Is ORDI Going to Crash? ORDI Price Drops 20% in a Week as New Bitcoin Protocol Goes Viral

Sam Cooling

Last updated:

January 29, 2024 07:39 EST | 5 min read

The ORDI token, a top BRC-20 ordinal, has faced a notable price drop of 20% following the Grayscale sell-off. However, it remains to be seen if this crash still has more room to go.

Indeed, the ORDI token, a major BRC-20 Bitcoin beta play, has suffered a decline amidst a price correction across BRC-20 tokens, fuelled by the Grayscale sell-off.

$ORDI price needs to break $48 level to suggest that wave 1 has formed a top.

It could be reasonable to look for entry points in the support area’s. But always scale in, start with low amounts and invest more when it goes lower. pic.twitter.com/soG95d48tI

— Man of Bitcoin (@Manofbitcoin) January 23, 2024

Trader sentiment remains mixed, as ORDI price continues battle support – leaving investors patiently waiting on the side-lines awaiting a decisive move.

ORDI Price Analysis: As BRC-20 Tokens Price Correct is ORDI token Crashing?

Amid the BRC-20 wide retracement, ORDI is currently trading at a market price of $57.44 (representing a 24-hour change of +6.28%).

This comes amid a major retracement from an all-time high at $92.25 on January 2, which has so far seen ORDI token bleed-out -38%.

Yet, a well-defended historic support level at $52.20 suggests that price action could be pushing towards an attempted push-up back above a now descendant 20DMA (stood at $65).

Lower support is afforded by the bottom of the trading channel down at $40 in the event of a breakdown move.

However, in a positive sign, the RSI indicator has cooled-off significantly amid the retracement move, with a current bullish signal at 43.26 – suggesting ORDI price is now oversold and due to move up soon.

However, amid the stalled rally momentum, the MACD conflicts this signal at a bearish -1.6.

Overall, ORDI price analysis reveals the importance of the ongoing consolidation above $52, with the RSI calling for a bounce, the 20DMA denominates a clear level to reclaim

This leaves ORDI token with an upside target at $69.9 (a potential +22.69%).

While downside risk is limited by the lower trendline at $40 (a potential -29.79%).

Therefore ORDI price analysis reveals a risk: reward ratio of 0.76, a bad entry worth awaiting a decisive move, but certainly not crashing soon.

But while ORDI token reveals an unappealing entry amid the BRC-20 retracement, a better play is emerging in the Bitcoin Minetrix presale.

ORDI Price Analysis Alternative? New Bitcoin Cloud Mining Project BTCMTX Smashes $9.7M Raised

Dive into the innovative world of Bitcoin Minetrix and its pioneering stake-to-mine – as the skyrocketing presale smashes +$9,739,174 raised – as Stage 22 draws to an end with just 48-hours left.

Offering an enticing 75% Staking APY, Bitcoin Minetrix provides a platform where users can buy, stake, and then watch as the rewards start accumulating.

The true essence of passive income in the crypto world has never been this accessible.

Only 48 hours left until the conclusion of Stage 22 for #BitcoinMinetrix!

What motivates you the most to join the #Bitcoin mining world? 🌐 pic.twitter.com/YVNjP3ERrD

— Bitcoinminetrix (@bitcoinminetrix) January 29, 2024

With the Bitcoin Minetrix approach, gone are the days of heavy initial capital and navigating complex mining contracts.

$10M In The Crosshairs: Bitcoin Minetrix Surges Past $9.7M – Poised to Outperform ORDI Price Analysis

Since the 2021 Bull Run, Bitcoin mining has defied expectations by undertaking something of a renaissance in network growth.

Bitcoin’s Hash Rate (a measure of the total amount of computational power directed at mining Bitcoin blocks) has surged to an incredible all-time high of 525 Exahashes per second (EH/S).

This dramatic growth has been fuelled by a substantial increase in the scale of Marathon Digital and Riot Platforms’ mining operations.

