The crypto market is in a sea of red this week. Analysts blame the rising U.S. bond yields for the bloodbath. The news that SpaceX wrote down $373M worth of Bitcoin in 2021-2022 aggravated the situation.
No internal events have contributed to the crash, however, confirming that it is only a matter of time before the trend reverses.
For strategic investors, this is an opportunity to expand their portfolios at a low cost.
What you'll learn 👉
1. Bitcoin – Investors have begun to buy the dip
Trigger: Buy-the-dip sentiment + FOMO around BTC halving
Price prediction: $33,280
We have yet to find a way to understand the crypto market sentiments better than the Bitcoin price. The global crypto market cap has plunged 6.04% over the last day at the time of writing. The BTC price, on the other hand, slipped 6.70% during the same period.
BTC 1-month price action, 18 Aug 2023, CoinMarketCap
The downtrend is about to reverse next week as investors take advantage of the buy-the-dip opportunity. But with industry experts and analysts coming forward with bold price predictions rooted in BTC halving, the reversal may translate to strong momentum for BTC.
For example, investment research boutique Fundstrat’s managing partner and head of research Tom Lee predicts:
“If the spot Bitcoin (ETF) gets approved, I think the demand will be greater than the daily supply of Bitcoin, so the clearing price […] is over $150,000, it could even be like $180,000.”
But even if that doesn’t unfold, Bitcoin will get a considerable price push from the blockchain’s next halving event, scheduled for April 2024.
Blockstream CEO Adam Back is another industry leader to grab the spotlight with a bold prediction.
the bet is on🚀: i bet #bitcoin reaches or exceeds $100k between now and halving (31st Mar 2024) with @vikingobitcoin9 1million sats to the winner. https://t.co/Ij7iPEYjQW pic.twitter.com/PNpAaZvl8F
— Adam Back (@adam3us) August 5, 2023
The wave of euphoria wouldn’t just take the price back to $30000. It has the potential to climb to $33,280 and find support at $31,500 toward the end of the bull cycle.
A new BTC support line hints at a new period of activity for the market as a whole. Top altcoins like ETH, ADA, DOT, and XRP will follow suit with two-digit gains.
XRP 1-month price action, 18 Aug 2023, CoinMarketCap
XRP, in particular, is likely to use the opportunity to break above the strong resistance at $0.8.
2. Wall Street Memes – Viral meme coin closing in on an explosive launch
Trigger: Binance listing
Price prediction: listing price + 6000-9000%
Wall Street Memes (WSM) is hosting one of the biggest crypto presales of this month, and it’s near an early sell-out. While new cryptocurrencies target a modest $100,000 to an ambitious $5M in the presale stage, WSM set its hard cap at $30M.
To the pleasant surprise of the market, it has raised $25M out of the target within days of going live. More interestingly, it accomplished the milestone ahead of schedule. It won’t be long before the presale sells out as investors are hoarding the token in anticipation of a wild meme coin pump in September.
But to anyone familiar with the project, the presale activity wouldn’t come as a surprise – Wall Street Memes is backed by a 1-million+ global community of investors, traders, and business leaders. More importantly, the community came first. Unlike most meme coin communities, Wall Street Memes didn’t emerge overnight based on a fad. The sturdy foundation makes all the difference.
The $25M milestone speaks for the strength of the retail investment community. Tech leaders, including Elon Musk, have interacted with Wall Street Memes posts.
Can WSM beat Pepe’s performance?
Pepe is one of the best-performing cryptocurrencies of 2023. The token that launched out of the blue became a sensation within hours of its Uniswap launch. In the days that followed, early investors bagged 5000%-7000% returns from the token.
The Pepe hype is nearly over now with long-term holders selling out to book profits. But the meme coin market remains fertile. According to top industry analysts, WSM is next in line for explosive price action.
If the presale progress is any sign, the WSM token launch scheduled for September has the potential to trigger a meme coin pump. The initial surge would range from 20X-30X, potentially leading up to a Binance listing. In that case, the second stage of the bull run that follows will give a generous ROI of 8000%-10,000% for early investors by November.
Can’t wait to see The Big Short 2 pic.twitter.com/ICFycL7PII
— Wall Street Memes (@wallstmemes) August 15, 2023
Given the community’s strong footing and the FOMO around the presale, WSM will outstrip Pepe’s performance this year. It won’t be long before the token dethrones Pepe to become the world’s third-largest meme coin. The tokenomics is strategically designed to encourage long-term holding through community rewards, setting it apart from the crowd of fleeting meme coins.
Which meme coins will follow suit?
Despite the grand expectations, Dogecoin and Shiba Inu have been mostly lukewarm during this year. The meme coin mania of September will be seized by new cryptocurrencies like WSM and Sonik rather than DOGE, SHIB, or PEPE. But they will take advantage of the pump to generate 15%-45% gains.
One of the most widely predicted meme coins to share the spotlight with WSM is Sonik, a new token that draws inspiration from the iconic animated character Sonic the Hedgehog.
According to crypto analyst Jacob Crypto Bury, Sonik has the potential to experience a tenfold rise. Although Sonik’s popularity and virality are not comparable to WSM’s, the low presale price and initial capital give it substantial room for growth.
Moreover, Sonik has committed 40% of its total supply to community staking rewards, which will counteract the selling pressure set off by initial exchange listings.
3. Algorand – A rebound is long due for the green crypto
Trigger: Price correction
Price prediction: $0.233
Why Algorand among the dozens of crypto heavyweights? Because Algorand is the most credible green cryptocurrency in the market.
The positive sentiments around the coin are growing, as the adoption of blockchain in climate action gains momentum. Blockchain has emerged to become the leading technology capable of strengthening global missions against global warming and deforestation.
The unparalleled transparency offered by blockchain due to its decentralized makeup helps the global coordination of climate initiatives. The inherently trustless and fair makeup of blockchain helps bring climate action to the masses.
Algorand 1-month price action, 18 Aug 2023, CoinMarketCap
At the time of writing, Algorand is selling for $0.09283 – recording a 21.82% slip on the monthly chart. Fundamental and technical analysis of the project reveals that the social sentiments around the crypto are building up to a price reversal.
Algorand’s price reversal will be comparable to Bitcoin Cash’s. (BCH gave three-digit ROIs to investors who bought the dip a few weeks back.) Cryptocurrencies like Chimpzee, IMPT, and Ecoterra will also take advantage of the rising momentum of green cryptocurrencies during this period.
Being in the presale stage now, Chimpzee has a larger room for growth than its peers in the green crypto sector. The project is dedicated to saving wildlife. It puts forward a passive income model that promotes its mission through shop-to-earn, trade-to-earn, and play-to-earn platforms.
Chimpzee donates a share of its profits with leading initiatives like Giving Block, One Tree Planter, and WILD Foundation that parallel its goals. For example, Chimpzee has already donated $15,000 to save elephants, planted 20,000 trees in Guatemala, and planted 1200 trees to restore rainforests in Brazil.
Disclaimer: CaptainAltcoin does not endorse investing in any project mentioned in this article. Exercise caution and do thorough research before investing your money. CaptainAltcoin takes no responsibility for its accuracy or quality. This content was not written by CaptainAltcoin’s team. We advise readers to do their own thorough 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 crypto assets is high-risk; consider the potential for loss. Any investment decisions made based on this content are at the sole risk of the reader. CaptainAltcoin is not liable for any damages or losses from using or relying on this content.
