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Table of Contents
Bitcoin’s March Retreat: Which Public Chain Tokens Can Bottom Out?
Bitcoin’s Price Judgment and Trend on March 19
In our Bitcoin price estimation, we have repeatedly warned users that “Bitcoin’s price will retreat.” While the market generally sees a bullish trend in Bitcoin, we accurately predicted a decline in Bitcoin’s price. The next question is what price Bitcoin will drop to.
In recent days, Bitcoin’s price has been oscillating around $64,000, and the retreat has not ended. It is expected that Bitcoin will bottom out at around $57,000 and oscillate at the $57,000 – $58,000 level. However, there is no ruling out the possibility of a Black Swan event caused by RRP balances reaching zero, leading to a temporary drop in Bitcoin’s price to $48,000. The possibility of it dropping to $35,000 still exists.
How Long Will the Decline Last?
Optimistic expectations extend to the end of March, while pessimistic judgments foresee a full month of decline until April.
During a Bitcoin price decline, it often presents an excellent buying opportunity because assets are discounted. Despite the short-term market downturn, bullish sentiment for the bull market remains unchanged. Therefore, once Bitcoin hits bottom and stabilizes at bottom prices, it is the best time to bottom out for quality assets.
Token Bottoming Out Includes:
Solana
Solana has a significant chance of surpassing Ethereum in market capitalization in this bull market. The content on “Ethereum’s Price Analysis” explains that investors in this bull market generally do not favor Ethereum, leading to a change in Ethereum’s consensus. Funds begin to withdraw from Ethereum and flow into Sol in large quantities. Therefore, SOL is relatively easy to be favored in this round.
But beware that due to the large amount of funds, SOL may experience sharp rises and falls. Risks still exist.
NEAR
As a third-generation public chain, Near has targeted Ethereum since its development, inheriting almost all of Ethereum’s narratives, including chain abstraction and modularity. At the same time, in the new development, it added a new narrative of AI, which makes NEAR’s performance very strong in this round.
SOL has a competitive advantage over Ethereum in terms of fund allocation in this bull market. NEAR is ahead of Ethereum in terms of technology and narrative due to its late development.
Therefore, in the public chain field, due to Ethereum’s narrative fatigue, two main competitors are vying for Ethereum’s market share, namely SOL and NEAR. They are also tokens that need to be closely watched during Bitcoin’s retreat in this bull market.
Cosmos
Cosmos is an underestimated token in this bull market. Because the Celestia developed by the team has received more attention from the market, Cosmos has been overlooked. With a large number of projects in the Cosmos ecosystem going online, staking Cosmos to receive airdrops from its ecosystem projects will become popular. Following the trend of Celestia price development, Cosmos is expected to attract investors’ attention in the next round of growth. However, no one can guarantee that investors will not pay attention to this token. Therefore, if funds flow into Cosmos, its price increase will be very rapid. If investors do not pay attention to Cosmos, its price may not see significant gains for several months.
Dogecoin DOGE
Among all meme coins, Dogecoin is undoubtedly the leading meme token. Just as Bitcoin represents the entire cryptocurrency market, Dogecoin also represents the entire meme coin market. Therefore, the rise and fall of Dogecoin directly affect the performance of other meme tokens. If Dogecoin falls and its community performs well, the rise of other meme tokens is doomed to be short-lived. If Dogecoin rises, other meme tokens will rise even more. In the last bull market, Dogecoin once reached a market capitalization of $100 billion, so it is certain that Dogecoin will make an impact again in this round. In every bull and bear market, there is always a meme token that experiences a sharp rise and fall.
GPT
AI will be the most important narrative throughout the bull market. The rise of altcoins in this round of the bull market began with AI, and similarly, it will end with the bursting of the AI bubble. Therefore, AI has huge risks but also huge room for growth. Among the current AI products, the only one that has taken shape and is close to consumers is ChatGPT, and PAAL has developed based on ChatGPT on the blockchain. Therefore, PAAL will rise steadily in this round of the bull market due to its relationship with ChatGPT.
At the same time, it is reiterated that the burst of the AI bubble cannot be predicted. Therefore, PAAL will also experience a huge price drop. Investors should judge according to their own risk tolerance.
Ethereum ETH
Almost all media are blaming Ethereum for lacking narrative in this bull market, which also means that Ethereum has huge room for price increase after experiencing a huge retreat in this round. You can imagine what form an asset that has fallen to its lowest point will erupt when funds flow back in. Therefore, we hope that Ethereum’s price will be as low as possible during this round of retreat, breaking through $2,900 and reaching $2,800. At that price level, all profitable positions above $2,800 will be closed and sold off. This is an excellent opportunity.
From past history, it is not difficult to find that Ethereum has experienced several crises. Challenges to Ethereum’s public chain have never stopped. But Ethereum is still the largest public chain in terms of market capitalization. Therefore, Ethereum will definitely have new narratives in the future, unless developers and the community leave in large numbers, Ethereum still has great potential.
Game Public Chain Portal
In the past few bull and bear markets, games have always been a more focused area. Because its concept is very simple, game players do not care about the technology used, but only care about the playability of the game and whether they can get other benefits.
Public chains often have lower risks than the games themselves. Therefore, as the latest game public chain, Portal has more advantages and narratives, including lower costs and support for cross-chain of various assets.
Conclusion:
Compared with protocols and projects, public chains have lower risks. Therefore, after comprehensively balancing risks and returns, the above public chain projects are listed. In addition, the portfolio must not abandon the holding of Bitcoin. Although Bitcoin’s price increase after this retreat will not be greater than other public chain tokens, its risk is the lowest.
The best time to enter is only when Bitcoin’s price stabilizes at the bottom. As of the time of publication of this article on March 20th, Bitcoin’s price has not yet formed a bottom. So, we still need to wait for the opportunity.
Disclaimer:
Investing in cryptocurrencies carries risks, and the above content does not constitute any investment advice. Users should conduct their own due diligence (DYOR). BingX is not responsible for any losses caused by investing in cryptocurrencies.
