This week is going to be extremely interesting as Bitcoin price could form a local top, but AI-related altcoins are likely to explode due to up-coming market events.
Major events this week
February 19
- Pixel (PIXEL) - Binance Listing
- Pyth Network (PYTH) Paradex Open Beta launch
February 20
- Stellar (XLM) - Protocol 20 Upgrade Vote
February 21
- Nvidia (NVDA) Earnings just cover the news bit and implications on crypto,
- FOMC Minutes at 19:00 GMT
February 22
- Avalanche (AVAX) - $400M Token Unlock
- Pyth Network (PYTH) Council Elections
February 23
- Coinbase - Delisting $SNT
- Polygon (MATIC) - Aggregated Layer v1 Mainnet
February 25
- AltLayer (ALT) - $45M Token Unlock
As seen in the title, this week’s focus is going to be Artificial Intelligence (AI). To be specific, February 21 is when the Nvidia Corporation’s earnings are going to be announced. This stock-market event, as mentioned in previous publications, has been a major market mover for AI-related altcoins.
Read more
Why AI cryptocurrencies are rallying?
Fetch.AI breaks into massive rally alongside AI tokens, FET price hits two-year high
Crypto AI tokens outperform several altcoins with price rally: TAO, AKT, PRIME, AGIX
Here are five AI tokens showing strength this week.
- Arkham (ARKM)
- SingularityNET (AGIX)
- Ocean Protocol (OCEAN)
- iExecRLC (RLC)
- Numeraire (NMR)
AI tokens
Bitcoin fractal hints at short-term correction
Bitcoin’s price action in September 2023 and January 2024 were similar as pointed out on February 7. Following the September 2023 moves, BTC rallied from roughly $42,000 to $52,000 in a week.
The price action that occurred between January 30 and February 1 seems to be repeating.
Keeping it simple with #Bitcoin: Back with another $BTC fractal. @learn_charles https://t.co/tK3votoWXH pic.twitter.com/vIEZi6Vvlu
— MAXPAIN (@Mangyek0) February 15, 2024
Here’s what the price fractal looks like now. If history were to repeat itself, Bitcoin price could slide to $49,556. Hence, investors need to be cautious as this drop could cause altcoins to nosedive as well.
AI-related altcoins that show strength, however, might not draw down as much as other tokens, but still, caution is advised. Coupling this fractal’s potential bearish outlook with the Federal Open Market Committee (FOMC) meeting on February 21, markets could get volatile.
BTC/USDT 1-hour chart
Read more:
MANTA, DYDX, AVAX, ID, IMX: Five token unlocks to look out for next week
Chainlink’s large wallet holders pull $216 million worth of LINK out of exchanges, fuel gains
SEI ventures into decentralized AI with Nimble, SEI price poised for rally
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
Week Ahead: Crypto market eyes a bullish turnaround Premium
A new week has begun, but crypto markets seem to be doing the same thing they have for the past few weeks – consolidate. However, this week will likely bring new opportunities as Bitcoin begins to show signs of revival.
Eigenpie announces EGP token airdrop for 100,000 centralized exchange users
Eigenpie is a SubDAO protocol, a multichain project that manages digital assets. The project focuses on staking Ethereum Liquid Staking Tokens (LSTs) like EIGEN and offers points to stakers.
SEC vs. Ripple lawsuit update: All related parties to file letters to seal motions and evidence
Ripple, SEC and any third parties are expected to file letters to seal proceedings and supporting evidence by Monday. Ripple CEO voiced concerns over the SEC’s treatment of the largest stablecoin, USD Tether.
Top AI tokens bleed despite reports of Apple closing deal to use OpenAI features
Apple has closed a deal with OpenAI to use the latter’s technology in its new iPhone, Bloomberg reports. The giant’s iOS 18 could come packed with ChatGPT features, per the report.
Bitcoin: Why BTC is close to a bottom
Bitcoin (BTC) price efforts of a recovery this week have been countered by selling pressure during the onset of the American session. However, the downside potential appears to have been capped.