Yesterday's market was not won by the bulls or the bears, but by the dealers. Last night, there was a wave of small spikes, which led to a sharp drop in the altcoins, with a general drop of about 10%. This was obviously a trap to mislead retail investors to enter the market. Subsequently, Bitcoin quickly rose to a high of nearly $68,000, but the pullback of the altcoins was not strong. Then, Bitcoin suddenly fell by $3,000, a sharp drop within an hour.
Personally, I think this trend is more like the dealer clearing the profit-taking of the previous altcoins. Strong currencies such as WIF, SUI, TAO have completed a wave of rises, and the indicators are diverging, and the form needs to be adjusted. In this case, the volatility of Bitcoin provides a good opportunity for the callback of the previous strong altcoins.
At present, the short-term trend has gradually become clear, but the trend reversal still needs further confirmation, especially whether Bitcoin can break through $68,000 and stand firm at the $70,000 mark. We need to observe carefully. Although the overall trend is positive, it will take time for the reversal. For the currencies you are optimistic about, be patient and hold on to them, waiting for the arrival of the market.
At the same time, market sentiment is gradually shifting in a positive direction. This is shown by the stable funding rates and open interest of perpetual contracts over the past week. The macro factors affecting the cryptocurrency market are also shifting from monetary policy to the results of the US election. Despite the recent increase in CPI and core PPI, the market's expectations for interest rate cuts remain optimistic.
It is worth noting that China will release a fiscal policy briefing this Saturday, which may indirectly affect the cryptocurrency market, especially when other markets are closed, the cryptocurrency market may become a window to reflect these policies. More importantly, there are still 24 days before the Federal Reserve's interest rate meeting. Current data shows that the probability of the Federal Reserve cutting interest rates by 25 basis points in November has reached 88.5%, and two more rate cuts are expected this year. This is good news for the cryptocurrency market. It may only be a matter of time before Bitcoin breaks through $75,000 and sets a new high.
Potential altcoins worth watching
1.WLD
The current price of WLD is still at the bottom, and the overall performance is good. Coupled with the almost zero-cost mining mechanism and the perfect ecological system, this decline may be a rare opportunity. After several rounds of wash-ups, the price of WLD has fallen by 90%, but for this kind of currency that is highly controlled by the market maker, the rise and fall is basically controlled by the market maker.
In the last round, WLD increased from $1 to $10, a tenfold increase, which was quite impressive. Therefore, this round is also expected to see a sharp increase, such as the possibility of an increase from $2 to $16. Currently, WLD is quietly accumulating funds in some small exchanges, and it is expected to usher in an explosion at the end of the month at the latest.
Although MEME coin is a hot topic in the current market, institutional-led currencies still have the potential to rise, and WLD is likely to become the next focus.
2. TREES
BOOK OF MEME (BOME) is currently trading at $0.010013, up 30.74% in the past 24 hours. In the past 30 days, BOME has seen growth for 15 days, accounting for 50% of the total period, and is currently trading close to its recent high of $0.010302. Considering the market capitalization, its liquidity is high, which lays the foundation for further growth of the token.
Currently, BOME's market sentiment is positive, with 18 technical indicators showing a strong bullish trend. BOME shows a strong positive correlation with some cryptocurrencies such as Aerodrome Finance (AERO), Aave (AAVE), and EigenLayer (EIGEN). In addition, BOME also shows a moderate positive correlation with the top ten non-stable tokens by market capitalization, such as BTC and ETH, with a correlation coefficient of 0.567, which shows that the movements of these major tokens have an influence on BOME.
In the short term, BOME's price forecast is optimistic. It is expected that in the next week, BOME will trade between $0.009039 and $0.013471, and by October 21, 2024, it is expected to rise to 49.03%. Further forecasts show that by October 28, 2024, BOME may reach between $0.013471 and $0.015508, with an expected increase of 15.12%.
In the long term, it is expected that the BOME price may trade between $0.009039 and $0.043046 for the rest of 2024. If the market sentiment and trend remain positive, the price of BOME in this range may increase by as much as 329.12% at the upper limit. However, market volatility and unpredictable factors still have a potential impact on the price, so investors should remain cautious.
3. BABY
PEPE is a deflationary token based on the popular "Pepe the Frog" meme. Due to its continuous destruction mechanism, the scarcity and uniqueness of PEPE continue to increase. In 2023, the market value of PEPE soared to an astonishing level of $1.6 billion! However, this grand occasion did not last long. PEPE subsequently experienced a 37% correction, causing some holders to choose to cash out. Despite this, the future of PEPE is still optimistic and there is still huge potential for development.
According to forecasts, by 2025, the average price of PEPE may rise to $0.0000365, and may even reach a maximum of $0.0000413. If the development team continues to advance the token destruction plan, PEPE’s appreciation potential will be even more significant, and its future performance is worth looking forward to!
