Major cryptocurrencies saw a sharp bounce as the global crypto market cap expanded by 1.3% over the past day.
The Bitcoin price has appreciated more than 1.5% over the last 24 hours and is trading above the $29,900 price level. With experts becoming increasingly bullish on a spot Bitcoin ETF approval, investors are gearing up for a strong surge in volatility that can kick-start a new BTC bull cycle.
Meme coins are also stealing the spotlight during the current bull rally, with both Shiba Inu and Pepe skyrocketing by over 8% and 13%, respectively.
Newly-launched presale meme tokens are also showing bullish momentum, with Shibie Coin emerging as one of the top gainers, having raised over $230,000 as it aims to become the next Shiba Inu.
Bitcoin Bounces Back As Market Recovers, Will This Be The Start Of A New Bull Run?
After a quick retest of the $28.6K price level, Bitcoin displayed a significant recovery that saw it change hands near the $29,900 mark. After frustrating investors over the past few weeks with its unusual lack of volatility, BTC has surged by 1.5% over the last 24 hours.
With $30,000 in sight, investors believe that the token will likely see a strong bullish continuation, an assessment supported by its technical analysis. TradingView, a technical analysis platform, gives a Strong Buy signal to the token in the daily time frame.
BTC is currently outperforming most of the important moving average indicators in that time frame and will look to breach the 50-Day Simple Moving Average at $29.9K.
Expert trader @CryptoJelleNL is extremely bullish and believes that $32K may be on the cards after the Moving Average Convergence/Divergence indicator has turned green. He also predicts that a full-blown BTC bull run may be on the horizon as the token has locked in the 3-day golden cross, a signal that is always followed by a new Bitcoin all-time high.
Michael van de Poppe, the founder of MN Trading, also agrees with this assessment as he predicted a major move for BTC if it crosses the $27.7K price mark. Since the token is now trading comfortably above it, another bullish wave may soon follow.
Bitcoin’s current rally has also surprised a few investors as it remains strongly correlated to the broader equities market, which took a major beating today. Similarly, the US Dollar index also continues to surge, which has been typically bearish for BTC.
However, the increasing investor confidence in the SEC likely approving a spot Bitcoin ETF may be giving a major boost to the token. As of now, 9 TradFi mega institutions, such as BlackRock, with a cumulative AUM of $15 Trillion, have applied for spot ETFs.
Bitcoin’s bullish scenario now rests upon the upcoming CPI inflation data, which will determine whether the Federal Reserve will continue with its hawkish monetary tightening or not.
Meme Coins Also Rising as Shibie Coin Smashes Past The $200K Milestone
Bitcoin’s rally has led to a strong bullish wave in the meme coin market, with tokens like Shiba Inu, Bone, and Pepe skyrocketing.
The newly-launched Shibie Coin is also off to an explosive start in its presale, surging past the $230K mark in just a week.
The token’s strong start is not a surprise, considering that it is receiving a major boost from two of the trendiest global phenomenon – the latest Barbie movie that is breaking all records at the box office and the vibrant Shiba Inu community.
$SHIBIE is a true low-cap gem – the presale has a hard cap of $999,000 despite 60% of the entire token supply being up for grabs. Its low-cap status may result in explosive price growth, especially with the current bullish market sentiment.
The project is also making every effort to make sure that the token fully capitalizes on the ongoing Barbie mania – 5% of the entire token supply has been reserved for the marketing strategy, boosting $SHIBIE’s user adoption.
The token has also prioritized offering a smooth trading experience to investors by reserving 20% of the tokens for decentralized exchange liquidity and another 10% for future centralized exchange listings.
However, the $SHIBIE presale is set to end in less than 6 days. Investors looking to maximize their profits need to get in early and purchase the token by swapping ETH, BNB, or USDT in exchange for it.
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