The bottom of the Bitcoin (BTC) winter has been a hotly debated topic. Following the recent market surge, many analysts have agreed that the bottom has been reached, but Decentraland (MANA) faces a bearish trend.
Analysts Agree Bitcoin Has Finally Reached Its Bottom
The Bitcoin price experienced a steep decline of more than 70% in the 2022 bear market, dropping below $18,000. With the recent surge in Q4 2023, analysts agree that a bottom has been hit. A Morgan Stanley analyst reported in October that the winter was over. Another analyst, Peter Brandt, also agrees.
However, the prop trader predicted that the new all-time high (ATH) will be hit in Q3 2024. Forbes analysts have also called the end of the bear market, predicting that the price of Bitcoin will set a new ATH in 2024.
These Bitcoin price predictions are hinged on several factors. The spot Bitcoin ETF approval and Bitcoin halving are two key factors that have been predicted to cause a surge in the price of BTC. The leading crypto rallied above $37,500 in November 2023.
Decentraland (MANA) Faces Bearish Trend, Will the MANA Coin Rise?
The Decentraland crypto is one of the few coins that struggled in the first three quarters of 2023. Year-to-date, the price of MANA coin price has gained 40%, falling behind the 120% of Bitcoin. But the Decentraland coin experienced respite in the fourth quarter.
The price of Decentraland spiked by more than 60% on the 30-day chart to reach $0.4989 in mid-November. But now the price of the coin is facing bearish pressure once again. On the daily chart, the Decentraland price has dropped by 9%, forcing the coin back to $0.4388.
However, the Decentraland marketplace is also experiencing a major activity. The team has announced more than 80 virtual musicians will feature in the Decentraland Music Festival 2023 (DCLMF23). The event has been scheduled to hold between Nov. 16 – 18.
Meme Moguls (MGLS) An Emerging Dark Horse
Meme coins have emerged as the dark horse in every previous bull market, outperforming other cryptos. As we enter another bull market, Meme Moguls (MGLS) swiftly captured the attention of top crypto whales.
Meme Moguls has gained this much attention because it aims to unify the meme coin sector. The project has unveiled the first marketplace solely dedicated to offering meme assets. The exchange is built similarly to trading stocks, but will only offer meme-based assets in a bid to unify the sector.
The ecosystem will feature a fantasy gaming platform for users to earn additional rewards. A staking hub has also been included to allow meme coin holders to come together and earn from their holdings. This ecosystem is built with social infrastructure, allowing users to connect, share information, collaborate, and grow their portfolios together.
Currently, its MGLS token is being sold for just $0.0019 during the Beta stage of the presale. With ties to the booming meme industry, analysts are optimistic about Meme Moguls.
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