The Bitcoin price plunged by 2% in the last 24 hours to trade at $36.3K as of 2:30 a.m. EST.
Renowned analyst @IncomeSharks speculates minor corrections in the Bitcoin price in the short term.
#Bitcoin – I don’t see how we don’t range here for a bit while punishing leverage traders and causing the impatient traders to sell prematurely. Some wicks outside of the range will most likely be traps. pic.twitter.com/65DC60YQc4
— IncomeSharks (@IncomeSharks) November 17, 2023
Bitcoin Price Prediction
Looking at the 2-hour BTC/USD charts, the Bitcoin price is currently on a bearish momentum, as shown by the various candle stick patterns formed. This shows a reversal trend on the crypto king as a bearish trend looms. The Relative Strength Indicator is also on a downward trajectory as it now crosses below the average line. This shows selling pressure on Bitcoin as holders look to capitalize on profits made amid the recent Bitcoin price pump.
The MACD is also approaching a shift towards the red zone as bearishness now kicks in. Looking at volatility, the Bitcoin price is currently facing low volatility, as shown by the Bollinger Bands, which are currently moving at a close distance. This is attributed to the decrease in trading activities that have decreased the trading volume by 25% in the last 24 hours.
Meanwhile, as everyone looks out on the Bitcoin price, the new Bitcoin ETF Token (BTCETF), currently in its presale, is poised for even massive gains due to its direct linkage to ETF-related events.
What Is Bitcoin ETF?
An Initial Coin Offering (ICO) has been initiated to introduce a brand-new Bitcoin exchange-traded fund token (BTCETF). This development coincides with increasing speculation that BlackRock’s application for a Bitcoin exchange-traded fund (ETF) is nearing approval. As a result, the long-awaited introduction of a spot Bitcoin ETF in the United States may soon become a reality.
With $BTC crossing $36,700, all eyes are on the SEC’s decision within the upcoming window.
— BTCETF_Token (@BTCETF_Token) November 9, 2023
Amidst the fervor surrounding the potential approval of a Bitcoin ETF, the BTCETF Token, a novel cryptocurrency initiative, has made its debut. Its primary objective is to enable investors to speculate on the market’s response to an ETF approval. While significant asset management firms await the Securities and Exchange Commission (SEC) ruling on their ETF applications, the BTCETF initiative offers an alternative means to capitalize on the current market excitement. With the Bitcoin price short-term looking, this prospect of the Bitcoin ETF Token
Innovative Features Of BTCETF Token
The BTCETF Token offers innovative features to incentivize long-term investment. A deflationary process rewards long-term token holders, and critical stages in the Bitcoin ETF approval process are integrated into the token’s design. During significant events, such as the announcement of an ETF approval date or the commencement of ETF trading, a portion of the BTCETF supply is burned. This deflationary mechanism aims to reduce the total token supply from 2.1 billion BTCETF to 1.57 billion BTCETF.
In addition to deflationary incentives, BTCETF provides staking payouts that grow in proportion to the duration tokens are locked up. The project’s whitepaper outlines that 25% of the total supply will be allocated for staking. This staking mechanism enhances network reliability and safety as more BTCETF tokens are staked, even though current staking returns, initially exceeding 1,000%, will decrease.
Early backers of BTCETF can access exclusive discounts and early product access. The presale for the Bitcoin ETF Token is open, allowing early adopters to participate before the potential market frenzy resulting from the first Bitcoin ETF approvals. The presale involves issuing 840,000,000 tokens at a presale price of $0.005. The presale structure consists of 10 distinct phases, with each subsequent phase having higher token prices. So, as you watch out for the Bitcoin price, remember to participate in the presale.
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