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In this article, we answer the question on every investor’s mind – is Bitcoin’s bottom in? The crypto king has been pumping this year, but is it safe to say that the bear market is over? We take a look at what analysts have to say about Bitcoin’s future.
We will also discuss the current trends of two lesser-known cryptocurrencies, Decentraland (MANA) and Meme Moguls (MGLS). While Decentraland has been following a bearish trend, the early signs indicate that Meme Moguls could see a significant increase in value over the next few years.
Summary
Bitcoin (BTC): Setting the Stage for New Highs
A “Bitcoin Bottom” refers to a level at which the cryptocurrency’s price has reached its lowest point before a new bull market begins. A “bottom” is important for investors as it limits risk and allows them to make the biggest returns.
Since plummeting from the $69,000 high in 2021, there has been much speculation in the cryptocurrency community about when Bitcoin’s bottom will be reached. Indicators and expert analyses now point to November 2022, when Bitcoin hit $15,400, as the definitive bottom of the “crypto winter”.
While some bears still predict Bitcoin to bottom at $12,000 or lower, it is hard to deny the bullish momentum that has been building in the market. Bitcoin has gained 142% since November 2022 to reach today’s price of $37,450. Moving lower now would require a black swan event and a major fundamental economic change.
The spot Bitcoin ETF applications are one of the most bullish developments since Bitcoin futures were approved in late 2021. The SEC’s decision on spot ETFs is expected by January 10th, which is the deadline for the ARK ETF application.
Should the ETF be approved, it would undoubtedly bring a new wave of institutional money into the crypto market and validate Bitcoin as a legitimate asset. This could potentially lead to a massive increase in demand and solidify November 2022 as the bottom.
Decentraland (MANA): The Need for Adoption
While Bitcoin bounces from the lows of the bear market, other cryptocurrencies continue to face downward pressure. Decentraland is one such cryptocurrency that has followed a bearish trend since the market crash of 2022.
Decentraland was previously riding high on the metaverse hype, with investors eagerly buying up virtual land in the project’s decentralized world. This hype gave rise to a market cap of over $9 billion and a MANA token price of over $5.
However, the metaverse hype faded as quickly as it appeared, and Decentraland’s token price has dropped to a current price of $0.46 to become one of the worst-performing cryptocurrencies of the last two years.
The Decentraland chart shows signs of hope, with the price breaking out from a descending triangle that held the price down for the better part of a year. Breaking above the resistance at $0.50 is the next key level Decentraland needs to overcome.
But whether Decentrland can truly bounce back depends on how many people use its virtual world. Data from DappRadar has revealed that under 1,000 people use Decentraland daily, a far cry from the millions of users needed to give the platform real-world value.
Meme Moguls (MGLS) Set to Revolutionize Meme Trading Market
It is time the $17B memecoin market (by market cap) is taken seriously. Meme Moguls (MGLS) aims to do just that by giving meme fans a place to buy and sell their favorite memes on the blockchain. Platform users can channel their inner Musk to become meme moguls and generate huge profits from their creations.
But Meme Moguls is more than just a platform for buying and selling memes. It also aims to become a social network where users can share, comment, and like memes from others. And with the rise of meme culture, it’s easy to see the potential for Meme Moguls to take off.
Meme Moguls is not your typical stock exchange that offers nothing more than a cold list of numbers. Joining this platform means entering a vibrant community where meme enthusiasts and savvy traders converge. In this space, members share insights, analyze trends, and leverage their collective wisdom to profit from the ever-changing meme market.
The Meme Moguls platform offers the Moguls Exchange Trading Platform, Moguls Casino, and even a metaverse called the Mogul Land to keep the community engaged and entertained. The MGLS token serves as a medium of exchange for all these features and rewards users for participating.
MGLS tokens can be bought before the platform launches via the ongoing presale. With phase one just starting, the introductory price of $0.0019 is the lowest it will ever be. The price is set to increase with each new phase, so early investors have the potential for significant gains. The team will also reward one investor at the end of each presale phase with $10,000.
Analysts speculate that MGLS will pump by 1,000% before the presale ends, with further gains once it hits exchanges. With early Pepe buyers turning $250 into $1.02 million in four days, there’s no telling where Meme Moguls can take you.
*This article was paid for Cryptonomist did not write the article or test the platform.
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