I am optimistic about the market's upward trend this week. According to the overall weekly trend forecast, Bitcoin is likely to fluctuate between $60,000 and $66,000 this week, while Ethereum is likely to operate in the range of $2,300 to $2,600, and Solana is expected to fluctuate between $130 and $165.
At the same time, we need to focus on the release of US CPI data this week, as it will have a significant impact on the market trend. As for other possible emergencies, we need to keep a close eye on the news!
On October 10, the market will be closely watching the release of the US CPI (Consumer Price Index) data. The cryptocurrency market is in a wait-and-see mode, especially after the weak US employment data hit market confidence, and the CPI data is even more critical. Investors will use this data to assess inflationary pressures in the US economy. Due to the stronger-than-expected non-farm payrolls data, the market's expectations for the Fed to cut interest rates by 50 basis points at the next meeting have weakened, but a 25 basis point cut is still possible.
The Fed will use these data to assess inflation levels and provide a basis for monetary policy. The market generally predicts that the CPI in September will drop to 0.1% from 0.2% in August, while the annual inflation rate is expected to drop to 2.3% from 2.5% in August.
If the core CPI, which excludes energy and food, is expected to fall to 0.2% from 0.3% last month, the core CPI is likely to remain around 3.2%. The decline in inflation data may boost market sentiment and drive the cryptocurrency market higher. However, if the data is higher than expected, the market may face greater selling pressure.
Potential altcoins worth watching
1.WIF
As a meme coin led by DWF, WIF has shown a strong market advantage. Once the market starts to rise, WIF is likely to become the most dazzling star, ahead of other currencies. Investment strategies can be adjusted according to the market trend. In the downward trend, weak currencies should be selected for operation, while in the upward trend, strong currencies such as WIF should be focused on.
In the long run, WIF, as an important driving force for the decentralized Internet, has potential that cannot be ignored. Its project vision is very clear, and it is committed to building a decentralized Internet. WIF has a strong technical background and professional team support, and market attention is gradually increasing. This makes it a project suitable for medium and long-term investment, especially for patient investors to make arrangements.
2.WLD
Worldcoin, a cryptocurrency project backed by OpenAI CEO Sam Altman, has recently faced a price drop, with data showing that about 84% of holders are currently losing money. As of now, its price is $1.79, and despite a 5.92% increase in the past 24 hours, its overall performance remains challenged. In the past year, Worldcoin's price has only risen by 8%.
Worldcoin has been “up” on 17 of the past 30 days, meaning the closing price was higher than the opening price. Despite the price decline, the token’s liquidity remains relatively high, which provides some support for its market capitalization.
According to the forecast, the price of Worldcoin could rise by 225.48% to $6.03 by November 2024. The market sentiment is currently neutral, with the Fear and Greed Index at 49, indicating a state of balance. The price volatility over the past month is 14.05%, and some indicators suggest that now may be a good time to consider buying Worldcoin for long-term investors.
3. BABY
PEPE is one of the most popular meme coins in the current crypto market. Its price fluctuates greatly and it is a high-risk, high-return type. Recently, due to community support and the influx of new funds, PEPE has regained its popularity. If you like highly speculative assets, PEPE may be a choice for short-term operations.
In this round of bull market, PEPE has become the focus of the market, attracting a lot of attention from funds and institutions, with trading volume increasing significantly, showing strong market appeal.
From the weekly chart, PEPE has successfully broken through the shock range and stabilized, and the current price is around 0.000010. As long as the price does not fall below 0.0000080, holders can remain confident. The first target above is 0.000018, and there is huge potential for growth in the future, and it may even set a new record high. PEPE is undoubtedly a currency worth paying attention to in the current market!
