Bitcoin's Meteoric Rise Beyond $70,000: Analysts Weigh In On Potential Market Retracement

Bitcoin’s first quarter of 2024 has been nothing short of outstanding. It has somehow surpassed the lofty expectations that the market sets for it. Amny expected it to hit an all-time high in 2024 but even the most conservative of forecasts couldn’t imagine it would be setting multiple new highs while still weeks out from the halving event.

Bitcoin has now left the $70k mark in the dust and many are wondering if it is soon going to hit $75k. While we won’t rule this out, we also want to be a voice of reason. History tends to play a big factor in Bitcoin price patterns. This is what led many to predict an all-time high this year but also leads us and other experts to point out that a retracement may be coming.

The retracement has historically taken place right before Bitcoin halving events in 2106 and 2020. This is why we want to focus on a very exciting Bitcoin alternative called Green Bitcoin (GBTC). This new token does exactly what it says on the tin and a little extra to boot. In fact, it could be an alternative where its strength is bitcoin’s main weakness.

Let’s take a closer look at what we mean.’

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Green Bitcoin- The best parts of Bitcoin without the one glaring problem

Bitcoin is the number one crypto project and it is going to stay that way for a very long time. However, being the number one token has its issues. For example, its price is so high now that only the very wealthy can make a decent profit if they have started investing now. Another much bigger problem is the number one token of any new risk market will face the most scrutiny.

This is where Green Bitcoin (GBTC) comes in. They have spotted the glaring issue with Bitcoin and have set up their project to be the polar opposite of this problem. The hint is in the name. Green bitcoin is a more environmentally friendly version of crypto’s number one coin.

The Bitcoin ETF breakthrough was considered a godsend for the crypto market. This is what some of the earliest investors in Bitcoin hoped one day would happen. It had been rumored it could happen for years but many worried the SEC would reject all applications. However, when BlackRock, the largest asset management company in the world, entered the fray, many thought it was only a matter of time.

That turned out to be true and one of the main driving factors behind Bitcoin’s current price explosion is the ETFs. However, it isn’t all good news, these ETFs have catapulted crypto and Bitcoin into the mainstream consciousness. This is considered by many as great news as it finally legitimizes the market.

However, there are still many detractors who are not happy with crypto’s progress. Unfortunately, a lot of these are involved with US politics. The ETF developments also mean a lot more regulatory scrutiny is now on the market, especially Bitcoin. The upcoming elections in the United States are likely to use crypto as a battleground.

This battle has already begun. Almost immediately after the ETF hubbub settled down and Bitcoin started to pump, it was announced that The United States Department of Energy would be doing a six-month investigation into Bitcoin data mining, the goal of which was to find out how much energy the process uses and if it needed to be curtailed.

Luckily the crypto industry has a response and two weeks ago, the government backed off because of a threat from one of the largest mining companies to sue. This, however, will likely only be a temporary victory as the government will not like being rebuffed in this manner.

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Investors need to turn to Green Bitcoin now before it is too late

There is no doubt that eventually, Bitcoin will be in trouble with environmental regulators due to its mining process. It is for this reason that investors need to buy Green Bitcoin (GBTC) before it is too late. The project has all the integrity of Bitcoin but with the environmental benefits of being on the Ethereum network.

This means the staking GBTC uses a whopping 10,000 times less energy than Bitcoin uses to mine BTC. This is one of the main selling points of the project, but not the only one. Of course, investors will be very interested in being involved with a project that has everything Bitcoin has to offer without its one downside, but Green Bitcoin offers more than this.

It also has a two-tiered staking system that allows investors to earn GBTC in different ways. The first is the traditional method. Investors can buy and stake their GBTC and earn future rewards. Currently, the APY% stands at a very generous 124%, so this is a very nice way for buyers to set themselves up for future long-term profit.

The other staking method is for much quicker gains and is for the risk-takers among us. If you invest in Green Bitcoin, you will also have the opportunity to win rewards if you can correctly predict if the price of Bitcoin goes up or down.

Here is how it works- Buy $GBTC and then Stake your $GBTC to gain access to the gamified platform. You then need to place daily predictions on the $BTC price movement. Accurate predictions earn a cut of the day's mining fee rewards, distributed every ten-minute mining interval. Those who guess correctly can claim rewards after every 24-hour cycle.

As you can see, this token isn’t just a green alternative to Bitcoin. It also offers a unique approach to staking that will surely attract a boatload of investors. As it stands, the presale has raised over $4.4 million, but the price will increase soon so interested parties should act fast.

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Conclusion

We should underline what we have discussed above by saying we do not think Bitcoin will be toppled anytime soon. However, given its weakness which will likely only become more apparent in the future, a project like Green Bitcoin could be the perfect alternative for investors. It has the properties and low market cap necessary to provide massive gains once listings begin.