Tech
Bitcoin (BTC) Collapses After Testing $71,500: Is This the End of the Bull Run?
Since the start of the week, the entire cryptocurrency market has been on a roller coaster ride, with Bitcoin at the center of the volatility. On May 21, the coin experienced a massive rally that briefly surpassed the $71,500 resistance level. However, after a few minutes, BTC started to fall.
According to the daily chart, the coin collapsed to $66,500 yesterday, causing many positions to be liquidated. BTC it is traded for $67,767down nearly 1% in the last 24 hours.
Despite this drop, analysts are still optimistic about the coin, encouraging everyone not to worry about the price drop.
Analysts ignore Bitcoin’s decline and predict a massive recovery ahead
Several prominent analysts have expressed their confidence in Bitcoin’s ability to regain momentum and embark on an upward trajectory. One of these analystJelle, took to X (formerly Twitter) to highlight the similarities between Bitcoin’s current price movement and the 2017 bull run.
Jelle stated that once Bitcoin breaks above its 2021 all-time high above $69,000 again, could trigger a parabolic move higher, potentially pushing the cryptocurrency to the $100,000 mark.
In another post dated May 23, 2024, he noticed that all key resistance levels had been convincingly broken, further strengthening the bullish narrative. He supported this view by highlighting a specific pattern on the Bitcoin price chart known as the “weekly hidden bullish divergence.”
In another post, a cryptocurrency trader and analyst, mags agreed with Jelle’s positive outlook. According to the analyst, the recent price drop is only a temporary trick, and soon the price will start to rise again.
Furthermore, Mags pointed out that Bitcoin often shows a pattern in which its price remains stable within a certain range for several weeks or months. Then, a sharp decline occurs below this range, causing traders to bet on the price falling.
But soon after, the price quickly recovers and heads back up, leading to significant upward momentum. This cycle often leads to further price increases. If Bitcoin adheres to this pattern, Mags believes that “a massive leg” is imminent.
BitQuant, another major cryptocurrency analyst, also said the decline is insignificant. The analyst calls this a “good confirmation,” which indicates that the market is preparing for a “big step forward.”
BitQuant’s predictions match the positive opinions of Jelle and Mags. The analyst believes that Bitcoin price could rise up to $95,000 during its expected upward movement.
Bitcoin Analysis: Technical indicators signal a rise
Bitcoin is currently showing some bullish signals in the chart above. The coin is positioned above the 50-day and 200-day SMA indicators. This is generally considered a bullish sign.
Furthermore, this shows that despite the bearish sentiment, the bulls will remain in control even longer. Furthermore, the MACD is above its signal line, which is also considered a bullish signal.
Based on these indicators, Bitcoin’s momentum favors the bulls, meaning a reversal could occur soon. But know that sometimes things don’t go as planned in the cryptocurrency industry. Then, apply proper risk management.
While waiting for Bitcoin’s turnaround, investors and traders should consider this new AI-based meme coin.
AI Meme Coins Trend Increasing, WienerAI Pre-Sale Approaches $3 Million
An interesting trend in cryptocurrency is the popularity of AI-themed joke coins. This year, AI (artificial intelligence) has become a big trend in the cryptocurrency field.
The market linked to artificial intelligence cryptocurrencies it is now worth almost $25 billion. The excitement grew even more when OpenAI introduced its latest development, ChatGPT-4o, earlier this month.
After this announcement, investors around the world wanted to get involved in AI-related cryptocurrencies. A new one called WienerAI, which mixes wiener dogs with artificial intelligence, is getting a lot of attention. The anticipated sale of WienerAI amounts to almost $3 million, which shows that many investors believe it could be successful.
WienerAI: AI-powered trading bot and meme coin
WienerAI presents sausage dogs with artificial intelligence capabilities. Despite its playful design, it is a smart trading bot with real uses. This bot helps users find the best buying opportunities in the cryptocurrency market based on their needs and risk levels.
For example, if a user wants to discover promising new coins, WienerAI can quickly scan thousands of tokens and trading pools. It uses real-time data to find the best options and then explains why it chose them. Users can then easily exchange these tips at no additional cost.
WienerAI also offers a staking option, meaning users can earn rewards by holding their tokens. According to the site, betting users can get an annual return of 367%. Combining advanced technology with a fun concept, WienerAI has quickly built a large and loyal community of fans.
WienerAI: The growing hype around a funny AI meme coin
The enthusiasm for WienerAI is growing rapidly. Its ongoing pre-sale has already raised over $2.8 million and is close to reaching $3 million. During the presale, early backers can purchase WAI tokens for just $0.00071 each. Of the 69 billion WAI tokens, 30% are available to investors for pre-sale.
Another 40% will be set aside for community rewards and incentives once WienerAI is available. The limited supply of tokens and rewards lead many people to think that WAI could become valuable.
Furthermore, the developers want to ensure that everything is safe, so they hired a respected auditor, SolidProof, to verify the security of the token. SolidProof has had no issues, offering WienerAI a level of transparency that many other meme coins do not have.
Overall, things look very positive for WienerAI, which with over 9,300 followers on Platform X has become a strong contender in the pre-sale market. Visit the WienerAI official website place to take part in the ongoing presale.
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