Bitcoin experienced a downward trend in the first half of May, attributed to the impact of several important economic indicators on the market. Considering these events, Bitcoin’s value (BTC) dropped to $25,810 last Friday following a breakout at a significant price floor of $26,500. This fall marked the lowest point for the world’s largest cryptocurrency since March 17th, when its value fell below $25,000. However, BTC has recently regained some of its value, rising to a high of $27,527.51 in today’s session. One factor contributing to this increase is the 14-day relative strength index (RSI), which has surpassed a ceiling at 42.00 and is currently tracking at 44.66. Moreover, Bitcoin has re-entered its support point at $27,500, and there is a growing bullish sentiment aiming for $28,000 in the short term.
Nonetheless, a significant challenge for BTC will be when the RSI reaches a ceiling at 48.00. If this occurs, not only will BTC cross $28,000, but there is a high likelihood that it could reach $30,000 by the end of the month.
As investors analyse the most recent data, the question remains whether bullish investors will return to the market. The coming months will undoubtedly come under close scrutiny in anticipation of the next Bitcoin halving in 2024.
Since its launch over a decade ago, Bitcoin has taken the financial market by storm. As the original cryptocurrency, Bitcoin has remained the top coin in the crypto market. One of the main features maintaining its high performance is its hard-capped supply of 21 million.
As the next Bitcoin halving is likely to occur in April 2024, some investors are already preparing for it as historically the event has caused Bitcoin’s price to rise considerably. Bitcoin halvings are important events for traders because they reduce the number of new Bitcoins being generated by the network. This limits the supply of new coins, so prices could rise if demand remains strong. Some analysts have even suggested that Bitcoin could meet a new record high once the halving occurs next year.
On a related note, Litecoin, an altcoin that functions similarly to Bitcoin with some key differences, is also expected to experience a surge in value due to its anticipated halving event in August. Litecoin, often referred to as the ‘lite’ version of Bitcoin, was designed primarily as a digital currency for peer-to-peer transactions without the need for intermediaries. One notable difference between Litecoin and Bitcoin is that Litecoin’s block time is 2.5 minutes, compared to Bitcoin’s 10 minutes. Despite a recent drop to a low of $75.61 on May 8th, Litecoin has since recovered to around $79, though it remains down by over 10% in the last week. The halving event, which is expected to occur in August, will result in a 50% reduction of block rewards for miners to 6.35 LTC, increasing Litecoin’s scarcity and potentially boosting its price.
Big Eyes Coin (BIG) has generated a significant buzz during its record-breaking presale, capturing the attention of serious investors and signalling its potential for continued success upon launch. The cat-themed meme coin is wrapping up its presale phase, having amassed roughly $36 million in funds, with the final day set for June 3rd. Uniswap is slated to host BIG on June 15th, with speculation around future CEX listings. The project’s community, known as the crypto cat house, believes this to be one of the year’s most explosive meme coins.
Throughout the presale, the team has offered incentives and rewards, leading to an enthusiastic crypto community. Big Eyes Coin has several exciting developments planned post-launch, including the casino set to debut on August 29th. The casino boasts over 4,000 games and play-to-earn opportunities, with BIG tokens acting as the mode of entry and winners potentially taking home big prizes. This is anticipated to boost the platform’s popularity and daily trading volume.
For crypto enthusiasts, the market is brimming with upcoming developments, and Big Eyes Coin stands out as one of the most thrilling meme coins, offering innovative and value-based features. As CoinPayments recently reported, the value of PEPE meme coin skyrocketed by over 2,000% in two weeks. Now, with just under a month remaining in the presale, Big Eyes Coin seems poised for similar success.
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