Bitcoin Price Forecast: Russian Mining Industry Set to Overtake U.S. – How Will BTC React? 

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Crypto Writer

Arslan Butt

Crypto Writer

Arslan Butt

Part of the Team Since

Sep 2022

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Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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Last updated: 

October 5, 2024

Bitcoin (BTC) has bounced back from its overnight dip, regaining traction above the $62,000 mark and briefly touching an intraday high of $62,400.

This renewed strength aligns with a 1.61% increase in the overall cryptocurrency market cap, now at $2.15 trillion.

One of the primary drivers behind Bitcoin’s price rise is the recent $25.59 million inflow into spot Bitcoin ETFs, led by the Bitwise ETF (BITB), which contributed $15.29 million. This pushed its historical inflow to a remarkable $2.11 billion, signalling growing investor confidence.

In addition, the recent expansion of Russia’s Bitcoin mining sector, driven by new legislation, could make the country a serious competitor to the U.S. in the crypto-mining space.

This development may attract significant investments and increase demand for Bitcoin, potentially setting BTC up for continued gains in the weeks ahead.

Russia’s Bitcoin Mining Poised for Growth Amid Regulatory Shifts and Global Competition

Russia’s bitcoin mining industry is poised for significant growth following the approval of a new mining law.

Igor Runets, CEO of Bitriver, sees this law as a game-changer, offering advantages that could help Russia catch up with the U.S. in the mining industry within two to three years.

However, the law encourages collaboration between bitcoin miners and oil and gas companies, especially the use of petroleum gas for mining.

Runets believes this will close the gap in mining capacity between the two countries. Russia currently uses 2.5 GW of energy for mining compared to the U.S.’s 7 GW.

Runets also highlighted that U.S. political figures like Donald Trump and Kamala Harris focus on bitcoin mining because they fear losing the country’s leadership position.

Meanwhile, Russian President Vladimir Putin has recognized the importance of the mining industry, particularly in Siberia, which has an energy surplus.

Consequently, the growth of Russia’s bitcoin mining industry, fueled by new regulations, could increase mining competition globally.

This may lead to greater bitcoin supply, potentially stabilizing prices, but geopolitical factors could also introduce volatility in the market.

Institutional Demand Pushes Bitcoin ETFs Higher and Boosts Price Stability

Institutional interest in Bitcoin continues to grow, with U.S. spot Bitcoin ETFs now holding nearly 4.6% of the total Bitcoin supply—valued at approximately $58 billion.

This increase highlights the preference of institutions for regulated investment vehicles over direct crypto purchases.

The recent success of Grayscale’s Bitcoin Mini Trust has contributed significantly to this shift in sentiment, as more investors view Bitcoin as a stable asset.

• Bitcoin ETFs offer transparency and security, making them attractive to institutional investors.
• Regulatory support and increased ETF approvals have simplified investment for financial institutions.
• Bitcoin’s appeal as a hedge against traditional market volatility has made it a stronger alternative to gold.

With these factors driving institutional demand, Bitcoin’s price stability and liquidity will likely improve, reinforcing its position as a legitimate asset class.

Bitcoin Gains Momentum Above $62,000; Eyes $64,100 Target

Bitcoin (BTC/USD) has gained modest traction, trading above the critical $62,000 mark after forming an ascending triangle pattern.

The successful breakout at this level suggests the potential for further upside, targeting key resistance levels at $62,850 and $63,450.

Immediate support is pegged at $61,200, with the next support levels at $60,500 and $60,000, respectively. If the price breaks below $62,000, we could see a strong bearish reversal.

The technical setup is further supported by the 50-day Exponential Moving Average (EMA), currently at $61,980. As long as prices remain above this line, the EMA reinforces the bullish sentiment.

The Relative Strength Index (RSI) stands at 59, signaling neither overbought nor oversold conditions. Thus, it indicates room for additional gains if the buying momentum continues.

For the coming week, Bitcoin’s price action will largely depend on whether it can sustain its position above $62,000.

A daily close above this threshold would open the door for a move toward $64,100. Conversely, if bears gain control and push prices below $62,000, expect a pullback to at least $60,500, where the 200-day EMA at $60,000 should provide substantial support.

Key Insights:

• Ascending Triangle Breakout: A breakout above $62,000 signals bullish potential, targeting $64,100.
• Support Levels: Immediate support is at $61,200, followed by $60,500 and $60,000.
• Resistance Levels: Key resistance points to watch are $62,850, $63,450, and $64,100.

Overall, as long as Bitcoin holds above $62,000, the technical outlook remains bullish. A break below this level, however, could shift momentum in favour of the bears.

Bitcoin Adoption Grows as Crypto All-Stars Surpasses $2M in Presale

Bitcoin’s continued rise in popularity is creating a ripple effect across the broader crypto space, benefitting new projects like Crypto All-Stars, which has surpassed $2 million in its presale.

With the presale now raising $2,001,920 out of a targeted $2,232,365, the momentum behind Crypto All-Stars shows no signs of slowing down. The current rate is set at 1 $STARS = $0.0014828, reflecting a steady increase in value as the presale progresses.

The platform’s unique staking opportunities have made it a compelling choice for meme coin enthusiasts seeking higher returns. Interested investors can purchase $STARS using ETH, USDT, BNB, or via credit card.

With only a few days left before the presale concludes, investors are keen to lock in their positions before the next price increase. For those following Crypto All-Stars, keeping track of their updates via X (Twitter) and Telegram is recommended to stay informed on future developments.

If you’re a meme coin holder looking to maximize your investment, Crypto All-Stars offers a compelling alternative to Sun Wukong. Visit the website to purchase $STARS with ETH, USDT, BNB, or even by card.

Buy Crypto All-Stars Here