Despite rolling over from $28,000 this week, Bitcoin still looks incredibly bullish as it trades inside a rising price channel.
The cryptocurrency has been trading in the ascending price channel since the start of September as optimism returns to the market.
While the price of Bitcoin continues to climb, investors turn their attention to a lesser-known meme coin that’s generating significant traction.
After raising $450,000 in just a week, traders believe Meme Kombat ($MK) can provide higher short-term returns than Bitcoin, with many expecting as much as 50x returns.
What you'll learn 👉
Bitcoin Looks Strong Inside Ascending Price Channel
Despite falling from above $28,000 earlier this week, Bitcoin continues to look bullish as it trades inside a rising price channel.
The price channel started during the first week of September, allowing the price of Bitcoin to break back above $27,000 during the month.
Bitcoin continued inside the price channel in October, allowing the coin to reach as high as $28,650.
It has since rolled over, but the price channel shows a bullish trend forming;
Looking ahead, the first level of support lies at the lower boundary of the price channel.
This is followed by support at $27,000. Beneath this, added support lies at $26,400, $26,000, $25,770, and $25,415 (May 2022 lows).
On the other side, resistance lies at $27,750 (June 2021 lows). This is followed by $28,225, $28,650 (June 2021 lows), $29,000, and $29,340 (July 2021 lows).
If buyers can break beyond $30,000, added resistance lies at $30,500, $31,000, and $31,650 (June 2021 low-day closing price).
Strong Optimism Ahead of Bitcoin Halving – Just 200 Days To Go
With just 200 days to go before the next block halving, investors are becoming increasingly optimistic about the bullish potential for Bitcoin.
Historical price patterns show that prices rally during this phase in the lead-up to the block halving, which is why investors push the coin higher.
Prominent X analyst “thescalpingpro” highlighted this sentiment, suggesting that Bitcoin will blow through its all-time high during this upcoming cycle;
Bitcoin Halving in Just 200 Days 😳— Mags (@thescalpingpro) October 9, 2023
Ever wondered where Bitcoin was 200 days before in the previous halvings?
In 2016, BTC was -65% below its ATH.
In 2019, BTC was -60% below its ATH.
In 2023, BTC is currently -60% below its ATH.
So, even if it seems like Bitcoin's price… pic.twitter.com/H8dlWcM91y
Could This Umbrella For Meme Coins Provide Higher Returns?
With the optimism being re-injected back into the market, analysts are focusing on lesser-known altcoins that provide the potential for significantly higher returns relative to Bitcoin.
Of course, Bitcoin is the safer investment – but 50x returns are off the table in the short term for Bitcoin with its $500 billion market cap.
Instead, traders are making smaller investments into newly emerging altcoins that can provide 50x returns.
In particular, Meme Kombat ($MK) continues to appear as a stand-out candidate as the cryptocurrency raises almost $450,000 in just a week from going live, demonstrating the building momentum behind the project.
Meme Kombat is a new stake-to-earn meme coin with genuine utility through its automated battle-based arena.
Traders believe that the project has the potential to become the umbrella for all meme coin projects in the industry, attracting a very wide range of users.
The project combines the exciting world of memes and the competitive excitement of battle arenas into one innovative gaming platform designed for gaming enthusiasts.
In the battle arena, characters from popular meme coin projects go head-to-head in automated battles, with the outcomes determined on-chain through randomized sequencing to make the ecosystem completely fair and transparent.
The battles are brought to life using AI technology and dynamic visualization to add a vivid element to the gameplay.
Users can stake their $MK tokens to participate in the battles and wager bets on the outcome. All betting occurs through the Meme Kombat user-friendly interface, and winnings are paid out automatically through smart contracts.
The platform allows users to place bets on the outcome of battles by wagering their stake, allowing them to win more rewards.
Users currently staking earn a 112% APY return, even without participating in the battles.
Overall, the battle arena and wagering system are expected to bring a new era to meme coin gaming.
The launch of the battle arena is scheduled for Q4 2023.
Notable influencers are also talking about the project. For example, Joe Pary Crypto – with more than 380,000 subscribers – put “Meme Kombat in his Top 5 Meme Coins for 2024” list;
The project was also called Crypto Whale Pumps on Telegram, a group with over 25,000 members;
Favorable Presale Tokenomics With Fully Doxxed Team
In addition to the groundbreaking ecosystem, investors are rushing to the presale due to its favorable tokenomics.
The presale sells the $MK token for a discounted price of $1.667, providing the opportunity to get in at favorable prices.
Furthermore, the CEO behind the project is fully doxxed, making investors confident in the project’s future direction.
Typically, meme coin teams remain anonymous, but Meme Kombat is changing the status quo by revealing its identity.
The project is being steered by Matt Whiteman, a former CEO of Phat Loot DeFi and the COO of North Technologies – a Netherlands-based NFT trading and analytics platform.
The experience behind the CEO has investors fully confident in his ability to deliver on his project.
Overall, with its unique gaming experience, highly experienced team, and backing from major influencers, Meme Kombat is setting itself up for explosive growth following its presale.
Disclaimer: We advise readers to do their own research before interacting with any featured companies. The information provided is not financial or legal advice. Neither CaptainAltcoin nor any third party recommends buying or selling any financial products. Investing in cryptoassets is high-risk; consider the potential for loss. CaptainAltcoin is not liable for any damages or losses from using or relying on this content.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com