The Bitcoin price ($BTC) provided much needed respite to the bulls late on Friday, bouncing back above the $42,000 level.Despite a marginal pullback, BTC is trading at $41,652, up 1% over the past 24 hours and 3% from yesterday’s low of $40,300.According to data from [CoinGecko](https://www.coingecko.com/en/coins/bitcoin), the Bitcoin market capitalization is back above the $800 billion mark, currently at $816 billion.Despite BTC’s display of strength, experts remain cautious of its price trajectory over the coming days.
In the aftermath of the spot Bitcoin ETF approval, the BTC price has depreciated 13% from its monthly high of $48,400, proving the bearish thesis that the SEC’s greenlight was a massive “sell the news” event.Analysts believe that the Bitcoin price could experience further decline and hit the $38,000 mark in the coming days.On the other hand, BTC-related altcoins are witnessing explosive bull rallies.For instance, the SatoshiVM ($SAVM) token displayed a 26x rally after the completion of its presale.
Another presale token – Bitcoin Minetrix ($BTCMTX) – is being backed by experts to witness a 10x price surge after its launch.Bitcoin Price Rebounds, Is The Bearish Trend Over? The Bitcoin price has witnessed a sharp decline since the SEC’s approval of spot Bitcoin ETFs.One of the biggest factors behind this bearish trend is the continued BTC sell-offs from Grayscale Investments, one of the issuers that received the SEC’s greenlight to convert its $GBTC fund into an ETF.Investors, turned off by its high yearly management fees of 1.5%, are ditching their $GBTC, moving to alternative issuers instead.For instance, since the approval of its ETF, Grayscale has witnessed outflows of over $2.8 billion, while every other issuer has experienced inflows.BlackRock’s IBIT ETF has seen an inflow of $1.4 billion.In order to redeem the outflow, Grayscale has had to sell its $BTC holdings, sending over 52,000 Bitcoin to Coinbase thus far.According to analysts, Grayscale’s sell-offs are nowhere near over.
Daan Crypto Trades, who has over 356k followers on X, reveals that [$GBTC still holds around 580k BTC](https://x.com/DaanCrypto/status/1748375098644455450?s=20), most of which will likely be sold by investors.Even with other ETFs absorbing most of the GBTC’s outflows, he expects the Bitcoin price to continue to take a toll in the coming days.
Bitcoin Price Prediction – How Low Can $BTC Go? Despite yesterday’s rally, the Bitcoin price failed to close above the $42k price point, which is currently acting as a crucial resistance that the bulls would need to breach for a sustainable uptrend.Similarly, it would also need to secure a weekly close above the crucial SMA62 indicator.The Bitcoin Dominance is also trading below the weekly and monthly bull market support bands.
In fact, the BTC.D indicator rejected from its downtrend line yesterday.Consequently, analysts such as Crypto Tony believe that despite the marginal bounce backs in between, the Bitcoin price is heading down to $38,000, which would represent an 8% decline in its value.[Michael van de Poppe](https://x.com/CryptoMichNL/status/1748301421068349752?s=20) of MN Trading also highlights that BTC could plummet to $36,000.
However, de Poppe stresses that 20-30% corrections are normal in a bull market and investors should be prepared to buy any potential dip, especially in the $36,000 – $40,000 range.Bitcoin Minetrix – The Next 10x Altcoin? [Bitcoin Minetrix](https://coingape.care/b_btcmtx_43664?referrer=bitcoin-price-rebounds-to-$416k-as-new-bitcoin-mining-token-receives-10x-forecast) is an innovative new project that seeks to make crypto mining simple and cost-effective for small-scale investors through decentralized cloud mining.With the Bitcoin price expected to hit an all-time high in 2024, the crypto mining industry is set to become extremely profitable.However, everyday investors are often bereft of these profits, due to the monopoly of wealthy corporations over the Bitcoin mining sector.
The technical expertise and capital investment required to run a successful BTC mining operation is too high, with no guarantees of winning the rewards.Bitcoin Minetrix is challenging this monopoly through the democratization of the crypto mining process.It mines Bitcoin on behalf of the investors and distributes the earner profits back to them, in proportion with their initial investments.Users simply need to purchase $BTCMTX tokens, stake them using Minetrix’s stake-to-mine dashboard and earn $BTC rewards in return.Investors do not even need to wait for the launch of Minetrix’s crypto mining operation.They can start to earn staking rewards starting today at an APY much higher than the industry standard.This cloud mining utility of Bitcoin Minetrix is extremely relevant during the upcoming bull market, which has led investors to be bullish on its price potential.
Indeed, the $BTCMTX presale has already raised close to $9 million.Analysts such as Jacob Bury forecast $BTCMTX to 10x after its launch, while crypto YouTuber [No Bs Crypto](https://youtu.be/XHaA9z4RwEY?si=KlY7LsIN4Ot4Duya) has mentioned the possibility of 50x – 100x returns.[Visit Bitcoin Minetrix Presale](https://coingape.care/b_btcmtx_43664?referrer=bitcoin-price-rebounds-to-$416k-as-new-bitcoin-mining-token-receives-10x-forecast) [Bitcoin Price Rebounds To $41.6K As New Bitcoin Mining Token Receives 10x Forecast](https://coingape.com/sponsored/bitcoin-price-rebounds-to-41-6k-as-new-bitcoin-mining-token-receives-10x-forecast/?utm_source=priceanalysisbar) [Deflationary AI-Integrated Meme Coin Turns Heads As Scotty The AI Presale Raises $100K In First Stage – Why Are Meme Coin Fans Flocking?](https://coingape.com/sponsored/deflationary-ai-integrated-meme-coin-turns-heads-as-scotty-the-ai-presale-raises-100k-in-first-stage-why-are-meme-coin-fans-flocking/?utm_source=priceanalysisbar) [Pushd (PUSHD) Presale Clearly Benefited From Celestia (TIA) Airdrop News, Will Tron (TRX) Follow Suit?](https://coingape.com/sponsored/pushd-pushd-presale-clearly-benefited-from-celestia-tia-airdrop-news-will-tron-trx-follow-suit/?utm_source=priceanalysisbar) [Grayscale Sells Bitcoin Despite ETF Approval, New Meme Coin Sponge Rises 12% – Best Crypto To Buy Now?](https://coingape.com/sponsored/grayscale-sells-bitcoin-despite-etf-approval-new-meme-coin-sponge-rises-12-best-crypto-to-buy-now/?utm_source=priceanalysisbar) [Catcoin Fever: Unleashing The Feline Frenzy On Ethereum!](https://coingape.com/sponsored/catcoin-fever-unleashing-the-feline-frenzy-on-ethereum/?utm_source=priceanalysisbar).
