Bitcoin exits post-halving dip, signals accumulation phase, suggests analyst
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It looks like Bitcoin may have finally exited the post-halving “danger zone” and entered an accumulation phase. Technical analyst Rekt Capital suggests that the selling pressure behind Bitcoin’s price is weakening, with the $60,000 support level being crucial for the continuation of the upward trend.
Meanwhile, MicroStrategy, the largest corporate holder of bitcoin, has been added to the MSCI World Index following a surge in its stock price. The addition of the company, whose bitcoin holdings are currently valued at a staggering $13.5 billion, is indicative of how bitcoin exposure can creep into traditional portfolios.
In the wild world of meme coins, Solana’s GameStop Wif Hat (GMEWIFHAT) and Roaring Kitty Wif Hat (RWIF) have been on a roller coaster ride. GMEWIFHAT skyrocketed by an incredible 47,000% before plummeting, while RWIF is still holding strong with a 32,424% rise, all tied to the return of the legendary trader RoaringKitty.
Today’s Newsletter
- Bitcoin exits post-halving dip, signals accumulation phase, suggests analyst
- Largest corporate bitcoin holder MicroStrategy added to key global equity index
- GameStop Wif Hat meme coin skyrockets 47,000%, then plummets
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BITCOIN
Bitcoin exits post-halving dip, signals accumulation phase, suggests analyst
The upcoming April Consumer Price Index (CPI) release on Wednesday will be a major focus for Bitcoin investors, with forecasts for the CPI and core CPI at 3.4% and 3.6%, respectively. If inflation remains stubborn, rates might stay high for a longer period, potentially impacting Bitcoin’s price.
However, BitMEX founder Arthur Hayes believes that rising government debt and adjustments by the Fed and US Treasury are making alternative investments like Bitcoin more appealing. He predicts that Bitcoin’s price will move to a period of relative stability between $60,000 and $70,000 by August, while Standard Chartered expects BTC’s price to reach $150,000 by year’s end and $200,000 by 2025, citing the potential impact of the upcoming US presidential election and favorable shifts in fiscal and monetary policy. [cryptobriefing]
MARKETS
Largest corporate bitcoin holder MicroStrategy added to key global equity index
MicroStrategy’s stock price has surged since bottoming alongside the cryptocurrency market in December 2022, with shares gaining more than eightfold and outperforming bitcoin’s 45% gains in 2024. The company’s substantial bitcoin holdings, equivalent to more than 1% of bitcoin’s total supply, have led to its increasing use as a proxy for bitcoin exposure in the traditional market.
Earlier this month, MicroStrategy announced plans to launch a bitcoin-based decentralized identity solution, further cementing its position as a key player in the cryptocurrency space. The addition of MicroStrategy to the MSCI World Index is a significant milestone, highlighting the growing acceptance and influence of bitcoin exposure in traditional investment portfolios. [theblock]
MEME COINS
GameStop Wif Hat meme coin skyrockets 47,000%, then plummets
Influencer EllioTrades shared his thesis on the meme coin market, suggesting that the return of RoaringKitty and his cryptic message about “the dog days” being over could signal a shift in the meme coin landscape. EllioTrades plans to add exposure to all cat-themed coins, believing that the market is yet to start its bull cycle.
He predicts that as the new generation of traders flows into crypto from social platforms like TikTok, memes popular among “Gen Z” will give rise to the most profitable meme coins. EllioTrades cites the example of $HAMMY (Sad Hamster), which he bought due to its viral popularity on TikTok, as an indicator of how the next generation of traders will shape the meme coin market by bringing “real” memes from social media to the forefront. [cryptobriefing]
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