The price of Bitcoin surged by an impressive 7% this week, allowing the cryptocurrency to break the previous channel it was trapped inside to push above $30,000 and hit a fresh ten-month high not seen since June 2022.
The move upward surprised many analysts, who were previously expecting BTC to pull back toward $25,000 before heading higher. Nevertheless, the swing higher has allowed BTC to break the previous structure and set fresh highs for 2023 as it looks to continue its recovery from its disastrous performance in 2022.
With Bitcoin heading higher, we decided to look at where the resistance is on the way back toward $40,000. Meanwhile, it seems that some traders are securing profits from this move and investing in the next memecoin sensation before it explodes higher.
Bitcoin Surges Beyond $30,000 as Bull Run Starts to Heat Up
The price of Bitcoin is now up by a whopping 46% over the past month of trading. The cryptocurrency previously struggled to break resistance around $29,000 as it was stuck at this level since mid-March. The breakout occurred yesterday as BTC soared beyond $29,000 and continued higher to break $30,000.
Today, BTC continued upward to meet resistance at $30,300 – provided by a trend line that has been in play since January 2023. The latest move has revived the bullish narrative for BTC as traders believe that the number one ranked cryptocurrency can continue to surge through April as it makes its way toward $40,000.
The impressive growth for BTC in Q1 2023 has allowed the asset class to beat the average return of the five major stock indexes. While BTC surged by an impressive 170% over the period, the major stock indexes only managed to increase by an average value of 5.5%.
Are Global Macroeconomic Indicators Starting to Settle?
With the Silvergate Bank, Signature Bank, and Silicon Valley Bank collapse reminding investors about the fundamental weaknesses of the global economy, the narrative surrounding inflation might be starting to settle.
Over the past two years, rising costs of goods and services forced central banks worldwide to increase their interest rates to try and curb consumption. As a result, the US Federal Reserve started to hike interest rates at its most aggressive pace since the 1980s, pushing the current interest rate to around 5%.
Although we’re not yet out of the woods, there are hints that the inflation fear might be starting to ease. For example, the February CPI report – released last month – indicated that inflation in the US slowed from 0.5% to 0.4% monthly and from 6.4% to 6% yearly. As a result of this CPI report, BTC managed to surge past $26,000 to hit the previous resistance, beneath $29,000.
Now, traders will keep their eyes on the US CPI report, expected later this week. If the CPI suggests that inflation is heading back toward the Federal Reserve’s 2% target, we can expect BTC to continue its upward trajectory and head higher.
Bitcoin Indicator Hints at Bull Run Ahead
Another #Bitcoin indicator hints at explosive growth!
Historically, aSORP (90d) below 1 signals a bear market, & above 1 signals a bull market. In 2015, 2019 & 2020, it led to 6,110%, 150%, & 579% gains.
aSORP recently moved above 1, suggesting $BTC readies to go parabolic 🚀 pic.twitter.com/gSYubuvgu1
— Ali (@ali_charts) April 9, 2023
Bitcoin on-chain indicators are also starting to hint that a major bull run is incoming. For example, the aSORP (90D) metric (Average Spent Output Lifespan Ratio), which shows the average lifespan between when a Bitcoin is spent and when it is spent repeatedly, is starting to suggest that we are entering a bull market.
Typically, when the aSORP is above the value of one, it indicates that a bull market is incoming. Historically, this metric has signaled some impressive returns for traders in 2015, 2019, and 2020 – all of which produced remarkable returns.
The aSORP recently flipped above the value of one this week, indicating that Bitcoin could be about to experience a parabolic move higher.
MicroStrategy Pushes BTC Holdings up to 140,000, and Bitcoin Holders Rise
While Bitcoin was stuck beneath $29,000, the business intelligence firm spearheaded by Michael Saylor, MicroStrategy, announced that they bought another 1,045 BTC for a price of around $29.3 million.
These Bitcoins were purchased between March 24th and April 4th, indicating that MicroStrategy was purchasing when the price of BTC was struggling to break previous resistance as they foreshadowed the move higher. On average, MicroStrategy purchased the 1,045 BTC at a price of around $28,000.
The additional 1,045 BTC has now put the company’s BTC holdings to an astronomical 140,000 BTC – making it the largest holding by a company by a long mile.
While MicroStrategy continues to line its wallets, the overall number of “hodlers” continues to rise. According to data from Santiment, the total amount of Bitcoin holders has been rising at the fastest rate since early 2021;
💰 There is a rising rate of #Bitcoin #hodlers as traders seem to have become increasingly content in keeping their bags unmoved for the long-term. We saw a similar trend from January, 2021 through April, 2021 when $BTC rose above $64k for the first time. https://t.co/xrwNhcqVLo pic.twitter.com/wYFBsx6Css
— Santiment (@santimentfeed) April 9, 2023
Looking further into this, the number of crypto wallets holding at least one Bitcoin also reached a new all-time high, getting very close to the 1 million milestone;
With the outlook looking extremely positive, where is the resistance on the way up toward $40,000?
BTC Price Prediction: Where is the Resistance Toward $40,000?
The daily chart below shows BTC from mid-January 2023 to the current price. The chart shows the trend line that has stalled the BTC price hike, which has been active since the start of January. A break above this trend line would indicate a parabolic move higher for BTC;
The consolidation period during the second half of March, between $29,400 and $27,000, has also created a great deal of support for the market if it starts to head lower.
