- This week is likely going to be a silent week, at least from a macroeconomic perspective. Cryptos will have a chance to recover and move higher, but not if Bitcoin price decides to crash the party.
- AI mania propels many cryptos
- Altcoins have taken the center stage as Bitcoin price moves sideways. Major developments are taking place in the AI sector, which has caused AI-based altcoins like Worldcoin, Render, and Fetch.AI to take off.
In addition to the Sam Altman controversy, the graphic card manufacturer NVIDIA’s earnings are set to be released on Tuesday, which has added a tailwind to these tokens.
- Render Token rallied 60% in the last five days.
- Fetch.AI has inflated by 55% in the last six days.
- Ocean Protocol’s OCEAN token has soared 43% in the last six days as well.
- Worldcoin bounced by 50% in just two days but is retracing lower due to the Altman controversy.
The crypto markets are likely to move freely this week due to the lack of major macroeconomic events.
All eyes on Bitcoin price
- Bitcoin price is forming a potential top around $38,000.
- The sell signals are seen on the weekly and the daily time frames.
- The upcoming crash could see BTC slide lower to collect sell-side liquidity.
- A correction could send BTC down to 15% to 20% and tag the $35,000 to $30,000 levels.
Read more:
Bitcoin Weekly Forecast: ETF delay and weekly swing failure could crash BTC to $30,000
Why investors should expect double-digit corrections in altcoins this week
Week Ahead: Bitcoin ETF approval this week, yay or nay?
BTC/USDT 1-day chart
If such a correction does occur, altcoins are likely to go down with the big crypto and post double-digit losses.
Read more:
Three altcoins that are likely to crash next week and here is why
Optimism Price Forecast: OP to correct 15% as sell signs multiply
Yearn Finance crashes 40% in five hours, as altcoins lose footing
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin price could retrace to $42,000 if US Nonfarm Payroll comes in at 180,000
Bitcoin price just like other assets, is highly impacted by the macro-financial developments. This includes the Nonfarm Payrolls (NFP) report released by the BLS of the United States. This time around, the NFP data is expected to cause a dip in the value of BTC.
Ripple is now only 3% away from becoming a bigger entity than Binance Coin
Ripple has overcome a lot of obstacles on its way to becoming the world’s fifth-largest cryptocurrency, as witnessed by the recent rise in XRP price. The native token of the world’s biggest crypto exchange, Binance Coin, on the other hand, has been moving in the opposite direction.
Ethereum leads altcoins north as Bitcoin halts amid bull trap fears
Ethereum (ETH) price remains northbound, unrelenting despite the king of cryptocurrency, Bitcoin, showing weakness. Behavior analytics tool Santiment observes that Ether and altcoins are on a tear even as BTC momentum fades.
BTC headstrong as Spot ETF talks reach technical stage
Bitcoin remains steadfast on the higher timeframe, amid news that spot BTC exchange-traded funds (ETF) discussions are now at the technical stage of approval. Specifically, talks with Spot BTC ETF issuers have advanced to key technical details, with Reuters indicating that it could signal a shift toward a potential approval.
Bitcoin Weekly Forecast: BTC uptrend capped by supply barrier at $43,860 as FOMO fails to suffice
Bitcoin (BTC) price uptrend has sustained since mid-September on the weekly timeframe but has since slowed down following the lack of tailwinds to drive the market. All along, narratives, themes and speculation were the driving factors, inspiring a wave of fear of missing out (FOMO) in the market. As it turns out, FOMO is not enough anymore.