Bitcoin has been on a wild ride lately. After reaching an all-time high of $ 67,000 in November 2021, its value dropped to $ 20,000. This has already prompted some experts to declare Bitcoin dead – but is it really? Or are there other cryptocurrencies worth investing in? In this article, we look at the price and weaknesses of BTC and suggest three cryptocurrencies that are currently rising in value: Stepn, Cardano, and Battle Infinity.
Bitcoin price update: Analysts lower their thumbs
The price of Bitcoin falls below the $ 20,000 mark again. Just as BTC looked to run for the higher price targets of $ 22,000 and $ 24,000, the cryptocurrency fell back below this key level.
At the time of writing, Bitcoin is down almost 3% and is trading at $ 19,852.97. While it is too early to see any definite signs of heavy losses, this recent decline could be a sign of trouble for the bulls. Finally, one of the key points made by bullish investors is the ability of the signal to hold above $ 20,000.
If this support level is broken sustainably, it could trigger the next wave of selling that will push the price of Bitcoin much lower. Large supports can only be found at $ 11,000 and under.
However, no major sales have been made yet, but if the bears can keep up the pressure, they could force an ongoing breakout of less than $ 17,000. Then it burns brightly. It remains to be seen how the situation will develop, but for now the bitcoin price seems to be stuck in a trading range that comes with a fair amount of risk.
Bitcoin Chart Analysis: Can US Data Win the Bear Flag?
Nowadays, bitcoin seems to be in a classic bear flag pattern. This is a technical indicator of a continued decline in the price of an asset. And following the recent BTC price action, it looks like the cryptocurrency could fall significantly in the near future.
Currently, BTC is trading right at the blue resistance of the triangle (which is now acting as a support). However, as US stock markets fall, it is doubtful that this support will continue. The actual trend will finally be determined tomorrow by new US consumer tax data.
If inflation falls below 8.6%, we can expect a significant rise in BTC. However, if the CPI is above 8.6%, it would mean that inflation is accelerating further, which could lead to further declines in Bitcoin. So basically all eyes are on tomorrow’s CPI report.
dead bitcoin? These altcoins could still take off
While Bitcoin has suffered defeat after defeat in recent months, there are still many enthusiasts who believe in the long – term prospects of the world’s largest cryptocurrency. However, more and more people are turning to other coins, the so – called altcoins.
These are cryptocurrencies that are not based on Bitcoin code and offer other features and benefits. While Bitcoin is still the largest and most famous cryptocurrency, altcoins like Stepn, Cardano, and Battle Infinity could offer better performance in the future.
That’s because they offer unique features that address some of Bitcoin’s limitations. Stepn is a highly targeted platform that first turned the Move2Earn concept into an app, and Cardano offers a more scalable and energy efficient blockchain platform. Battle Infinity, on the other hand, wants to cover several functions of the Metaverse at the same time. If the cryptocurrency market starts to recover, these altcoins could attract more investors and see their prices skyrocket.
Of course, the following lines are hypothetical. After all, the market as a whole and therefore every single signal is still highly dependent on the performance of Bitcoin. However, the cryptocurrencies mentioned can convince me with their concept. If prices fall again, they could provide excellent performance.
Stepn still operates a new app that lets users earn cryptocurrencies by walking, jogging or running. Here’s how it works: users need to buy NFT sneakers, which have different returns while training; some of these digital sneakers have sold for thousands of dollars.
The more you train, the more you earn. Stepn is the evolution of two concepts that have been growing over the last few years: the augmented reality (AR) game and the earnings game. While training, you can earn GST and GMT. Players looking for a way to be fit and earn extra money will find an exciting launch in Stepn. This has already led to a huge demand in the past, not to give up.
Cardano has been one of the biggest cryptocurrency success stories in recent years. However, the price of the Cardano base ADA is now 85% off the prevailing record high, so there should still be plenty of room for improvement.
Large investors in particular seem to have put themselves in the best position by investing more in ADA signals over the past few weeks. In doing so, they have gained a significant share in the Cardano network and can now take advantage of it as the network grows and as more people adopt Cardano as their cryptocurrency of choice.
Cardano also worked on his technology. The project is still in its early stages, but with the strong support of investors and a growing user community, it has the potential to become a major player in the cryptocurrency world.
battle of infinity
Battle Infinity is a potential Bitcoin alternative and their vision is to provide a complete secure and decentralized gaming experience that gives users and creators direct ownership of their game assets.
Battle Infinity is a new blockchain-based gaming platform that promises to change the way online games are played. In the ecosystem, all in-game items are stored on the blockchain and ownership is completely transparent and intrusive.
In addition, Battle Infinity integrates gaming with the Metaverse for an unlimited and immersive experience. The comparison with Axie Infinity can definitely be drawn here. The IBAT signal is still in the pre-sale phase. Investors could find a bargain here. Of course, the risks of a whole new project must be taken into account.