Bitcoin ($BTC) Rebounds From Crucial Fibonacci Support – Here’s Why It’s Bullish, While These New Tokens Also Rise
Bitcoin ($BTC) is up by a small 5% since the start of the week, but the move higher has allowed the crypto to rebound from a crucial Fibonacci Retracement support level and break a newly formed technical pattern.
The technical pattern in question is a triangle, with an upside break suggesting further bullish momentum is ahead as $BTC reaches as high as $30,200 this week.
The market is starting to turn bullish on rumors that the BlackRock ETF approval is imminent, sending waves of excitement through the industry.
Meanwhile, as Bitcoin sees a bullish rebound, a handful of newly-emerging alternative projects are gaining considerable momentum.
Investors are rushing to Wall Street Memes ($WSM), Launchpad.xyz ($LPX), and XRP20 ($XRP20), as they’re excited about the immense short-term returns they can offer.
What you'll learn 👉
Bitcoin Analysis: $BTC Rebounds from Crucial .382 Fibonacci Retracement Support
Bitcoin is up by 5% since the start of the week as the cryptocurrency finally managed to spike back above $30,000 on Tuesday briefly.
The cryptocurrency had been trending lower since mid-July but recently found solid support at a .382 Fib Retracement of around $28,933.
Although $BTC has spiked beneath the .382 support – reaching as low as $28,650 (June 2021 lows) – the Fib Retracement prevented the market from closing beneath the level.
This week, $BTC finally rebounded from this level and surged higher, allowing it to reach as high as $30,200 and break above a descending triangle pattern;
Looking ahead, the first resistance lies at $29,890 (July 2021 low-day close). This is followed by resistance at $30,000, $31,000, $31,675 (June 2021 low-day close), $32,000, $32,270, and $32,950 (Jan 2022 lows).
On the other side, the first support lies at $29,350 (July 2021 lows). This is followed by support at $28,933 (.382 Fib), $28,650 (June 2021 lows), $28,140 (.5 Fib), and $27,745 (Jan 2021 lows).
Why is Bitcoin Looking Bullish This Week
The market is starting to see some serious bullish momentum due to news being rumored that the BlackRock ETF decision is imminent.
According to Bloomberg’s Eric Balchunas, the rumor states that the approval of the Bitcoin ETF is more of a question of “when” rather than “if,” sending waves of anticipation through the market as investors piled in to get positioned ahead of the ETF approval.
According to "contacts" from inside BlackRock and Invesco spot Bitcoin ETF approval a matter of "when, not if" likely in "four to six months" — Galaxy CEO Mike Novogratz on earnings call this morning pic.twitter.com/TIhHC7xnHI
— Eric Balchunas (@EricBalchunas) August 8, 2023
An ETF approval would allow funds to flow back into the crypto market through institutional investors as they would have a regulated vehicle to trade $BTC as an underlying asset of the BlackRock ETF.
In addition, Ki Young Ju, CEO of CryptoQuant, showed that Bitcoin whales are starting to open incredibly large long positions at $29,000 – indicating that the whales are mainly optimistic about the future price of $BTC.
#Bitcoin whales opened giga long positions at $29k.https://t.co/WulPUE47ab https://t.co/GNmIiRJ7EJ pic.twitter.com/CbJsn06plF
— Ki Young Ju (@ki_young_ju) August 8, 2023
Overall, things look incredibly bullish for $BTC in the coming months.
What Other Tokens Are Also Rising?
While $BTC starts a bullish rebound, a handful of newly-emerging alternative tokens are ahead of the curve as traders start positioning themselves in these projects at the lowest prices possible.
These projects are turning heads as investors believe they can provide outsized returns relative to the heavyweights like Bitcoin and Ethereum for smaller capital investments.
In particular, Wall Street Memes ($WSM) is the standout candidate for 50x gains from investors.
In addition, Launchpad.xyz ($LPX) is gaining traction due to its fully doxxed team, and XRP20 ($XRP20) is also gaining rapid momentum as it seeks to bring an evolution to the legacy $XRP token.
Wall Street Memes Crosses Insane $22.5 Million Fundraising.
Wall Street Memes ($WSM) has quickly become one of the most sought-after meme coins in the industry after raising over $22.5 million in fundraising.
