Bitcoin (BTC) Plummets After Testing $71,500 – Is it the End of the Bullish Ride?

Since the start of the week, the entire crypto market has been on a rollercoaster ride, with Bitcoin at the centre of the volatility. On May 21, the coin saw a massive rally that briefly breached the $71,500 resistance level. However, after a few minutes, BTC started dropping. 

According to the daily chart, the coin slumped to $66,500 yesterday, causing the liquidation of many positions. BTC is exchanged for $67,767, down by almost 1% in the past 24 hours.

Despite this drop, analysts are still bullish on the coin, encouraging everyone not to worry about price decline.

Analysts Ignore Bitcoin Dip, Predicts Massive Upswing Ahead

Several prominent analysts have voiced their confidence in Bitcoin’s ability to regain momentum and embark on an upward trajectory. One such analyst, Jelle, took to X (formerly Twitter) to highlight the similarities between Bitcoin’s current price action and the 2017 bull run. 

Jelle asserted that once Bitcoin breaks above its 2021 all-time high of $69,000 again, it could trigger a parabolic move to the upside, potentially propelling the cryptocurrency to the $100,000 milestone.

In another post on May 23, 2024, he noted that all key resistance levels had been convincingly breached, further reinforcing the bullish narrative. He supported this view by highlighting a specific pattern on Bitcoin’s price chart known as “weekly hidden bullish divergence.”

In another post, a crypto trader and analyst, mags agreed with Jelle’s positive outlook. According to the analyst, the recent drop in price is just a temporary trick, and the price will soon start going up again.

Further, Mags pointed out that Bitcoin often shows a pattern where its price stays stable within a certain range for several weeks or months. Then, a sharp drop below this range occurs, tricking traders into betting on the price falling.

But soon after, the price quickly recovers and moves back up, leading to significant upward momentum. This cycle often leads to further price increases. If Bitcoin adheres to this pattern, Mags believes a “massive leg up” is imminent.

BitQuant, another prominent crypto analyst, also said the dip is insignificant. The analyst characterizes it as a “good confirmation,” which indicates that the market is gearing up for a “big leg up.” 

BitQuant’s predictions match Jelle and Mags’s positive views. The analyst believes that Bitcoin’s price could surge as high as $95,000 during its expected upward move.

Bitcoin Analysis: Technical Indicators Signals Bullish 

Bitcoin is currently showing some bullish signs on the chart above. The coin is positioned above the 50-day and 200-day SMA indicators. This is generally considered a bullish signal.

Also, it shows that despite the bearish sentiment, the bulls are still in control for longer. In addition, the MACD is above its signal line, which is considered a bullish signal, too.

Based on these indicators, Bitcoin’s momentum favours the bulls, meaning a reversal could soon occur. But know that sometimes, things don’t go as planned in the crypto space. So, apply proper risk management.

While waiting for Bitcoin’s reversal, investors and traders should consider this new AI-powered meme coin.

AI Meme Coin Trend Surges, WienerAI Presale Nears $3 Million

One interesting trend in cryptocurrency is the popularity of AI-themed joke coins. This year, AI (artificial intelligence) has become a big trend in cryptocurrency. 

The market for AI-related cryptocurrencies is now worth nearly $25 billion. The excitement grew even more when OpenAI introduced its newest development, ChatGPT-4o, earlier this month. 

After this announcement, investors everywhere wanted to get involved in AI-related cryptocurrencies. A new one called WienerAI, which mixes wiener dogs with artificial intelligence, is getting much attention. WienerAI’s early sale is almost $3 million, showing that many investors believe it could succeed.

WienerAI: AI-Powered Trading Bot & Meme Coin

WienerAI features sausage dogs with AI capabilities. Despite its playful design, it is a smart trading bot with actual uses. This bot helps users find the best buying opportunities in the crypto market based on their needs and risk levels. 

For example, if a user wants to discover promising new coins, WienerAI can quickly scan thousands of tokens and trading pools. It uses real-time data to find the best options and then explains why it chose them. Users can then easily trade these recommendations without any extra fees. 

WienerAI also offers a staking option, which means users can earn rewards by holding their tokens. According to the site, stake users can gain a yearly return of 367%. Combining advanced technology with a fun concept, WienerAI has quickly built a large, loyal community of fans.

WienerAI: The Growing Hype Around a Fun AI Meme Coin

The excitement for WienerAI is growing fast. Its ongoing presale has already raised over $2.8 million and is close to reaching $3 million. During the presale, early supporters can buy WAI tokens for just $0.00071 each. Of the 69 billion WAI tokens, 30% are available for presale investors. 

Another 40% is set aside for rewards and community incentives once WienerAI is available. The limited token supply and rewards have many people thinking that WAI could become valuable.

Furthermore, the developers want to ensure everything is secure, so they hired a respected auditor, SolidProof, to check the token’s security. SolidProof found no problems, giving WienerAI a level of transparency that many other meme coins don’t have.

Overall, things look very positive for WienerAI, which has become a strong contender in the presale market with over 9,300 followers on the X platform. Visit WienerAI’s official site to take part in the ongoing presale.