Bitcoin Faces Potential Downturn As Analysts Eye 'Second Danger Zone' — But What Happened To 'Memecoin Supercycle?'
Portfolio Pulse from Kaustubh Bagalkote
Bitcoin (BTC) is facing a potential downturn, with analysts warning of a 'second danger zone' similar to post-2016 halving corrections. A significant Bitcoin whale deposited $77.67 million worth of BTC into Kraken, indicating possible profit-taking and a forthcoming price correction. Meanwhile, Altcoin Sherpa predicts a 267% surge in Solana (SOL) by the end of 2024, alongside potential gains in AI-focused cryptocurrencies Fetch.ai (FET) and Render (RNDR). The article also discusses the state of meme coins, suggesting a possible consolidation and resurgence.
April 29, 2024 | 3:10 am
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
Bitcoin faces a potential downturn, with a significant whale deposit indicating possible profit-taking and a forthcoming price correction.
The analysis and whale activity suggest a bearish outlook for Bitcoin in the short term, with increased volatility and potential price correction.
CONFIDENCE 75
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
Solana is predicted to surge 267% by the end of 2024, according to cryptocurrency strategist Altcoin Sherpa.
The prediction of a substantial increase in Solana's value is based on current market analysis and the potential for future profitability.
CONFIDENCE 70
IMPORTANCE 75
RELEVANCE 80