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With BTC plunging below $60K, social media debates are heating up. Has BTC already reached its peak this cycle at $70K?
According to veteran trader Peter Brandt, that could be the case.
Does that mean it’s time to diversify into other emerging assets? Here is an analysis.
Exponential Decay of Bitcoin Sparks Pessimism
The “exponential decay” pattern suggested by veteran trader Peter Brandt indicates that Bitcoin may not be able to rise to $80K, let alone $100K, this cycle.
Exponential decay happens when each successive cycle has a peak price of only around 20% of the previous cycle’s peak gain. Interestingly, Bitcoin has fallen prey to the trend in the last three market cycles.
Bitcoin cycle exponential decay. Source: Peter Brandt
“Applied forward, this would indicate that the current bull cycle will experience an exponential advance of approximately 4.5X or so (80% of the 22X of the 2018-2021 cycle). Taking a low for the current cycle of $15,473 projects a high for this cycle of $72,723 — guess what — a price that has already been reached,” he notes.
Bitcoin reached $70,000 in March 2024.
On the bright side, even Brandt isn’t fully convinced by this theory.
Brandt admits that he doesn’t himself like the Exponential Decay occurring in Bitcoin, since it is one of his “personal largest investment positions”.
In response, Giovanni Santostasi, CEO and director of research at Quantonomy, commented: “We have only 3 data points if we exclude the pre-halving period and actually only 2 data points if we consider the ratios. This is hardly enough data to do any significant statistical analysis.”
Is BTC Going Down?
On Wednesday, 1 May, BTC plunged to $58K. The crypto fear and greed index is moving dangerously toward the fear zone.
Source: CoinMarketCap
But many analysts and institutional investors are positive that BTC will bounce back soon, kindling a broader market bull wave.
According to Laurent Benayoun, the CEO of Acheron, BTC could secure 150% gains during the current bull market cycle. The spot Bitcoin exchange-traded funds (ETFs) and the new supply short from Bitcoin halving are likely to cater to the pump.
Ark Invest’s Cathie Wood, on the other hand, sees a $1 million Bitcoin price as too conservative by 2030.
“That target — it was before the SEC gave us the green light, and I think that was a major milestone, and it has pulled forward the timeline,” she noted.
The ongoing bearish sentiments toward BTC are expected to be short-term, as a result. Meanwhile, investors are moving their money to emerging assets with higher upside potential.
Dogeverse Presale Nears $13M, Sparking Buying Frenzy
Dogeverse (DOGEVERSE) is one of the most prominent meme coins of 2024.
It has amassed a dedicated community of over 11,000 Twitter followers in less than a month. The presale has crossed the $12.8 million mark amidst the downturn.
Investors are securing DOGEVERSE tokens at discounted rates as a haven amid market turbulence. The project’s pioneering approach to a multichain meme coin universe is behind its success.
Dogeverse is integrating across Ethereum, BNB Chain, Polygon, Solana, Avalanche, and Base blockchains.
The intergalactic mascot Cosmo can “hyperjump” between blockchains. So it doesn’t come as a shock why Dogeverse has earned viral status in a short time. Dogeverse’s interconnectivity positions it favorably with traditional and institutional investors.
The multichain infrastructure facilitates token swaps for DeFi opportunities and cross-chain functionalities through protocols like Wormhole. In addition, it helps it tap into the speculative attention that comes with various blockchain labels.
The Dogeverse presale hard cap is set at $17 million, of which around $13M million has already been met. With listings on both DEX and CEX platforms coming, Dogeverse could potentially challenge high-cap meme coins.
WienerAI: An AI Crypto With Viral Meme Coin Elements
WienerAI (WAI) combines AI, dog, and sausage elements into a viral concept.
With these niches boasting multi-billion-dollar market caps this year, WienerAI is drawing large attention.
Essentially an AI trading partner, WienerAI offers features like an instant, predictive, and user-friendly AI interface that caters to beginners and seasoned investors alike. It facilitates seamless swaps to leverage opportunities without delay.
Instead of being just another bot, WienerAI serves as an AI-powered crypto trading partner that provides a significant competitive advantage in the market.
Investors can join the ongoing presale to acquire WAI tokens at fixed discounted prices with attractive staking rewards.
