Analysts are turning bullish on Bitcoin and other cryptocurrencies after they tested their multi-month highs last week. Bitcoin has remained slightly below $30,000 while other smaller coins like Hedera Hashgraph and Pepe have risen. These bullish estimates could have a positive outcome for other tokens like Metacade (MCADE).
The bullish case for Bitcoin
In this article, I wrote that some analysts believe that Bitcoin price will jump to as high as $185,000 in the long term. Many of those cited in the report believe that it will at least rise to an all-time high of $67,000 in the next few months.
These analysts cite numerous reasons for this. First, they note that Bitcoin has become a good safe-haven asset as the banking crisis continues. First Republic Bank, a company recently worth billions of dollars, has seen its stock crash by over 90%. On Sunday, banks like JP Morgan, PNC Financial, and Citizens submitted bids for the company.
The banking crisis is not yet over, according to Charlie Munger, the vice chairman of Berkshire Hathaway. He expects more banks to collapse because of their exposure to the commercial real estate in the US. He said:
“A lot of real estate isn’t so good anymore. We have a lot of troubled office buildings, a lot of troubled shopping centres, a lot of troubled other properties. There’s a lot of agony out there.”
Therefore, more collapses in the banking sector could mean more opportunities for Bitcoin and other cryptocurrencies like Ethereum and Metacade.
Other reasons to be bullish on Bitcoin are that halving could mean more upside for the coin. Historically, Bitcoin tends to rise ahead of halvings. Its price has always been higher between halvings. Therefore, with one scheduled for April next year, there is a possibility that it will continue rising.
Federal Reserve pivot
Meanwhile, the Federal Reserve could now become a positive catalyst for Bitcoin and Metacade. The bank, which will meet this week, is expected to either hike rates or take a strategic pause. If either of th two happens, it will mean that the end of the hiking cycle has been reached. Historically, cryptocurrencies tend to do well when the Fed turns a bit dovish.
Other important Bitcoin news are that regulations are becoming clearer. Last week, the European Parliament voted in support of MiCA, the first crypto regulation in the bloc. Analysts expect that these regulations will be approved by national parliaments by July. Meanwhile, in the US, the head of the house financial committee said that the first crypto bill will be tabled in the next few months.
Metacade set for more exchange listings
All these reasons explain why Metacade (MCADE) price has done well in the past few days. According to TradingView, MCADE was trading at $0.027 on Monday morning, much higher than last week’s low of $0.022. It is nearing its all-time high of $0.034. This means that MCADE has jumped by 200% from its all-time low, giving it a market cap of over $38 million.
The biggest Metacade news is that several exchanges like MEXC and BitMart have listed the token. As a result, the volume of MCADE traded in centralized exchanges is slowly approaching the one traded in decentralized exchanges. In the past 24 hours, CEX volume was $417k while DEX volume was $623k.
According to Metacade’s white paper, more CEX listings could happen soon. The developers hope that Metacade’s growing popularity and the upcoming product upgrades will lead to more traction for the token. The next Metacade AMA set for Tuesday could also push the token higher.
Is Metacade a good investment
I first made the case of Metacade in this article, when it was having its token sale. As such, my prediction was accurate since the token has thrived after being listed by several exchanges. I suspect that the token will do well over the years as the gaming platform launches and as the gamefi industry booms.
Analysts believe that this gamefi industry will be worth trillions of dollars in the coming years. And as traditional platforms like Axie Infinity struggle, new ones like Metacade will flourish since they will learn from their missteps.
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