⚠️ WHEN Will the DIP END!?
😨 How LOW Can Bitcoin GO?
📰 This is The Dip! How Low Can Bitcoin Go?
💎 Slerf (SLERF) - The Weirdest Coin Yet!
💥 Most Popular AI Tokens
🚀 Mining HOT in the NEAR Telegram Wallet
💭 Exit Plan!
Good Morning Degens,
Bitcoin is bleeding and alts are in the emergency room!
Yesterday I talked about how the worst may not be over. We were entering the Bitcoin danger zone and everything is playing out as predicted. There is still room to go lower though.
This move will likely differentiate the winners from the losers in the 2024 bull run!
There are a lot of technical analysis tweets going around and I've noticed that each one is getting invalidated the more Bitcoin drops.
So, how long will this correction last?
Let’s dive in!
🌍 Market Catch-Up
Top 100 coins Daily Performance - Banter Bubbles
📰 Question of the Day
This is THE Dip! How Low Can Bitcoin Go?
Towards the end of last year and the beginning of this one, we looked at how a pre-halving dip would be the final dip before the bull run really took off. This could be THAT dip.
Looking back, all the previous dips that we considered to be major ones were actually bought up quite quickly. The pain didn’t last, so the fear didn’t build. And that is why this time will be different.
On average we should expect a 20-30% overall correction from Bitcoin’s All-Time High (ATH) of $73,737. This is what that looks like:
-20%: $58,989
-30%: $51,615
Fear is now creeping up on the unsuspected. Those who have been here and lived through these corrections in the past know what to expect. Those who are here for the first time (or don't have much experience) will start selling their coins to the stronger hands.
One level this might happen at is $60k. There is a lot of spot interest there. It’s a nice, big, round psychological level that somewhat aligns with the -20% price prediction above.
At the very least, the market is definitely cooling down with this flush.
Long story short:
It's one thing when a 2-day 10% correction takes place, and another when we get a 20-30% correction over a longer period. The first doesn’t scare, while the latter causes panic. Until everyone feels like they made the biggest mistake of their lives getting into crypto, it is likely we have not seen the end of this correction. (I am personally starting to feel that way for some of my memecoin decisions.)
Essentially:
This could be the big pre-Bitcoin halving dip.
The dip could be slow and painful.
Bitcoin could drop 20-30% from ATHs.
Alts could drop 50%.
Weak hands will get shaken out of the market.
The market will cool down.
The halving will come.
Bitcoin will most likely enter price discovery again.
The HODLers will prevail.
Simple. NFA. DYOR.
💎 Degens’ Den
Slerf (SLERF) - The Weirdest Coin Yet!
You may have heard of this token which came to life and yesterday and reached $1 billion market cap within 24 hours. To put that into context, Book of Meme (BOME), the other trending memecoin right now, took three days to hit $1b.
But then this happened.
And instantly the developer entered the crypto-infamous list…
The developer, however, went on to X Spaces to clear up what had happened saying it was a mistake.
I'm not gonna lie, the things that were said during this X spaces were nothing short of weird and absurd. Some people were thanking the developer for making them a better person through the lesson and experience of losing money. Others were talking about how we are all living in a simulation and so the mistake doesn’t matter.
Things got out of hand!
At the end of the day, what really matters is that people lost money and, and that needs fixing. That is where the second part of this weird story plays out…
Exchanges are coming together to raise money to pay everyone that lost money from the SLERF presale.
Among those that are helping are:
The token is currently trading at a $430 million market cap. Interestingly, if all turns out well, the developer helps the situation, and everyone gets their money back, there is no reason why this couldn’t continue on its bullish course. It could actually be a part of crypto history.
Not financial advice. Do your own research
💥 Best Alpha Posts of the Day
Most Popular AI Tokens
While the dip is playing out, those interested in tokens they don’t yet own are likely to start picking them up. There is reason to believe that for those people this will be one of the biggest buying opportunities they see all bull run.
AI is one of the top narratives along with DePIN and Gaming. On that note, here are the most popular AI tokens according to CoinGecko.
Memes on Avalanche (AVAX) Next?
This post, as is, doesn't pass the message I want it to. But many are speculating on where the next big memecoin craze will be.
The reason I found the post interesting is because I made a note to myself the other day to start researching memecoins on Avalanche. This could be something for later in this cycle (or probably even the next cycle). I don't think that any chain can overtake Solana’s memecoin craziness right now, but there’s no harm in a little research!
Aptos (APT) Showing Relative Strength!
If it performs well when everything is dumping, it could perform even better when everything is pumping. This is something many take into consideration when looking at what to buy.
On that note, Aptos (APT) is showing good relative strength during the dip.
The Hyperbitcoinisation Thesis!
This thesis is so maximalist-utopian!
At the same time, it is probably correct…
🚀 Trade of the Day
Mining HOT in the Near (NEAR) Telegram Wallet - UPDATE!
I continue to mine HOT in the Near Telegram wallet. Many have jumped on board and are working together to maximize the potential for an airdrop.
Our village, Starship Crypto (which you can join here or by clicking on the image below) is gaining traction. But we still have a long way to go to reach the top.
I first mentioned mining HOT in this issue of Good Morning Crypto. You can read more about how to get set up on the wallet here.
🐸 MEMEoirs of a Degen!
📢 Biggest Announcements
Bitcoin Spot ETFs Saw -$154m Net Flows Yesterday
Bank of Japan Raises Interest Rates for First Time Since 2007
Bonk Bot Surpasses Coinbase L2 and Polygon in Trading Volume
Standard Chartered Predicts Bitcoin Could Reach $150,000 in 2024
💭 Banter’s Take
Great lesson here.
Sentiment can change in a heartbeat in crypto. Those that make it will likely already have an exit plan. Those that don’t might want to start considering one.
See you all tomorrow!