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Cryptocurrency traders are getting excited by patterns that have not been seen for some years. We take a look at what they are and analyze if this is a good time to buy Bitcoin. We also consider whether other coins will do better than Bitcoin.
Will Bitcoin’s history repeat itself?
Cryptocurrency markets tend to move in historical patterns, even if events don’t repeat exactly. The crypto markets may be showing familiar signs of pre-bull run conditions. For seasoned traders, there are intriguing on-chain signals reminiscent of 2015.
Looking at previous Bitcoin price spikes offers some clues into market psychology over time. In late 2013, it first crossed $1,000 before falling for years after, impacted by regulatory worries.
However, Bitcoin has also proven its resilience through comebacks after major selloffs, recovering to reach new highs. For instance, Bitcoin spiked to almost $20,000 in 2017 preceding a steep 2018 drop, cutting valuations significantly.
Most recently in 2020, Bitcoin gained 13x in value from various likely influences – more institutional engagement, investors seeking shelter in alternative assets during the pandemic, and perceptions of it as a possible store of value.
Another important factor is Bitcoin’s reliable halvings. Each time there was a bull run, there was also a Bitcoin halving event.
The next halving approaches in 2024, reducing Bitcoin mining rewards by half yet again. This time may be different though with BlackRock and other players about to open up the path for major institutional investment via Bitcoin exchange-traded funds (ETFs).
The cues suggest the stage may be set for the next leg up for Bitcoin. Of course, there is the chance that the ETFs will not be approved, or that the market has already priced them into BTC. If that’s the case then we may see a dip in BTC in January, though the halving narrative should still prove bullish.
What to buy while we wait for Christmas and the ETF impact
Given the market conditions, a prudent strategy could be to buy some bitcoin now and wait till after the ETF approvals to decide whether to buy even more. What if there was a coin that was definitely going to go up over the next couple of months?
The best way to find a coin like this would be to look for a promising presale. That is because presales are the cheapest price that you can usually buy a coin for. As long as the coin is a good one that people believe in, then the price usually skyrockets when it launches. Especially if there is a bull run happening at the time.
Meme Moguls is an innovative project that fits the bill. Meme Moguls is looking to capitalize on the size of the meme coin industry – the market capitalization for Meme Coins is currently $23.4 billion, with a 24-hour trading volume of $1.5 billion. The play-to-earn community-based game will unite the crypto community with meme trading games and competitions and a whole ecosystem.
People will be able to earn and win MGLS and rare meme NFTs in various ways. Such as participating in fantasy trading leagues and tournaments, staking, providing liquidity, and helping the community learn to trade and pick the next big winners.
MGLS is in the third phase of the presale for $0.0025, with several stages left to go, and is predicted to hit $0.19 after launch. That is an impressive gain of 8160%. The platform is set to go live in Q1 2024 and so will potentially provide a rewarding Christmas present while the stage is set for BTC to turn fully bullish once again.
Learn more about the $MGLS here:
Visit Meme Moguls | Join the Community
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Serena James has worked as a writer for different media houses in the past. Currently, she is working as a fundamental writer for thecoinrepublic, covering decentralized finance. When she isn’t writing, she can be found skimming and scanning Twitter and other websites to produce mind blowing breaking stories.
