Bitcoin’s Summer of 2021 Style Correction: What’s Next?
The cryptocurrency market is bracing for a potential ‘summer of 2021 style’ correction, with Bitcoin’s valuation indicator hovering around its 365-day moving average. Historically, a crossover of the index to the downside has marked major corrections, including the one between May and July 2021. But what does this mean for Bitcoin’s future, and can we expect a recovery soon?
A graph showing Bitcoin’s price movements
According to Julio Moreno, CryptoQuant’s head of research, Bitcoin is at a level where a local bottom can form or a major correction can occur. Trader margins have become extremely negative, which could be seen as a potential signal of a bottom. Prices have typically bottomed out when traders’ margins touch extremely negative levels, as seen currently.
The flagship cryptocurrency’s price has been in a slump since March, when it hit a record of more than $73,000 and quickly corrected. Since then, the crypto has been struggling to return to those highs. However, demand for Bitcoin has been on an uptrend since May, based on the growing amount of whales holding the cryptocurrency.
Despite the lull in prices, there are signs of a potential turnaround. U.S. inflation was negative in June, and the odds of the Fed trimming rates at its September meeting have risen sharply. This has led to a spike in Bitcoin’s price, with some analysts predicting a fresh run higher for the cryptocurrency.
A chart showing the U.S. inflation rate
The price of Bitcoin has been under pressure lately, but there are signs of a potential recovery. With inflation under control and the Fed potentially trimming rates, the stage is set for a Bitcoin comeback. But will it happen, and what does the future hold for the cryptocurrency?
Investors are increasingly looking to alternative cryptocurrencies for long-term growth. From virtual reality to socio-economic gamified ecosystems, there are a range of promising coins that offer compelling investment propositions. Whether you’re looking to diversify your portfolio or capitalize on emerging trends, understanding these key players in the crypto market paves the way for informed and profitable decisions.
A collage of various cryptocurrency logos
In this article, we’ll explore the best coins to hold for long-term growth, from 5thScape’s innovative approach to virtual reality to DarkLume’s gamified ecosystem. We’ll also examine the current state of the Bitcoin market and what investors can expect in the coming months.
Bitcoin’sSummer of 2021 Style Correction: What’s Next?
The Fed’s Rate Cut and Its Impact on Bitcoin
The U.S. Federal Reserve’s potential rate cut has sent shockwaves through the financial markets. With inflation under control, the odds of a rate cut at the Fed’s September meeting have risen sharply. This has led to a spike in Bitcoin’s price, with some analysts predicting a fresh run higher for the cryptocurrency.
A chart showing the Fed’s interest rate cuts
The Best Coins to Hold for Long-Term Growth
As investors look to alternative cryptocurrencies for long-term growth, there are a range of promising coins that offer compelling investment propositions. From virtual reality to socio-economic gamified ecosystems, these coins are set to revolutionize the crypto market.
5thScape (5SCAPE)
5thScape leads the charge in merging virtual reality with blockchain technology, heralding a new era in digital entertainment platforms. During its presale phase, 5thScape has attracted substantial investor interest, surpassing its initial $5 million target to raise $6.8 million.
The 5thScape logo
DarkLume (DLUME)
DarkLume emerges as a promising venture despite its somewhat ominous name. During its presale phase, DarkLume introduces a socio-economic gamified ecosystem where investors gain exclusive access to unique virtual territories based on their DLUME token holdings.
The DarkLume logo
Mallconomy (WOOT)
Mallconomy embodies a seamless integration of community, commerce, and creativity, tracing its origins back to the 1990s when it was first conceptualized and inspired by video games. Since then, Mallconomy has evolved into a dynamic Browse-to-Earn Multi-Device Metaverse Hub, offering users globally a diverse and immersive digital environment.
Dogecoin 20 (DOGE20)
Dogecoin 20 emerges as a significant player in meme coins, demonstrating notable success during its presale phase by achieving its fundraising target of $10 million.
Bitcoin Minetrix (BTCMTX)
Bitcoin Minetrix is a decentralized cloud mining platform designed to empower everyday users to participate securely and transparently in Bitcoin mining.
A collage of various cryptocurrency coins
In conclusion, Bitcoin’s summer of 2021 style correction may be a sign of a potential turnaround for the cryptocurrency. With the Fed’s rate cut and inflation under control, the stage is set for a Bitcoin comeback. And with a range of promising coins offering compelling investment propositions, investors have a lot to look forward to in the coming months.
