Week Ahead: Bitcoin inches closer to $50,000, altcoins likely to explode
This week’s outlook is relatively stable, without any major events that could influence the markets. Bitcoin price is hovering around $48,000, with many users anticipating a retest of the $50,000 psychological level soon. Some, however, believe that the BTC could slide lower.
BTC/USDT 1-week chart
Read more: Bitcoin Weekly Forecast: BTC targets $52,000, will New Moon trigger a pullback first?
Is Biden a Bitcoin maximalist?
The United States acting president, Joe Biden, posted an image of himself with glowing red eyes on X (formerly Twitter), on Monday. This move from Biden has left investors confused. While some have interpreted the image as a comment on the Superbowl being rigged, the Crypto Twitter community thought it was to do with Bitcoin.
Just like we drew it up. pic.twitter.com/9NBvc5nVZE
— Joe Biden (@JoeBiden) February 12, 2024
Bitcoin supporters started this trend of using glowing eyes as their profile picture back in 2020. MicroStrategy CEO Michael Saylor still has a similar profile on X. Some analysts on the social media platform speculated if this will mark the cycle top for Bitcoin price.
It is still unclear if Biden’s image is in support of Bitcoin or Superbowl-related.
Events and narratives this week
February 13
- Core Inflation & CPI at 13:30 GMT
- AVAX Durango upgrade on Fuji testnet, PYTH DAO Constitution vote
February 15
- ApeChain L2 vote
The AI narrative due to Nvidia earnings is still in play: The tokens in question include Bitsensor (TAO) and Worldcoin (WLD), who are leading the AI pack. Other AI-related crypto tokens include Fetch.ai (FET), Render (RNDR), Arkham (ARKM), SingularityNET (AGIX), Ocean Protocol (OCEAN), iExec RLC (RLC) and so on.
Read more:
AI coins Render, Akash Network, Fetch.ai rally on opening of world AI Cannes Festival
Worldcoin price eyes 20% rally in anticipation of AI giant Nvidia’s earnings
After the recent developments surrounding the Dencun upgrade, Ethereum and ETH-related tokens are likely to rally as well: Arbitrum (ARB), Optimism (OP), LidoDAO (LDO), Sei (SEI), Sui (SUI), Mantle (MNT), Chainlink (LINK), Polygon (MATIC) and so on.
Read more:
ERC-404 – Ethereum’s new experimental token standard and ETH implications
Token unlocks this week
- SAND - $96.82 million
- APE - $22.31 million
- ROSE - $20.22 million
Read more: APT, CYBER, SAND, APE tokens to experience unlock waves next week
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
