Bitcoin Price Prediction Is Bearish According to These Traders, But These Tokens Could Pump
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May 16, 2023 04:01 PM Eastern Daylight Time
After a roaring start to the year, Bitcoin’s momentum has sputtered in the past few weeks.
The world’s largest cryptocurrency by market cap broke through the key $30,000 price level briefly in April before falling back below it. Since then, Bitcoin has moved sideways and even downward. It now sits at just over $27,000.
As Bitcoin struggles to resume its momentum, traders are also looking at upstart tokens that some analysts think could deliver 10x or even 100x returns.
AiDoge, a new meme coin with AI utility, has raised more than $8 million in a crypto presale in just a few weeks. yPredict, an AI-powered crypto trading platform, offers a 70% return for early investors.
Bitcoin Analysts See Drop to $20,000, Possibly Lower as Breakout Fails to Materialize
Several prominent crypto traders have weighed in on Bitcoin’s future, and their predictions are mainly bearish.
Trader @CryptoCred, who uses support and resistance levels to predict price movements, sees Bitcoin’s failure to breakout above $30,000 as a very bearish signal. Below $27,000, the next support level for Bitcoin is just below $20,000. In a tweet, @CryptoCred predicted that’s where Bitcoin is likely to end up.
Another trader and analyst, @CryptoCapo_, has called an even more bearish low for Bitcoin. He has a price target of $12,000, calling Bitcoin’s recent bullish momentum the “biggest bull trap ever.” @CryptoCapo_ was one of a handful of traders to predict the crypto winter, so he’s no stranger to being bearish on BTC.
Trading firm QCP Capital has also weighed in on Bitcoin, but the firm’s bearish prediction is more complex. According to QCP, Bitcoin is in wave 4 of a 5-wave Elliott wave pattern.
That means that Bitcoin could potentially reach a high of $31,850 - a price level it has not yet touched - before retreating sharply. QCP suggests that in wave 5, Bitcoin could retest its lows from last summer around $16,000 to $17,000.
While the specific price targets of these predictions differ, they all have one overriding theme in common: if Bitcoin can’t break above $30,000 and move sharply upward from there, the token is likely to break down in spectacular fashion.
AiDoge Raises $8 Million, Capitalizes on Meme Coin Frenzy
While many traders continue to watch Bitcoin, there are exciting developments happening in the altcoin market. Meme coins have been on a frenzied rise lately, and one of the most popular meme coins of all hasn’t even launched on exchanges yet.
AiDoge is based on the ultra-popular shiba inu meme and is leveraging generative AI to help users create new viral memes. AiDoge users just need to enter a text prompt describing the meme they want to create, and the AI algorithm will take care of the rest.
AiDoge has gained an enormous following so quickly because it promises to make meme creation easier than ever. First-time memesters can bring their idea to life in seconds using this platform.
Plus, AiDoge enables users to mint their memes as NFTs. This is a major advantage because it allows creators to verifiably claim ownership over memes that go viral.
The project is also introducing a meme-to-earn rewards system. Users can vote on their favorite memes generated using AiDoge. Top-rated creators earn $AI, the project’s native ERC-20 token. This encourages users to generate ever more clever and unique memes.
$AI plays a critical role in the AiDoge.com ecosystem. Users can stake it to earn daily credits, which they need to use the meme generation algorithm. AiDoge’s staking system encourages users to hold $AI for the long term and become prolific memesters.
$AI is available to buy on presale now. The AiDoge presale has raised more than $8 million since launch and is now more than 50% sold out.
So, investors have to hurry if they want to lock in the lowest price for $AI before it hits exchanges.
yPredict Builds AI-powered Crypto Analytcs Platform, Offers 70% Return on LPX Token for Presale Investors
yPredict is another red-hot crypto token that’s leveraging AI to build an exciting new platform. The project describes itself as an all-in-one AI ecosystem for developers, traders, quants and analysts.
The innovation of yPredict lies in using AI to predict the price of crypto tokens in the short term. Quants and developers can build their own predictive models using yPredict’s technology. Then they can license those models to traders in the yPredict marketplace.
This approach has several advantages. Traders and analysts can pick and choose which models they want to use. Quants and developers can get paid for their work. The yPredict treasury grows with every subscription.
In addition to the predictive model marketplace, yPredict is developing a trading terminal that’s packed with AI analysis features. The platform can automatically identify chart patterns and add technical indicators to charts. It can also monitor social sentiment and alert traders to trending tokens.
At the heart of yPredict’s platform is the $YPRED token. This is used to pay for yPredict subscriptions as well as transactions in the yPredict model marketplace. Users can also stake $YPRED to share 10% of the revenue from every new yPredict subscription.
The project has attracted a lot of attention from traders, raising more than $1 million through its $YPRED presale.
During the current presale stage, $YPRED is priced at $0.07 - a 70% discount to the planned listing price of $0.12. So, early investors can lock in significant paper gains by joining the yPredict presale today.
DISCLAIMER: This is not to be taken as investment advice. Crypto is a volatile asset, do your own research before investing and only invest money you can afford to lose. We may receive commission for clicking links in this article.
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