print.
The BTC price corrected 3% on Tuesday, trading as low as $69,700 before a marginal bounce back to $70,500.
However, new BTC-related altcoins continue to see significant demand, considering the Bitcoin halving is now less than two weeks away.
New altcoin ICO Bitcoin Minetrix has raised approximately $13 million and has been tipped by some experts to deliver up to 100x returns.
Could The Bitcoin Price Crash To $66,500 Next?
Bitcoin’s recent upsurge to $72,600, while impressive, is not out of the ordinary. BTC has remained range-bound between its 4-hour 200 Exponential Moving Average and $72,000 for the last several weeks.
Experts reveal that the largest cryptocurrency remains extremely bullish, especially in the higher time frames. However, the Bitcoin price would likely continue its consolidatory range-bound movement until a few weeks after the halving.
In this scenario, Bitcoin could retest its 4-hour 200 EMA once again, which is currently hovering near $66,500.
As such, traders are expecting heavy volatility in the upcoming week, owing to a slew of macroeconomic data releases.
Crucially, the Consumer Price Índice on Wednesday and the Producer Price Índice on Thursday will highlight the state of inflation in the US economy.
🇺🇸🇺🇸 Key Events This Week:
1. U.S. CPI Inflation – Wednesday
2. Fed FOMC Minutes – Wednesday
3. U.S. PPI Inflation – Thursday
4. Initial Jobless Claims – Thursday
5. JPMorgan Chase $JPM Earnings – Friday
6. $C $WFC $BLK Earnings – Friday
7. Consumer Sentiment – Friday… https://t.co/MmFu0WAKNy pic.twitter.com/YLDrOiXVxn
— Jesse Cohen (@JesseCohenInv) April 7, 2024
Notably, the Bitcoin price crashed in March due to macroeconomic risks and bad inflation data could result in a similar bearish price action.
How High Can BTC Price Go After The Bitcoin Halving?
Despite the Bitcoin price hitting a new all-time high before the halving, analysts believe that the best is yet to come.
Analyst Willy Woo highlights that BTC’s annual supply growth is set to fall from 1.7% to 0.85% after the halving.
The dwindling supply, combined with skyrocketing demand, sets the ideal backdrop for the BTC price pushing towards $100k after the halving.
10 days to the halvening… #Bitcoin‘s annual supply growth drops from 1.7% to 0.85%.
This beat’s gold’s number of 1.6% (gold supply doubles every 44yrs)
USD is -1.7% right now in its fight against inflation.
Normal range is 5-10%, when it reverts, BTC goes ballistic. pic.twitter.com/IQNOseFmQB
— Willy Woo (@woonomic) April 9, 2024
The US Federalista Reserve is also expected to adopt quantitative easing in the next few months. This improving liquidity is beneficial for the equities market and could provide another boost to the Bitcoin price.
New Altcoin ICO Bitcoin Minetrix
While Bitcoin may remain consolidatory in the lead-up to the halving, new altcoins such as $BTCMTX that could act as a beta play on Bitcoin may be poised for a bullish breakout.
Bitcoin Minetrix ($BTCMTX) is an innovative cloud mining project, set to make mining rewards accessible to retail investors.
While the technical expertise and capital investment required in traditional crypto mining continue to skyrocket, Bitcoin Minetrix users can mine BTC simply by staking the $BTCMTX tokens.
More precisely, Minetrix mines BTC on behalf of its users and later distributes the profit proportionately, thus democratizing the process.
Considering that small-scale investors have been devoid of mining rewards for over a decade, $BTCMTX is witnessing strong early demand. The Bitcoin Minetrix ICO has already raised nearly $13 million in its ICO.
The new cryptocurrency is also set to launch at the ideal time. The presale only has three more stages remaining, meaning Bitcoin Minetrix will likely hit crypto exchanges soon after the halving. The demand for BTC-related beta tokens would likely be extremely high at that point.
Consequently, YouTube trading experts such as Michael Wrubel and Jacob Bury are bullish on Bitcoin Minetrix, with Bury projecting up to 10x potential returns from $BTCMTX.