The Bitcoin price has dropped from its highs, reaching $112K. While a panic bounce has allowed it to break above its $113K resistance, data suggests that more correction may be coming for the apex crypto.
There has been a flurry of exchange inflows recently (investors transferring their BTC to exchanges), which could mean only one thing: a sell-off may be coming, and not just for the short term.
Whales have also joined the Bitcoin transfer spree, triggered by the recent geopolitical conditions led by another one of Trump’s tariff tantrums. Is Bitcoin not the best crypto to buy now?
Short-Term Holders are Bleeding BTC – CryptoQuant Analyst
The data showing the impending Bitcoin doom comes from CryptoQuant analyst JA Maartunn, who posted that recent Bitcoin losses have shaken people’s belief in the king coin, leading to major transfers.
Shorter-term traders have started to pull back, transferring over 40K BTC at a loss. Another 21.4K BTC was transferred by short-term traders at a loss later that very day.
However, another analyst on CryptoQuant, Arab Chain, said that the massive transfers of BTC to exchanges are being conducted by whales.
Data shows that the Exchange Whale Ratio indicator has risen to levels past the 0.7 point, which means these deposits were mostly made by whales.
“When large deposits coincide with whales dominating these deposits, the market typically enters a phase of selling pressure and rapid decline. If whales continue to deposit Bitcoin to exchanges at the same pace, further pressure on the Bitcoin price is expected.”
So why are whales making these odd movements at a time when institutional interest is high and people are pinning their hopes on further BTC upsides?
Arab Chain states that anticipating upcoming selling pressure is the reason. “Or, they could be reallocating their positions for a price correction.”
Bitcoin Price Analysis – Panic Rally Initiated
The Bitcoin price hourly chart shows that the king coin bounced as soon as it hit the $112K mark. Most hourly candles have been green, with a few reds in between, indicating weakening demand.
Bitcoin’s crucial resistance at the current level is around $116K, as that’s the level the apex crypto has rejected twice. Crossing that level means that BTC is regaining strength, which could translate to further upward momentum for the king coin.
Is Bitcoin Not the Best Crypto to Buy Now?
Because of the belief that more downsides may be coming for BTC, questions arise about the apex crypto’s status as the best crypto to invest in. The answer, however, isn’t that cut and dry. Granted, more downsides could be coming, but that could also open up opportunities for more BTC holders to emerge.
Also, regardless of the market’s volatility, regulations around BTC have always been progressive, which further consolidates Bitcoin as a strong asset.
That being said, investors should focus on diversification, picking assets that could provide profits without being subject to the market’s volatility. These picks are crypto ICOs.
Best Wallet Token
Best Wallet Token could be considered a good companion investment to Bitcoin for two reasons. One, it powers a wallet that now supports the Bitcoin chain. And two, the wallet offers a robust ecosystem that could provide users with asset diversification opportunities and more.
The asset diversification opportunities stem from Best Wallet’s support of over 60 blockchains and over 4,000 cryptocurrencies. Furthermore, it also has a unique utility, known as the Token Launchpad, that offers opportunities to invest in crypto presales before they are made public. This approach to letting traders pick assets while they are at the “zero” stage of their funding round is of great benefit for investors seeking early mover gains.
Passive income generation perks are also available on Best Wallet, thanks to staking. While only Rocketpool and LIDO staking are available currently, since Best Wallet is a decentralized ecosystem, users will find more staking perks emerging.
Beyond that, there are perks like portfolio tracking and market insights. The project’s safety is insured by FireBlocks, and its UI is simple, making it particularly attractive to beginner-level traders.
Best Wallet Token enhances these perks. For instance, holding it will provide users early access to ICOs, better staking yields, and discounted transaction fees. Best Wallet Token has raised over $14.2 million already.
Maxi Doge
In context, Maxi Doge could be seen as a crypto far separated from what Bitcoin represents. Bitcoin is seen as a store-of-value asset, and with Maxi Doge, the community’s expectation is as a social token. Bitcoin is a blue-chip asset designed to provide upsides and stability, and with Maxi Doge, people’s expectations include volatile price action and massive gains.
Maxi Doge is a Doge-inspired project, focusing on creating a better Dogecoin alternative, but without straying away from the themes. Unlike Dogecoin, it does not have any altruistic roots. However, like Dogecoin, it highlights the value of a Doge meme and how strong it can be.
It presents an image of a “buffed-up” Dogecoin, bringing two images together. One is that of a gym-goer, and another one is that of a degen looking at the screen consistently to make massive gains. These images, while not necessarily juxtaposing each other, showcase the social aspect of the token and how DOGE is being perceived by the broader community.
In terms of utility, Maxi Doge’s goal is to be listed on exchanges as a leveraged asset, letting users amplify their gains in a high-risk, high-reward fashion.
With over $300K raised already, Maxi Doge is riding the meme coin wave with style. YouTubers also appreciate what the project offers, with many saying that it could be the perfect antidote to the boring Dogecoin.
TOKEN6900
Another top crypto that could be considered one of the best to buy now is TOKEN6900. Its core ethos is the same as any meme coin, but even more deliberate. It doubles down on having no utility within its ecosystem, going even against the idea of a meme coin having one.
“The crypto market does not focus on fundamentals,” the project believes, stating that it is the community’s sentiment that could uplift a meme coin or make it fall. To further drive its point forward, TOKEN6900 has created senseless social media memes that pay homage to the chaotic nature of the ecosystem where nothing makes sense, and it is that senselessness that drives the meme coin’s value.
Happily boasting its 90s aesthetics via the official website, complete with a look similar to Windows 95 and adverts similar to the old times, TOKEN6900 presents a unique idea, where the aesthetics of the old are seen through modern “brain rot” eyes.
Like most meme coins, not much is known about the project’s background. And the devs have allocated close to 25% of the token’s supply for a hidden purpose. This shows a lack of transparency, but surprisingly, TOKEN6900 boldly says that it lacks transparency, even telling people how bad of an investment it can be.
This “negative” approach to marketing is still making people come to buy the token on presale, and it has raised upwards of $1 million already.
Some analysts have drawn parallels between TOKEN6900 and SPX900, saying that this meme coin is the perfect antidote to today’s trite “utility-driven” narrative that has nothing to show for it.
Conclusion
Bitcoin’s recent pullback and the whale action setting it up for further downside has rightly caused panic among investors. But still, many choose to continue to rally behind BTC, which shows that even during dark times, the community continues to believe in it.
But that does not mean investors should be blind to the ground realities. Their quest to find the best crypto to buy now should not be stuck to one asset. For that reason, this article has attempted to provide them with other options that are available as ICOs.
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