- This week is likely going to be a silent week, at least from a macroeconomic perspective. Cryptos will have a chance to recover and move higher, but not if Bitcoin price decides to crash the party.
- AI mania propels many cryptos
- Altcoins have taken the center stage as Bitcoin price moves sideways. Major developments are taking place in the AI sector, which has caused AI-based altcoins like Worldcoin, Render, and Fetch.AI to take off.
In addition to the Sam Altman controversy, the graphic card manufacturer NVIDIA’s earnings are set to be released on Tuesday, which has added a tailwind to these tokens.
- Render Token rallied 60% in the last five days.
- Fetch.AI has inflated by 55% in the last six days.
- Ocean Protocol’s OCEAN token has soared 43% in the last six days as well.
- Worldcoin bounced by 50% in just two days but is retracing lower due to the Altman controversy.
The crypto markets are likely to move freely this week due to the lack of major macroeconomic events.
All eyes on Bitcoin price
- Bitcoin price is forming a potential top around $38,000.
- The sell signals are seen on the weekly and the daily time frames.
- The upcoming crash could see BTC slide lower to collect sell-side liquidity.
- A correction could send BTC down to 15% to 20% and tag the $35,000 to $30,000 levels.
BTC/USDT 1-day chart
If such a correction does occur, altcoins are likely to go down with the big crypto and post double-digit losses.