Bitcoin, catching its breath at $63,000···Altcoins, rising

BTC, sideways for several days without decline at $63,000
Altcoins Rise After Month-Long Downtrend
Experts Reveal Conflicting Predictions on BTC's Direction

Bitcoin (BTC), which rose after the U.S. Federal Reserve (Fed) announced a rate cut, took a breather and held the $63,000 level.

Earlier last week, Bitcoin rose by about 5% after the Fed announced a 50bp rate cut. Since then, Bitcoin has continued to rise without any declines, despite the absence of additional positive news, due to expectations of a rally in the second half of the year.

Altcoins continued to rise while Bitcoin was moving sideways. The interpretation is that the influx of low-price buying pressure into altcoins, which had been falling during Bitcoin's sideways movement, led to their rise.

◇Bitcoin = As of 5 PM on the 24th, the Bitcoin price on Upbit was 84.88 million won. Bitcoin’s market share (dominance) stood at 57.52%.

As Bitcoin took a breather after breaking through $63,000, experts had mixed views.

Renowned cryptocurrency analyst Rack Capital predicted on the 24th on his X account that Bitcoin is about to experience a rally following the Bitcoin upward pattern following past halvings.

“Bitcoin has shown a breakout trend approximately 154 to 161 days after past halvings,” explained Rack Capital. “Considering that this year’s Bitcoin halving occurred approximately 157 days ago on April 20, it appears that Bitcoin is about to breakout.”

Bitcoin analyst Luke Broyles also claimed that Bitcoin could reach $100,000 in this bull market, citing past patterns. The example Broyles cited was Bitcoin’s price increase due to high inflation in 2021.

On the 23rd, he predicted on his X account, "The cumulative inflation rate in the United States in 2021 recorded about 16.2%, and Bitcoin, originally worth $69,000, recorded $80,000." He added, "The U.S. Federal Reserve (Fed) will print a lot of currency over the next 6 to 18 months under the pretext of lowering interest rates, and the price of Bitcoin will record about $95,000 as a result."

On the other hand, there is also pessimism in predicting the direction of Bitcoin. There is an opinion that the outstanding contracts deposited in the Bitcoin futures market could be the trigger.

Bitfinex, in its own report published on the 24th, pointed out that the recent Bitcoin rally is a rally driven by the Bitcoin futures market, and that the price of Bitcoin may move sideways for a long period of time due to high open interest.

Bitfinex explained that "the recent market rally is being driven by futures trading," and that "high open interest, which has reached $19.43 billion, could create significant volatility in the market."

◇Rising Coin = As of 5 PM on the 24th on Upbit, the cryptocurrency with the largest increase compared to the previous trading day was UXLINK, up about 24%.

UXLink builds a user-participatory Web 3.0 social platform, guaranteeing users complete ownership and privacy of their data, identity, and social connections. It aims to overcome the limitations of existing social platforms by serving as a bridge between Web 2.0 and Web 3.0.

For users, it provides various dApps and services that can be operated on a group basis, and for developers, it provides various APIs (Application Programming Interfaces) and SDKs (Software Development Kits) that can utilize users' social data. Users can easily create UXLink accounts and invite friends using existing social media accounts such as Telegram. UXLink's native token, UXLink, is used as a means of payment and governance within the platform.

◇Fear and Greed Index = The cryptocurrency fear and greed index provided by Alternative has entered the 'Neutral' stage at 54 points. The neutral stage is a section where psychological resistance and support from market participants appear, and important decision-making actions occur in future price movements.

Reporter Kwon Seung-won ksw@