Week Ahead: Crypto market set for recovery, but how sure can one be?
- Crypto markets have taken a beating over the last few weeks, resulting in a sea of red.
- While altcoins have stopped taking a hit, bulls seem to be making a comeback.
- The recovery rally is contingent on Bitcoin price respecting key levels and triggering a rebound.
It has been a long week for me personally with a lot of traveling, and it seems all Bitcoin (BTC) did in that time was crash. But looking back at the charts after a long break is refreshing, and I think we’re close to a recovery.
With the exception of Federal Reserve Chairman Jerome Powell’s speech on May 19, there are no other major macroeconomic events, hence it will be smooth sailing for crypto markets regardless of the direction it takes.
But here’s what I think will happen - Bitcoin price is almost close to a bottom, provided we see a few signs of recovery. These signs are explained in detail in the article below. Additionally, I provide an outlook on what to expect with Ethereum (ETH) and Ripple (XRP) should Bitcoin pull a successful recovery rally.
Read more: Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Panic sellers likely to regret soon
Coins to watch for this week
APE, IMX, 1INCH, AVAX and OP
As a trader, I will be focussing more on altcoins, especially those that have massive unlocks coming up. Here’s my thesis: if the recovery rally is in play, these altcoins are likely to pump before the unlock date and likely suffer a ‘sell-the-news’ event.
Here’s my rough idea of what I believe will happen with these altcoins.
Token unlocks: $APE, #1INCH $IMX, $AVAX pic.twitter.com/ztWv711rrt
— Akash (@Mangyek0) May 15, 2023
Top three reads
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Panic sellers likely to regret soon
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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.
