Altcoins
Altcoins Hold Up as Bitcoin Price Plunges with This Week’s Upcoming CPI: Best Cryptocurrency to Buy the Dip
As the highly anticipated Consumer Price Index (CPI) report, scheduled for May 15, 2024, approaches, the potential impact on the price of Bitcoin and the broader cryptocurrency market looms large. CPI data serves as a key indicator of inflation levels within the economy and its readings should be closely monitored by cryptocurrency investors.
A higher-than-expected inflation rate could put downward pressure on cryptocurrencies like Bitcoin, as it could trigger price pressures and changes in investor sentiment.
Despite potential headwinds, altcoins have demonstrated resilience, with most major cryptocurrencies posting modest gains or declines over the past seven days. Toncoin price (TON)., for example, increased by 21%, while Ethereum (ETH), Solana (SOL), and XRP recorded declines of between 3% and 5%. Bitcoin itself started the week on a positive note, with its price up 2.5% and currently trading above the $62,000 mark.
Will the price of Bitcoin collapse with the next CPI?
Daan Crypto Trades, an influential analyst who boasts nearly 400,000 X followers, shared his insights on the upcoming release of the CPI index. He noticed a lot of activity in the order books, with significant long and short positions being created over the weekend, in anticipation of the CPI data.
While acknowledging the relative strength of altcoins compared to Bitcoin, Daan Crypto Trades believes that Bitcoin needs to stabilize above the $65,000 level to solidify a short-to-medium-term uptrend.
Lots of action on orders.
Big longs, big shorts all weekend with CPI again next week.
Alts is better than $BTC showing some signs of general strength but would like to see #Bitcoin stabilize above $65,000 to truly say that we are back in the short/medium term.
To be…
— Daan Crypto Trades (@DaanCrypto) May 10, 2024
BATMAN, another analyst with a large following of 74,000, provided a comprehensive analysis on X of Bitcoin’s price action leading up to the CPI release. He expressed optimism, anticipating a drop in inflation data on May 15, which could potentially trigger a bullish market turn. BATMAN took a deep dive into Bitcoin’s weekly, daily and 4-hour charts, identifying key support and resistance levels.
On the weekly time frame, BATMAN highlighted that the Bitcoin price chart has managed to maintain a parabolic uptrend, remaining within the trend line for the past two years. Even when many analysts predicted a drop to $50,000 last week, Bitcoin stuck to this upward trajectory.
#Bitcoin Price action leading to CPI
The consumer price index (CPI) and inflation data will be released on May 15th. Recent data on unemployment, nonfarm payrolls (NFP), and jobless claims suggest that the labor market and economy are slowing significantly. Consequentially,… pic.twitter.com/IVu6A0VOWf— BATMAN ⚡ (@CryptosBatman) May 11, 2024
Looking at the daily chart, BATMAN noticed that BTC is attempting a retest towards the liquidity area between $56,000 and $59,000. In particular, the Stochastic and Relative Strength Index (RSI) indicators are currently in extremely oversold territory, with the Stochastic poised for a golden cross. Furthermore, the RSI reached a level where Bitcoin was trading at $38,000, suggesting the potential for a rebound.
On the 4-hour chart, BATMAN has identified three key price points to watch: 1) a potential bounce from the current 4-hour fair value gap, 2) reaching the order block at $59,300, or 3) a decline to at $57,600. order blocking. According to BATMAN, any of these three scenarios would be favorable, provided that the price does not fall below the $56,500 area.
If all goes according to plan, BATMAN believes the price should follow one of three scenarios outlined, with the CPI data acting as a catalyst for bullish sentiment to trigger a market turnaround.
Ali, another prominent crypto analyst, chimed in on However, if it fails to break above $64,290, Bitcoin could retest the support at $51,970.
Self #Bitcoin can recover $64,290 as support, it is likely to rise towards $76,610. However, if it fails to exceed $64,290, $BTC it could retest the support at $51,970. pic.twitter.com/s4D1fTEU7k
— Ali (@ali_charts) May 12, 2024
The best cryptocurrency to buy now
Jacob Bury, a YouTuber with nearly 40,000 followers, highlighted Slothana as one of the best cryptocurrencies to invest in. Slothana recorded a sharp price increase of almost 500% from the initial low price, despite a brief bear market phase.
To increase confidence and stability, Slothana has locked down its liquidity until November 2024 and implemented a token burn strategy, which has already seen 3 million Slothana tokens burned when the price reached $0.03. Further burns are expected at higher price points.
ClayBro, another cryptocurrency YouTuber with over 128,000 subscribers, recommended Slothana and two new meme coins as the best cryptocurrencies to buy now: Dogeverse and WienerAI. Dogeverse is nearing the end of the pre-sale and has raised over $15 million, with compatibility across multiple blockchains. Wiener AI offers the potential for passive income through staking, raising over $1.6 million in pre-sales so far.
Conclusion
While the upcoming CPI data could spell trouble for the cryptocurrency market, particularly for the price of Bitcoin, altcoins have shown resilience. Analysts and influencers have highlighted several top cryptocurrencies to buy now, including Slothana, Dogeverse and WienerAI, as potential investment opportunities this week and beyond.