The world’s largest Bitcoin miner – Marathon – reported that for Q3 2023 it had an average hash rate of 14.2 EH/s (a 500% growth YoY), around 4% of the overall network hash (mining around 1153 BTC per month, or, $42.2M USD).

Meanwhile Riot Platforms reported a new record hash rate of 10.9 EH/s (mining around 368 BTC per month, or, $13.3M USD), with Riot’s operations expected to grow to 20.2 EH/s by summer 2024.

But while the all-time high in Bitcoin network hash rate is healthy for Bitcoin network security, and clearly profitable for growing mining operations, it has also begun to lose sight of the original promise of Satoshi Nakamoto’s decentralization.

Bitcoin mining in 2023 is the most centralized it has ever been in its short 15-year history.

Why Has Bitcoin Mining Become So Centralized?

A closer look at the summary of mined blocks over the past 48-hours reveals that a shocking 55.79% of all Bitcoin block rewards go to just two Bitcoin mining pools.

AntPool took the largest share at 83 blocks mined (29.123%), while second largest mining pool Foundry USA mined 76 blocks (26.667%).

This dwarfs the number of blocks mined by even third-place F2Pool (34 blocks mined, around 11.93%), highlighting the growing challenge of increased mining centralization.

This heightened network activity, and increased centralization of mining power has become clearly reflected in the consequent all-time high in the difficulty rate for mining Bitcoin.

Currently standing at 70,440,798,833,881 – it has never been harder for individual participants to engage in profitable Bitcoin mining.

This challenge of heightened network difficulty, fuelled by increased competition and centralization of mining power, has created the need for new solutions for the retail investor to participate in Bitcoin mining – both for network decentralization and preserving Bitcoin as a profitable activity for the individual.

Enter Bitcoin Minetrix, which was launched to deliver secure and transparent Bitcoin mining rewards for the retail investor through an innovative, decentralized Bitcoin cloud mining approach.

Key Highlights of the BTCMTX Advantage Over ORDI Price Analysis Verdict:

• Distinctive Edge in the Market: In an industry filled with numerous cloud mining platforms, Bitcoin Minetrix carves a niche for itself. As the first-ever tokenized Bitcoin cloud mining initiative, it offers an automated that’s geared for cloud-based Bitcoin mining, setting a new standard for the industry.
• Safety First with Ethereum Blockchain: Bitcoin Minetrix operates on the tried and trusted Ethereum blockchain. This ensures top-notch security and reliability, allowing users to sidestep the risks associated with external mining pools, and offering a safeguard against potential fraudulent cloud mining services.
• Championing True Decentralization: At its core, Bitcoin Minetrix upholds the ethos of decentralization. In an age where centralization often introduces vulnerabilities, Bitcoin Minetrix breaks the mold, redistributing mining profits from big corporations to individual retail investors through its novel Stake-to-Mine .
• Tapping into the Bitcoin Halving Opportunity: Perfectly poised to make the most of the upcoming Bitcoin halving, Bitcoin Minetrix provides investors with a golden opportunity. The impending halving might seem daunting for miners due to reduced block rewards, but historically, such events have driven up Bitcoin’s value. Bitcoin Minetrix provides a platform for investors to tap into this potential surge, sans the associated capital risks.
• The BTCMTX Presale Opportunity: The ongoing BTCMTX presale has already garnered significant interest, with over $9.1m raised towards its $9.5M goal. At a competitive price of just $0.013 per token, early investors have a unique chance to be at the forefront of this stake-to-mine evolution.

The Bottom Line: Don’t Miss BTCMTX

In sum, Bitcoin Minetrix is set to redefine the Bitcoin landscape. With its innovative methodologies, stringent security measures, and the vast potential of its stake-to-mine mechanism, it beckons as a lucrative opportunity for early-bird investors.

Secure your position in this transformative journey by joining the BTCMTX presale today.

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