Katie Stockton expects a pullback in Bitcoin price ahead.
She explained her “neutral” view on CNBC’s “Squawk Box”.
Bitcoin has climbed roughly 40% since the start of 2023.
Bitcoin has now surpassed the key $23,000 level but Katie Stockton of Fairlead Strategies continues to recommend caution as the recent rally could reverse just as easily.
Stockton defends her stance on CNBC
Year-to-date, the first ever decentralised cryptocurrency has gained about 40% – a strength she says is an opportunity for investors to pull out.
Reiterating her “neutral” stance on Bitcoin, Stockton said this week on CNBC’s “Squawk Box”:
When you see such strong, steep rallies, they’re more characteristic of countertrend moves. At one point, we had 14 consecutive up days this month for BTC. So, we’re sceptical to its sustainability and see it as countertrend.
The upcoming week is a crucial one for Bitcoin because of the Fed’s announcement. The CME FedWatch Tool currently signals a more than 98% probability of a 25 basis points hike this time.
Bitcoin has broken above its 200-day MA
Also on Sunday, a top trader and analyst, Peter Brandt warned of a near-term pullback in BTC. Others, including Michael van de Poppe and Credible Crypto have a similar opinion as well.
Interestingly, Bitcoin is now trading meaningfully above its 200-day Moving Average. Still, Katie Stockton said:
This has happened before and it proved to be a false breakout. So, we’re not convinced we have a breakout here. But it’s an incremental positive. We hope this manifests in our longer-term indicators which still very much point lower.
She’s not particularly constructive either on the benchmark S&P index that’s up more than 6.0% for the year at writing.
After the madness of the 2021 bull run, the crypto winter really hit hard in 2022, with difficulty saying how long it will continue. Experienced investors know that while interest in crypto may be a little lower, bear markets are actually the perfect time to accumulate strong projects with utility in order to make the most of the next bull run. Even in bear market conditions, there are still gains to be made in a bear market rally.
Metacade is a new project that is widely regarded in investment groups as a top pick for success in 2023 and beyond, and with some incredible presale results pouring $3.9 million into the project in just 9 weeks, many are turning to the idea that Metacade just might be a project capable of leading a bear market rally.
What is Metacade?
Metacade is a revolution in Web3 gaming, and the project is well underway on its ambition to build the largest play-to-earn (P2E) arcade in the metaverse. The project has turned a lot of heads as a result of the comprehensive whitepaper released ahead of the presale, which details plans to build an extensive ecosystem of functionality around the P2E arcade, driving huge levels of engagement and shaking up gaming in the process.
By leveraging the most expansive set of gaming titles, the project is putting itself in pole position for some serious momentum to build in 2023. This is compounded by the positive impact of a number of other complementary features that make up the core of its ecosystem.
One key feature is a compelling and innovative rewards mechanism. Aside from earning rewards for playing games in the P2E arcade, users are able to benefit across different playing styles, competitive gaming ladders and tournament play.
Casual gamers can still earn an income by making valuable contributions to the platform. This could be through activities such as writing reviews of games or sharing useful alpha in order to reward users for helping improve the platform. This will become an effective driver for user growth, irrespective of whether the markets are experiencing a crypto winter.
How does Metacade work?
Metacade has a range of interlinking features, and in order to get the most out of the platform, the project has created a utility token. The MCADE token enables not only the rewards mechanisms but also serves as a medium of exchange across the platform. Activities like purchasing merchandise or entering tournaments are facilitated by the token, creating its inherent worth.
The utility of the Metacade token has been shaped in such a way as to be investor-friendly, including supporting a staking mechanism that MCADE holders can utilize. This provides an ideal set of investment circumstances for would-be investors. While the token value will inevitably increase over time, they can also earn a passive income in return for supporting the network.
This high level of token utility is just one reason why the project seems to be capable of leading a bear market rally, given that utility will drive a price increase through necessity, whether the crypto space is in the midst of a crypto winter or not.
Finally, the Metagrant initiative is a fascinating feature that is rightly drawing attention. It allows game developers to present their game plans to the Metacade community for a chance to receive funding. MCADE holders will be able to use their tokens to vote on which projects receive treasury funds, ensuring a top-quality gaming lineup as well as solid user retention through an extreme level of engagement.
Is Metacade a good investment?
The project developers have understood the need for long-term self-sufficiency, and as a result, a number of different revenue streams have already been outlined to help drive the project forward over time.
MCADE itself clearly demonstrates a high level of utility, and its price should be expected to rise in line with the adoption of the platform. Given that so many of the project’s features are designed to create positive cycles of engagement, it’s no surprise that MCADE has been well-received and has enough potential to drive a bear market rally all on its own.
Solana price has formed a triple-top pattern and a head and shoulders.
Theta Network has moved above the cup and handle pattern.
Hooked Protocol’s HOOK has surged above its all-time high.
Cryptocurrency prices moved sideways this week as the US dollar index continued its downward trend. Bitcoin rose above $23,000 for the first time in months while the total market cap of all cryptocurrencies rose to over $1 trillion. In this report, we will provide predictions for some of the top cryptocurrencies, including Solana, Theta Network, and Hooked Protocol.
Solana price prediction
Solana (SOL/USD) price has made a spectacular comeback as investors raise their bets that the blockchain will recover amid FTX woes. It has also been helped by the surge of NFTs traded in the ecosystem, as we wrote here. As such, Solana price soared to a high of $26.53, the highest point since FX imploded.
However, the 4H chart is sending a warning about the coin. A closer look shows that it has formed what looks like a triple-top pattern whose neckline is at $20.48. This pattern also has a close resemblance to a head and shoulders pattern. The two patterns are some of the most bearish patterns in the industry.