The project is attracting retail traders and whales as they believe it has the potential to turn into the next meme coin sensation on the market, capable of replicating epic surges like $PEPE and $SHIB.
Wall Street Memes seeks to make a mockery out of capitalist giants on Wall Street and expose our corrupt financial system through memes on its profile.
The unique blend of internet culture, meme-based humor, and decentralized finance has created the perfect balance between hype and FOMO – causing its presale to become the fastest-growing fundraising event in 2023.
Whales are also experiencing the FOMO in the final stages as they rush to get their hands on the remaining $WSM for sale.
For example, one whale believes $WSM can return a quick 50x, causing him to spend 460 $ETH in one purchase, which is worth an incredible $850,000;
The confidence from whales lends credibility to the project, alongside the interactions received from Elon Musk – CEO of Twitter and Tesla.
The tech mogul has shown his fondness for the Wall Street Memes on several occasions, commenting on the memes on Twitter;
The interest from Musk sparked speculation surrounding his involvement in the project.
Additionally, the memes are becoming so viral that they’re attracting over 40 million monthly impressions on Twitter – making it the internet’s go-to source for finance-related memes.
The virality of the memes has allowed $WSM to cultivate a colossal cult-like community of over 1.1 million followers.
Experts believe this huge following puts $WSM in a guaranteed position to be listed on major tier-1 exchanges like Binance and OKX as soon as it launches.
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Show more +Overall, Wall Street Memes attracts epic fundraising levels due to its meme-based humor, ability to create a vast community, and attention from whales and Elon Musk.
With the presale in its final stages, new investors will need to be quick to get positioned as the presale is expected to end in the coming days.
Alternatively, investors can pay higher prices once the $WSM token hits major tier-1 exchanges and trends across the industry.
Launchpad.xyz Sees Traction With Fully Doxxed Team.
Another token experiencing increasing attention is Launchpad.xyz – a project that provides all the tools a user would need to successfully find the next best Web3 investment.
The platform provides insights, learning, trading alpha analytics, and strategy to revolutionize your investment in Web3.
The entire idea behind the platform is to humanize the Web3 investing space by having all Web3 projects on one dashboard with their relevant analytics and information to help investors decide.
The project has raised a total of $1.2 million in its presale as traders start piling in after learning the team is fully doxxed – making the ecosystem completely transparent.
It aims to help facilitate mass adoption in Web3 through a curated portal that makes it easy to access the best projects while investors can keep self-custody.
Using the platform, investors can find the next best NFT, fractionalized asset, utility token, presale, metaverse, or play-to-earn ecosystem – and have all the tools required to invest.
What’s best is that it uses artificial intelligence to rank prospective projects that provide a single value to showcase the risk-to-reward opportunity in Web3.
The platform uses a stake-to-access subscription service, giving demand for the native token – $LPX.
Overall, Launchpad.xyz has created a well-designed utility project that provides value for the $LPX token.
Launchpad.xyz is expected to sell out relatively quickly in the coming weeks as investors quickly search for projects with fully-doxxed teams.
XRP20 Quickly Approaching $1.5 Million After Just One Week
The final token experiencing rapid momentum is XRP20 – described as the second coming of $XRP.
The project has raised over $1.5 million in just one week, showing the exceptional hype building in this project.
With just a $3.68 million hard cap – almost half of the $XRP20 supply has already been snapped up.
XRP20 is the latest addition to the “Meta 2.0 Version” trend, providing the next evolution of the $XRP token by bringing it to the Ethereum blockchain as an ERC-20 token.
The project incorporates a groundbreaking stake-to-earn mechanism inside the ecosystem alongside an intuitive burning mechanism.
The XRP20 presale sells $XRP20 forty times cheaper than $XRP was at its all-time low price. If you ever wondered what your life would be like if you bought $XRP at the lows – then $XRP20 is your chance.
The tokenomics pay homage to $XRP with 100 billion $XRP20 tokens.
40% of the total supply is sold in the presale at a price of $0.000092. Then, 40% is set aside for staking rewards, 10% for DEX liquidity, and 10% for burning.
The tokenomics are crafted to foster long-term sustainability and reward participation.
Overall, $XRP20 hopes to reignite the passion of the XRP army and provide an investment vehicle with a solid potential to offer a quick 10x return for investors.
However, with the presale quickly selling out, time is running thin to get positioned at presale prices.
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