Bitcoin’s price is experiencing significant volatility, which is typical in leverage-driven price action. After rising from $65,200 and attempting to break through the crucial $68,000 resistance, it was swiftly rejected at $67,800, resulting in a sharp 4.5% drop to $64,800 in just minutes.
This sudden crash led well-known investor CrediBULL Crypto to urge his followers to sell their holdings, expecting further downward volatility in the days ahead. However, the BTC price has since rebounded, currently trading at just under $67,000.
Smart money investors have closed their leveraged trades, opting for spot positions instead. At the same time, meme coin enthusiasts are investing in presale tokens such as Pepe Unchained and Crypto All-Stars due to their lack of correlation with Bitcoin’s fluctuating price.
The volatile price action led to over $1 billion in leveraged positions being wiped out after the New York Open, largely due to a broad-based decline in equities. CrediBULL Crypto’s bearish sentiment is not surprising, as he has short positions on BTC and is expecting a drop to $46,000 before an uptrend resumes. He also has an ongoing bet with @br0kegenius based on Bitcoin’s price hitting $61,000 before $71,000.
However, other prominent crypto analysts are not as quick to echo his bearish sentiment. For example, Crypto Chase believes that the BTC price crash was merely a weekly retest, considering it held the key $64,400 support level. Similarly, Rekt Capital is impressed by Bitcoin’s resilience after the initial crash and believes that a weekly close above Bitcoin’s multi-month descending channel could invalidate all bearish scenarios, leading to new all-time highs.
Meme coins such as Pepe Unchained and Crypto All-Stars are in high demand, with PEPU having raised nearly $20 million in its ICO. It remains in its presale, shielding investors from Bitcoin’s short-term price swings. Experts are confident that new all-time highs for Bitcoin are imminent, paving the way for a meme coin supercycle. Leveraging its Layer-2 ecosystem, native staking protocol, and solid tokenomics, PEPU has won over smart money investors.
Similarly, Crypto All-Stars is also in high demand, nearing the $2.5 million mark in its presale. Investors can leverage STARS’ multi-chain staking protocol MemeVault and earn attractive passive income. In fact, STARS stakers will earn thrice the rewards, in addition to the passive income from the presale staking platform. Prominent investors are eyeing up to 100x returns with Crypto All-Stars.
