Bitcoin fell nearly 4% overnight, breaking below its support area around $27,000. The world’s largest cryptocurrency by market cap now sits at under $26,000.
The slide is an ominous sign for traders who have been watching Bitcoin’s momentum stall over the past month. It looks increasingly likely that Bitcoin, like many other major tokens, will suffer a more sustained bearish movement in June rather than make a break above $30,000 as many traders hoped.
In the meantime, several emerging cryptocurrencies offer huge potential for traders. Wall Street Memes, yPredict, and Deelance are all still in their presale stages, but have attracted a lot of attention already and are raising millions despite the bearish market.
Bitcoin Price Prediction: Slide to $20,000 Increasingly Likely
Since May, Bitcoin has been trading sideways between support at $27,000 and resistance at $30,000. The token briefly broke above $30,000 early in the month, but was unable to sustain a breakout.
Over the past several weeks, Bitcoin has tested its support at $27,000 multiple times. Each time, BTC has set a progressively lower low, suggesting that momentum is building for a bearish breakdown.
The latest 4% slide in Bitcoin’s price may or may not be the start of that breakdown—it’s still too early to determine whether the downward move will be sustained. However, it indicates that the bearish pressure on BTC is not going away, and makes a move back to $30,000 unlikely.
If Bitcoin does break down, it could fall a long way. The next significant support level for BTC is around $19,500. That represents a decline of more than 25% from today’s price.
From a fundamental perspective, there are few catalysts that could potentially help Bitcoin out of this bearish technical setup.
High interest rates are pushing institutional traders towards treasuries and bonds, and out of cryptocurrency. While inflation is high, it is not so elevated that traders are looking at Bitcoin as a hedge similar to gold.
New Meme Coin Wall Street Memes Outperforms Market & Raises $4 Million in 10 Days
While Bitcoin has been sliding, Wall Street Memes has been rising. This new meme coin raised an impressive $4.1 million in just the first 10 days after launching its presale.
Wall Street Memes is a community-driven token designed to mock the greed of Wall Street through memes. It echoes an ethos that has long been popular in the crypto community. It also echoes the sentiment of the r/WallStreetBets community, which has more than 400,000 followers across social media.
The team behind Wall Street Memes has experience creating viral meme projects. In 2021, the same developers released the Wall Street Bulls NFT collection, which sold out in 32 minutes.
Notably, the development team hasn’t reserved any $WSM tokens for itself. The team’s success is directly tied to the success of investors in Wall Street Memes.
During the current stage of the Wall Street Memes presale, investors can buy $WSM tokens at a price of $0.0274. That’s a discount of nearly 28% from the token’s list price.
In addition, early investors can join the Wall Street Memes airdrop. The project is giving away $10,000 worth of $WSM to each of 5 lucky investors. Investors can enter by following Wall Street Memes on social media or showing proof of a presale purchase.
yPredict Raises $2 Million for AI-powered Predictive Models, Being Backed to Pump
Another token to watch right now is yPredict. This innovative project is leveraging AI to build custom models that can predict the price of Bitcoin and other crypto assets in the near future.
yPredict’s models have the potential to give traders and analysts a significant edge over the crypto market. Since they’re built with AI, they can automatically adapt to changing conditions and help investors spot patterns that ordinary trading strategies miss.
One of the most exciting aspects of yPredict is that anyone can build their own predictive model using the platform’s tools. Model builders can then make their models available on a subscription basis in yPredict’s marketplace, enabling them to earn passive income in addition to trading income.
Buying a model subscriptions in the yPredict marketplace requires the $YPRED token, which investors can buy at a 25% discount to the list price during the yPredict presale. Investors who stake $YPRED can also share in revenue generated from yPredict model subscriptions.
The yPredict presale has been hugely successful, raising more than $2.1 million already. The project has more than 20,000 users on its waitlist and is fully KYC verified and audited. Some traders are even backing yPredict to 10x.
Deelance Takes on $5.2 Billion Freelance Market
Deelance, another emerging Web3 project, is taking on the $5.2 billion freelance platforms market. It’s going head-to-head with centralized marketplaces like Upwork, Fiverr, and Freelancer, and has several key advantages to win over these established marketplaces.
First, Deelance offers the lowest fees in the industry. It charges just 2% per contract for businesses and 10% for freelancers. Freelancers can get paid out instantly in crypto anywhere in the world with no transaction fees.
Deelance also leverages the blockchain to offer an efficient escrow platform. Its dispute resolution system is scalable, enabling it to take on more users without the growing pains of centralized platforms.
Another benefit to Deelance is that it tokenizes deliverables as NFTs. So, businesses can take full ownership of the work they pay for without any lingering questions around who controls what intellectual property.
Deelance is looking to the future of work with a metaverse built for freelancers and businesses. In the Deelance metaverse, users can rent office space, advertise their jobs or services, and much more.
Transactions in the Deelance metaverse will require the $DLANCE token, which is on presale now. The Deelance presale has raised more than $1.25 million and is rapidly approaching its next price increase.