Looking ahead, if the buyers manage to break the resistance provided by the trend line, the first level of higher resistance is expected at $31,000. This is followed by resistance at $31,650 (June 2021 low-day closing price), $32,270, and $32,950 (Jan 2022 lows). If the buyers continue to push beyond $33,000, additional resistance is expected at $33,500, $34,000, $35,000, and $37,190 (March 2022 lows). Finally, before being free to test the $40,000 level, BTC would have to challenge the June 2022 highs at $39,490.
On the other side, BTC’s first level of support lies at $30,000. This is followed by support at $29,890 (June 2021 lows), $28,230, $27,750 (Jan 2021 lows), and $26,500. Finally, added support is expected at $25,400 (May 2022 lows) and $24,235.
Interestingly, it seems that investors are starting to take some of their BTC profits off the table to begin investing in alternatives to Bitcoin that might produce higher returns. One alternative, in particular, is gaining considerable traction as investors expect it to become the next memecoin sensation within the industry.
Is Love Hate Inu About to Replicate the Success of Dogecoin and Shiba Inu After Raising Almost $3.5 Million in One Month?
The presale for the Love Hate Inu project only started at the beginning of March, yet it’s already managed to almost $3.5 million in investment since starting its fundraising campaign. Love Hate Inu is dubbed the next memecoin sensation because it’s one of the few memecoins that can provide real-world utility to holders.
The utility is provided through a secure and transparent platform for voting on issues that matter while simultaneously rewarding all participants for their contributions. The platform is designed to allow people to engage on the most important issues and promote healthy discussion while providing an immutable voting system to provide honest opinions.
As a result, Love Hate Inu has given birth to an entirely new groundbreaking GameFi concept known as vote-to-earn.
Is a Voting Platform Really Necessary?
With social media dominating the online discussion today, you might think it’s foolish to create an entire cryptocurrency project related to an immutable voting platform, as most social media sites can produce polls.
Unfortunately, our online social media platforms are becoming increasingly difficult to trust. With so many paid shills and actors on these platforms, it’s becoming tricky to determine which opinions are honest and genuine and which are designed to manipulate online sentiment. Furthermore, when we add the new implementation of artificial intelligence into the mix, it’s about to become impossible to understand what online opinions are honest anymore.
The solution provided by Love Hate Inu lets users vote on polls and hot topics while giving evidence that the opinions are genuine, which can be verified on the blockchain.
The project intends to position itself at the forefront of a rapidly growing sector in the online survey market. Love Hate Inu wants to become the first blockchain-powered voting platform to record immutable results through its ledger. The global online survey market hit $3.2 billion in 2023. It has an estimated Compounded Annual Growth Rate of 14.6%, which should help it hit $5.7 billion by 2027.
Love Hate Inu wants to be the first blockchain-based mover in this space to take advantage of the immense growth potential in this sector.
How Does the Vote-to-Earn Ecosystem Avoid Spam and Manipulation?
The great part about the ecosystem is that only those who are genuinely invested in the platform will be able to vote. This is designed to help prevent spam attacks or voting manipulation by requiring users to stake the native token before being eligible to vote.
The act of staking qualifies a user to earn voting power to get started voting. In addition, the team has implemented a real-time staking mechanism that considers the 30-day average balance of users – helping to prevent spam and manipulation further. As a result, every user will gain voting power over time, regardless of if their tokens are locked in the staking contract.
In addition to preventing spam, staking ensures the voting process is entirely anonymous. This lets users express their honest opinions without fearing retaliation or being judged for their outlook.
Once users have staked and cast their vote, they instantly earn $LHINU tokens as a reward in the vote-to-earn ecosystem.
Carl Dawkins Revealed as CEO
When the Love Hate Inu presale crossed the $3 million milestone, the project announced that Carl Dawkins is the CEO pushing the project to the mass audience. Dawkins is a well-known name in the memecoin space, hailed for pushing Tamadoge to unprecedented heights during the devastating 2022 bear market.
Under his guidance as Head of Growth, the TAMA token managed to raise over $15 million during its presale. It reached as high as $0.173 once it launched on tier-1 exchanges, providing an exceptional 16x return for presale investors.
Dawkins is on a mission to replicate the same success with Love Hate Inu, stating, “I’m here to beat the 10x on Tamadoge.”
Presale Expected to Sell Out Ahead of Schedule
The Love Hate Inu has witnessed an impressive surge in traction as it quickly approaches the $3.5 million fundraising milestone. This is impressive when we consider the fact that the presale started in the first week of March, meaning it managed to raise over $3 million in under four weeks.
The presale is currently sitting in the fourth stage, selling the token at a price of $0.000105. However, it’s important to note that the presale uses an increasing price mechanism which will increase the $LHINU token price during each stage of the presale. So, for example, the price will increase to $0.000115 once the presale enters the fifth stage. After that, it will continue rising across all eight stages until the final launch price of $0.000145.
As a result, those investing in the earlier stages of the presale stand to benefit the most as they’re bound to leave the presale with higher unrealized gains once it reaches its conclusion.
The best part about the entire presale is that the team has pledged to sell 90% of the total supply to the community. This is to ensure that the community holds most of the tokens to make it decentralized and protect investors from rug-pulls. The remaining 10% is reserved for adding liquidity to exchanges, paying for listing fees, and providing community rewards to voters. The presale contract was also recently audited by SolidProof, one of the most respected security firms in the space, providing additional security for investors.
Overall, Love Hate Inu provides the perfect opportunity to get invested in the next memecoin sensation that can give real-world utility to its holders.