March 2024 drew attention as a period of historic peaks in the market. The more significant aspect during this time was Bitcoin (BTC) revisiting its all-time high (ATH) before the halving and the general rise of meme coins. Although the rise in meme coins later gave way to a decline, an analyst mentioned that some things might still be unexperienced.
Will Meme Coins Rise Again?
After the Bitcoin halving, eyes turned back to the cryptocurrency world. Analysts’ comments began to be scrutinized more closely. One of the market’s closely followed analysts seems to be eyeing a rise scenario.
Credible Crypto, known by this name, warned his thousands of followers and other users on the X social media platform that meme coins could suddenly lose value.
Despite being at an all-time high for BTC, there is still a lot of uncertainty in this area. The main reason is that meme coins have been the only rising altcoins in recent months. I hear a lot of things like this cycle is clearly different, this is a meme coin super cycle, etc., and ‘fundamentals don’t matter’. Many people have given up hope on non-meme coin altcoins, and meme coin followers are speaking louder.
Three things are certain:
- We will go much higher as a market as a whole.
- A meme coin reckoning is approaching.
- Other alternatives will also take their place over time.
Outlook for Bitcoin, Ethereum, and HBAR
On the other hand, the analyst also commented on Bitcoin (BTC), stating that BTC could retest the range below $60,000 before breaking the upper trend line resistance.
And here’s our downturn. Ideally, we would like to see it go a bit lower before reversing; hence our job is not done yet. We are watching to see how things develop.
Bitcoin, as of writing, continues to find buyers at the $63,700 level, indicating a slight decline over the last 24 hours.
Finally, the analyst turned his attention to some altcoins in the market. Recently, Hedera (HBAR), a competitor to Ethereum (ETH), was noted to have the potential to rise over 90% from its current value.
After completing a nice five-wave impulse from lower levels, I’m looking for something like this. Remember, the first step is a breakout in the lower timeframe market structure to accelerate things. If we can then print a higher low, we should be able to return to the highs.
Hedera saw a more than 6% drop in the last 24 hours, trading at $0.1114.