Therefore, there is a likelihood that Solana will have a bearish breakout in the coming days as sellers target the neckline of the two patterns at $20. This price is about 15% below the current level. It is also slightly below the 23.6% Fibonacci Retracement level.
eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
Theta Network and TFUEL prices jumped sharply as investors cheered the recent launch of Theta EdgeStore. EdgeStore is a new component of the Theta Edge Node software that is run by thousands of people around the world. Once fully launched, the platform will make it possible for people to store their documents and files in a decentralized manner. Some of the files that will be stored in it are NFTs, video, software packages, and metaverse projects among others.
Turning to the 4H chart, we see that the THETA price has been in a strong bullish trend in the past few weeks. It managed to cross the important resistance level at $0.9821, the highest level on November 27. This was an important price since it was the upper side of the cup and handle pattern that formed. Therefore, by measuring the distance of the upper and lower sides of the cup, we can show that Theta price has more upside.
eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
HOOK price has been in a spectacular rally in the past few weeks because of the remarkable popularity of Wild Cash. It rose to an all-time high this week, bringing the year-to-date gains to over 200%. The coin has moved above all moving averages and the previous all-time high of $3.40. Therefore, using the trend-following approach, the coin will likely continue rising as buyers target the important resistance point at $4.
It’s a rare occasion for a project to come along that looks to have the potential to disrupt a $200 billion industry massively. It’s even rarer to find that project as a crypto presale, where investors have the chance to acquire tokens at discount prices before the value explodes.
Metacade is looking like it could be one of those opportunities, with more and more savvy investors quietly flocking to the presale, as shown by the project making an incredible $3.5 million in just 9 weeks.
What is Metacade?
Metacade has laid out plans to build an incredible play-to-earn (P2E) arcade in the metaverse, revolutionizing gaming by redistributing gaming industry profits back to the gamers themselves, allowing them to connect with friends and play their favorite gaming titles all in a single, comprehensive gaming community hub.
This P2E arcade looks set to become the largest across the entirety of the crypto world, which would put Metacade in a pole position to benefit from a huge network effect and capture a huge slice of the growing crypto-gaming space.
How does Metacade work?
Metacade, currently in its crypto presale, is centered around the fantastic P2E arcade but also features a broad set of complementary features. One continuous theme across the platform is rewards, with many opportunities for users to earn tokens for a range of different actions.
Users are rewarded not only for playing games in the P2E arcade but also through competitive and tournament gaming, allowing those who enjoy the challenge to take on the community of players for the chance to earn prizes and token rewards. Users who contribute to the platform, through providing alpha or writing game reviews, for example, can also earn rewards which provide an incentivization structure for users to help improve and grow the platform over time.
The use of rewards in this way means that the project is likely to see a surge in adoption as its roadmap goes live, building a large amount of momentum for the project and enabling it to reach critical mass very quickly. Once that user base is in place, the project will benefit from the network effect, helping user retention and ensuring ongoing growth of the project.
The project is fuelled by the utility token MCADE, which plays a key role in the functioning of the platform. Not only is MCADE a critical component of the arcade system and entry to the platform for users, but it’s effectively the project’s currency. Tokens are used for everything from buying merchandise to tournament entry, ensuring that as adoption grows, there is more and more demand for MCADE generated in parallel.
MCADE can also be staked, meaning that holders patient enough to wait for the inevitable price increase over time can also earn a passive income. Temporarily committing their MCADE tokens will support the platform’s security and development.
Another key innovation is the Metagrants initiative, which provides MCADE holders with the ability to vote on projects pitched to the community by talented game developers. MCADE holders’ votes determine which projects are funded – and then released on the platform – meaning that they have a direct say in the future direction of the platform.
Can MCADE reach $1?
With the extremely high potential that Metacade offers, it won’t surprise anyone that there is already talk about just how high the token price for MCADE might go, despite it being in the early stage of its crypto presale.
While $1 might sound like a huge increase from the presale prices, if Metacade can secure even just 2% of the $200 billion gaming market as their market cap, the price of MCADE would be $2 — a staggering 250x on the token price during the beta stage of the presale!
Is Metacade a good investment?
Metacade is already shaping up to be a strong candidate for the best coin to invest in during 2023, with an incredible amount of interest in the project due to its potential. Investors looking to get involved will need to act quickly, as the Metacade crypto presale does not look like it will last long.
Coinbase Global Inc will likely give up its entire year-to-date gain in the coming weeks and months, says Dan Dolev, a senior analyst at Mizuho.
Coinbase stock could make a new low
This week, Dolev reiterated his “underperform” rating on the cryptocurrency exchange and announced a $30 price objective that represents an alarming 40% downside from here.
His warning is based primarily on a new survey that suggested retail traders are not participating much despite the recent surge in Bitcoin’s price.
Retail trading is COIN’s bread and butter, as it accounted for 83% of revenue in 2021. Our survey, coupled with disappointing market share data and potential signs of take rate pressures in Q4, may mean more headwinds are brewing for 2023 revenue.
Coinbase stock is currently up over 50% for the year with a recent surge, despite Coinbase’s recent announcment it is ending its operations in Japan.
Retail traders are sitting on the sidelines
According to the quoted survey, roughly 90% of the traders that were on the sidelines in December continue to be inactive this month.
On top of that, over 33% that traded last month are sitting it out in January. Dolev’s bearish note on the Coinbase stock reads:
We measured COIN’s volumes against those of 25 largest crypto exchanges. We found that COIN’s share of combined volumes during the rally (bitcoin) was 5.3%, about in line with levels prior to the rally.
Expectations for the company’s current quarter are pretty negative as well. It’s expected to lose $2.39 a share – significantly worse than $3.32 of EPS it had in the same quarter last year.
