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Prices of cryptocurrencies, including Bitcoin, were flat on Thursday despite a drop in traditional markets due to recent economic data and comments from the Federal Reserve.
Bitcoin price is holding steady at the $21,000 level
Federal Reserve Vice Chair Lael Brainard said during a speech at the University of Chicago School of Business that the central bank must continue to tighten monetary policy to achieve a sustainable 2% inflation rate. Despite this, the S&P, Dow, and Nasdaq posted significant losses throughout the day, but managed to recoup some of their losses towards the end.
Price action on Coinmarketcap.com shows that Bitcoin continued to rise throughout the day, moving from a low of around $20,408 on Wednesday night to an intraday high of $21,207 on Thursday afternoon, despite the concerns about the possible bankruptcy of Genesis Global Capital. Bitcoin’s sideways price action over the past few days is seen as a normal pause after hitting a four-month high on Tuesday.
According to Jim Wyckoff, Senior Technical Analyst at Kitco, Bitcoin bulls currently have the upper hand in the short term, with a strong uptrend on the daily chart indicating the potential for further gains in the short term. This sentiment is echoed by blockchain analyst Milky Bull Crypto, who predicts that Bitcoin will soon rise to $28,000.
Caleb Franzen, Senior Market Analyst at Cubic Analytics, also provided insight into “key levels to watch for” to confirm a bullish outlook for Bitcoin. In a tweet, Franzen claimed that there are three important levels for Bitcoin at the current time. He cautions that if the price sustains above these levels, it is cause for celebration and potential for further gains.
These are the 3 most important levels for #Bitcoin at this time.
If we stay above them, let’s keep the party going.
If we try again and bounce off any of them, keep the party going.
If we break below them, the bearish case strengthens.Don’t stay at the party when the police arrive. Until then, she dances a little.
—Caleb Franzen (@CalebFranzen) January 19, 2023
On the other hand, if the price falls below these levels, it could indicate a bear market and the possibility of further losses. Franzen advises against staying at the party when the police arrive and enjoying the profits while they last.
Where does Bitcoin go from here?
Bitcoin has seen a significant increase in value, rising 30% above $21,000 in 2023 thus far. However, the on-chain data suggests that institutional investors are not supporting the buying trend. Unlike Ethereum, where institutional investors expect the integration of major software developments.
According to CryptoQuant’s Fund Holdings Index, the total amount of Bitcoin held by digital asset holdings such as trusts, exchange-traded funds, and other funds has declined during the currency’s price surge in recent months.
Furthermore, there have been no unusual transactions on-chain, but rather on crypto exchanges, based on comparisons made between CryptoQuant’s fund flow ratio and token transferred metrics. The token transferred metric shows the number of coins transferred in a specific time period, while the flow of funds ratio represents the ratio between coin transfers involving the exchange and total coin transfers across the entire network. Normally, when the market bottoms out, institutional investors tend to quietly buy through OTC trading.
According to FXStreet’s Bitcoin Price Prediction analysis, a rally could throw Bitcoin price close to $30,000, however, it is unlikely at this point and even if its value is rising, the impact on the cryptocurrency market in general is minimal.
However, the analysis suggests that the value of Bitcoin may fall below $15,000 before trying again to reach the $30,000 mark. This resistance level is crucial for the market leader. If Bitcoin fails to reach this mark again, the digital asset market is likely to experience selloffs, leading to a bad start for the cryptocurrency market in 2023.
It is important to note that this analysis is solely from an independent source and should not be taken as investment advice. It is recommended that people do their own research before investing.
Altcoin Presents Strong Competition For Market Leaders
While Bitcoin may not be a likely candidate for the next rally, here are some tokens worth checking out that could help investors make exponential gains.
Meta Masters Guild
Meta Masters Guild is developing the world’s first mobile gaming platform based on Web3 technology with a focus on fun and sustainable gaming experiences. The platform is based on “play and win” and focuses on mobile games that are affordable, addictive and sustainable for a broader audience of casual gamers.
MMG has three games in development, Meta Kart Racers, Raid NFT, and Meta Masters World, and Meta Kart Racers will launch in late 2023, using GEMS, an off-chain token, for rewards and currency across all of its titles. The mobile gaming industry is valued at over $94 billion, making it an attractive market for MMG. They are currently in stage two of their pre-sale with a hard cap of $1.12 million and investors can participate in the pre-sale to access the coin at an affordable price of $0.013.
To struggle
This is one of those other projects aimed at a completely different domain. FightOut aims to build real-world gyms using Web3 technology and reward users for their fitness workouts by improving their custom avatar stats. The app will track the user’s movements, efforts, nutrition, and sleep quality and project them onto the user’s personal avatar.
The project uses two tokens, FGHT and REPS, with FGHT for building and developing gyms, and REPS as a reward for users. Fight Out is currently offering up to a 50% bonus for purchasing FGHT and a gift of $250,000 in FGTH tokens. Investors can participate in the pre-sale on the official website, with each FGHT token available for $0.0166 and the pre-sale has raised over $3 million so far.
skulls
Calvaria is another crypto-based game where players use cards representing unique characters to compete against each other. Players can choose to play against other players or participate in single player campaigns as well as tournaments to earn assets and upgrades for their cards.
The game rewards players with RIA tokens, which are game-specific and can be earned through various in-game activities. The game ecosystem is based on RIA tokens, which makes it a good investment opportunity.
Calvaria’s pre-sales have been successful thus far, raising $2.8 million and is currently in the fifth stage of pre-sale, 93% complete. One USDT can be exchanged for 30.77 RIA tokens. 15% of the total supply goes to pre-sale, 25% to the staking pool, 20% to the Prize Pool, 15% is reserved and the rest goes to the team, liquidity and advisors.
Read more:
FightOut (FGHT) – New Move to Earn project
- CertiK audited and CoinSniper KYC verified
- Early stage presale live now
- Earn free cryptocurrencies and meet your fitness goals
- LBank Laboratories Project
- Associated with Transak, Block Media
- Rewards and participation bonuses
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