Crypto Briefing 3/26/23 – The Forecast

Crypto Briefing 3/26/23

Crypto Briefing 3/26/23

Bitcoin’s upward momentum is beginning to wane.  Should the current price levels mark a temporary top in BTC, we expect to see the cryptocurrency give back 50% of its move up. From there we could see Bitcoin remain range bound, and give investors a possible double top before declining. We expect to see some degree of pain in 2023, and there are numerous possible catalysts for a crack in all markets.

For example, we are seeing the real-time demise of the petro-dollar as countries like Russia are now opting to purchase oil through the yuan. While Saudi Arabia entertains the possibility of selling oil to China in yuan rather than dollars, with new polls of power forming in the world, there is now a looming prospect that the United States will no longer be the world’s most prominent economy, in addition to the possibility of a military confrontation.

Throughout the past few weeks, the digital asset Coreum saw a massive run-up as speculators began accumulating the token in anticipation of a major airdrop. We like Coreum for a speculative trade as the Sologenic Foundation is able to bootstrap engagement by offering holders additional free airdrops. We expect to see more airdrop opportunities for XRP, SOLO, and CORE holders into the next few years, which could have a positive effect on price.  Additionally airdrop holders now have the opportunity to stake their Coreum and earn 40% APY. Early holders are designed to benefit the most from these staking and airdrop opportunities, rather than traders. Game theory suggests that more people will be interested in an ecosystem like this as rewards begin to mount for holders.

Coinbase is seeing large gaps in its price. This is attributed to the Wells notice that was sent to the company by the SEC. This has led many investors to worry that Coinbase will find itself in legal trouble similar to Ripple. Throughout the past few years, Brian Armstrong, the CEO of Coinbase, has advocated for commonsense regulations in crypto. In spite of these prospective challenges, there is a high probability that Coinbase remains a fixture of the crypto industry for years to come.

Our two short-term scenarios for XRP are that it is either forming a bull flag or is experiencing more consolidation. If it does not form a second leg within 10 bars of its initial breakout, then it it likely that XRP is in another trading range.