The wild fluctuations of Bitcoin persist, with BitMEX co-founder Arthur Hayes suggesting that a potential target of $70K could be next. His forecasts come after Bitcoin hit a four-month low of $76.8K on March 11th—a 36% decline from its peak of $110K.
Hayes reassures investors that this behavior is typical for a bull market, rather than an indicator of long-term weakness.
According to his perspective, traditional markets must first falter. Hayes posits that the S&P 500 ($SPX) and Nasdaq ($NDX) must experience significant downturns before financial institutions engage in quantitative easing (QE)—the critical monetary policy that injects liquidity into the economy. An influx of money translates to elevated asset prices, which could pave the way for Bitcoin’s imminent rally.
Supporting data aligns with this viewpoint. Bitcoin’s Relative Strength Index (RSI) stands at its lowest since August 2024, often hinting at a potential trend reversal. Furthermore, Bitcoin’s market capitalization mirrors previous cooldowns before rallies, indicating that the current downturn might be setting the stage for a significant comeback.
If Hayes’ predictions hold true, a brief decline to $70K might set the stage for renewed institutional interest, propelling BTC to new heights. The pressing question remains—are we witnessing the lows, or is there one last shakeout on the horizon?
Recently, the U.S. Dollar Index ($DXY) experienced one of its most substantial weekly drops, bolstering Hayes’ predictions. A weakening dollar usually precedes a capital shift towards Bitcoin, indicating strong potential for a $BTC turnaround.
Coinbase’s Comeback in India
After regulatory challenges that led to its exit from the market in 2023, Coinbase is making a notable re-entry.
India, recognized for its vibrant crypto and on-chain innovation ecosystem, is viewed as a pivotal avenue for Coinbase’s expansion.
The company intends to unveil its retail services later this year, with plans for further expansion and product development to follow.
According to Chainalysis, India enjoys the highest rate of grassroots crypto adoption globally. This, along with Coinbase’s re-entry, could set a positive tone for the industry.
Which promising altcoins may benefit from these developments? Below, we highlight three that could witness an upward trend despite current market dips.
1. BTC Bull Token ($BTCBULL) – Passive $BTC Rewards
BTC Bull Token ($BTCBULL) is closely linked to $BTC. Holders can accrue passive $BTC rewards as Bitcoin reaches key milestones. Who doesn’t appreciate earning while doing nothing?
Moreover, developers implement token burns at predetermined intervals to encourage scarcity and increase value. This is yet another reason why this token stands out as one of the most intriguing new cryptocurrencies available right now.
It’s a token that boldly advances forward. By leveraging industry vernacular (bull market/bullish), investors have a clear understanding of expectations.
Currently priced at $0.002405, the token has risen 6.38% from its initial presale price of $0.00235 in February. Early investors can earn a 122% APY when staking during the presale. Detailed information on acquiring $BTCBULL can be found in our guide.
Recent actions from the White House, such as the Strategic Bitcoin Reserve and the Digital Asset Stockpile explicitly mentioning Bitcoin, are expected to boost activity for both $BTC and $BTCBULL.
2. Meme Index ($MEMEX) – Tailored Indexes for Every Risk Appetite
Navigating a volatile market can be intimidating for new investors eager to manage risk, yet Meme Index ($MEMEX) offers a solution for both conservative and adventurous investors alike.
$MEMEX presents four distinct indexes catering to various risk levels (based on volatility) and rewards. Listed in order of increasing risk:
Meme Moonshot Index – Filled with the best meme coins on the verge of joining the top 8. Many are already listed on centralized exchanges or soon will be. This index features tokens with substantial followings yet to breach the $1B market cap.
Meme Midcap Index – Offers increased volatility. Tokens in this category typically range from $50M to $250M in market cap and can either surge or plummet dramatically.
Meme Frenzy Index – Tailored for those who thrive on risk. This basket is packed with high-risk, high-reward tokens selected by community members, each having the potential for significant gains or equally steep losses.
3. Pudgy Penguins ($PENGU) – Community-Driven Penguin Power
One of the most endearing meme coins in existence, Pudgy Penguins promotes positivity and the penguin meme culture with good vibes all around.
Currently priced at $0.0059967, it boasts a market capitalization of $377.21M at the time of writing.
Despite recently facing a price dip, global crypto developments like the formation of the Strategic Bitcoin Reserve and Coinbase’s return to India, paired with robust community backing on platforms like X, may catalyze a positive trend driven by heightened market activity.
You can also acquire delightful Pudgy Penguins merchandise and learn more about their lore on the official website.
This article does not constitute financial advice, and it is essential to conduct your research before investing. Only invest what you can afford and are comfortable potentially losing—keep in mind that there are no guarantees of profit or loss.
Editorial Process at Bitcoinist emphasizes delivering thoroughly researched, accurate, and unbiased information. We adhere to stringent sourcing standards, and each piece goes through meticulous review by our skilled team of technology experts and experienced editors. This rigorous process safeguards the integrity, relevance, and value of our content for our audience.
