36 Thousand Dollars Forecast from Matrixport
Increasing pressure from US regulators on cryptocurrency companies, the US government and cryptocurrency exchange Mt. Bitcoin price has been stuck in a routine for more than a month due to rumors about Gox-linked Bitcoin wallets that turned out to be untrue. The number one cryptocurrency is trading in a narrow range around $28,000. Matrixport, the company of billionaire crypto entrepreneur Jihan Wu, analyzed the current situation in Bitcoin and suggested that the target is 36 thousand dollars.
According to the analysis, Bitcoin price is trading inside a contracting triangle that is about to break up. Technically, it was reported that this situation could herald an increase of roughly 6,100 points, equal to the range in which the triangle began to form. Thus, a target range of 35 thousand to 36 thousand dollars was formed. This represents an increase of about 20 percent from the current value.
In the analysis, the reflection of the Fed’s interest rate hike cycle on cryptocurrencies was also discussed.
Given the Fed’s announcement of a 25 basis point hike in interest rates, and this will likely be the last hike of this cycle, the market may be ready for another significant rise.
The analysis mentioned that although there has been a recent drop in trading volume, the upward trajectory appears to be facing few hurdles. It was reminded that the Bitcoin network experienced an increase in transaction activities and broke unprecedented records. It was also underlined that the active addresses of the network remained intact and remained at the 1 million border. If these data points are projected into May, Bitcoin transaction fees as a proportion of total miner revenue will rise to levels not seen since May 2021.
According to the analysis, the current sentiment towards cryptocurrencies has improved markedly with actively traded meme coins. Over a two-week period, DinoLFG (DINO) experienced a significant increase of 500 percent and reached a market cap of $21 million. Similarly, Pepe (PEPE) rose 500 percent in the same two-week period to a market cap of $482 million. Wojak (WOJAK) gained 600 percent over a one-week period and had a market cap of $42 million. Chad Coin (CHAD) also gained a notable 450 percent over a one-week period, gaining a market cap of $3.5 million. Finally, Ignore Fud (4TOKEN) rose 252 percent to a market cap of $8 million in a one-week period. As noted in the analysis, even though meme coins seem relatively small and insignificant, their trading activity serves as an indicator of the change in sentiment.
Given the recent surge in Bitcoin, the backing of stocks through buybacks, the Fed’s apparent decision to maintain its current stance, the encouraging Bitcoin transaction data, and the shift in sentiment towards a more optimistic outlook driven by meme coins, it’s hard to be bearish. was recorded.
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