This week’s outlook is relatively stable, without any major events that could influence the markets. Bitcoin price is hovering around $48,000, with many users anticipating a retest of the $50,000 psychological level soon. Some, however, believe that the BTC could slide lower.
BTC/USDT 1-week chart
Read more: Bitcoin Weekly Forecast: BTC targets $52,000, will New Moon trigger a pullback first?
Is Biden a Bitcoin maximalist?
The United States acting president, Joe Biden, posted an image of himself with glowing red eyes on X (formerly Twitter), on Monday. This move from Biden has left investors confused. While some have interpreted the image as a comment on the Superbowl being rigged, the Crypto Twitter community thought it was to do with Bitcoin.
Just like we drew it up. pic.twitter.com/9NBvc5nVZE
— Joe Biden (@JoeBiden) February 12, 2024
Bitcoin supporters started this trend of using glowing eyes as their profile picture back in 2020. MicroStrategy CEO Michael Saylor still has a similar profile on X. Some analysts on the social media platform speculated if this will mark the cycle top for Bitcoin price.
It is still unclear if Biden’s image is in support of Bitcoin or Superbowl-related.
Events and narratives this week
February 13
- Core Inflation & CPI at 13:30 GMT
- AVAX Durango upgrade on Fuji testnet, PYTH DAO Constitution vote
February 15
- ApeChain L2 vote
The AI narrative due to Nvidia earnings is still in play: The tokens in question include Bitsensor (TAO) and Worldcoin (WLD), who are leading the AI pack. Other AI-related crypto tokens include Fetch.ai (FET), Render (RNDR), Arkham (ARKM), SingularityNET (AGIX), Ocean Protocol (OCEAN), iExec RLC (RLC) and so on.
Read more:
AI coins Render, Akash Network, Fetch.ai rally on opening of world AI Cannes Festival
Worldcoin price eyes 20% rally in anticipation of AI giant Nvidia’s earnings
After the recent developments surrounding the Dencun upgrade, Ethereum and ETH-related tokens are likely to rally as well: Arbitrum (ARB), Optimism (OP), LidoDAO (LDO), Sei (SEI), Sui (SUI), Mantle (MNT), Chainlink (LINK), Polygon (MATIC) and so on.
Read more:
ERC-404 – Ethereum’s new experimental token standard and ETH implications
Token unlocks this week
- SAND - $96.82 million
- APE - $22.31 million
- ROSE - $20.22 million
Read more: APT, CYBER, SAND, APE tokens to experience unlock waves next week
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Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
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