Weekly Crypto Market Trend: Up or Down?

LBank Labs
2 min readMar 6, 2024

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The bulls have firmly seized control of the market this week, propelling prices towards nearly reaching an ATH. Several factors have converged to fuel this impressive bull run:

  1. Institutional Interest Surge: Notably, there has been a surge in interest from major institutions, extending beyond traditional banks and asset managers. Even figures like Warren Buffet, who previously dismissed Bitcoin as a fraudulent asset, are now showing interest.
  2. GBTC Selling Pressure Mitigated: Earlier this week, the selling pressure from Grayscale Bitcoin Trust (GBTC) remained subdued, hovering in the low $50 million range. Conversely, buying volume has surged, exceeding $800 million per day. Monitoring platforms like Farside.co.uk offer valuable insights into the day-to-day Bitcoin ETF flow, aiding investors in tracking market dynamics.
  3. QE in China: While unofficial, multiple data sources indicate that China might be engaging in QE, injecting liquidity into the market.

In the short term, our outlook for Bitcoin remains optimistic. However, prudent investors are advised to gradually accumulate positions, as sharp downturns are not uncommon, especially surrounding events like halving.

Moving on to the burgeoning meme token sector, it’s become the second most buoyant sector after AI. Tokens like $BONK, $FLOKI, and $PEPE have seen substantial gains and most of them doubled the price in a week, underlining the fervor in this domain. Of particular interest is $WIF, the “dog with hat” project within the Solana ecosystem, which has garnered attention even from traditional banking circles, with tweets featuring a dog donning a pink beanie.

Meanwhile, in the realm of ERC404 projects, there’s significant potential. Leading tokens like $PANDORA and $DEFROGS attract both NFT enthusiasts and meme token traders alike. All eyes are now on the upcoming milestone, v2 of the protocol, with expectations high for $PANDORA to reach new highs in the ensuing weeks.

Looking ahead, our focus will be heavily skewed towards Ethereum projects in the coming month. Specifically, we’ll be monitoring developments in restaking, DeFi, and infrastructure-related tokens such as $ENS, $RDNT, and $GMX, anticipating notable movements and opportunities within these sectors.

  • BTC price optimistic: $63000 — $66000
  • BTC price neutral: $60000-$63000
  • BTC price pessimistic: $57000 — $60000

📢 Disclaimer: Theses insights are provided for informational purposes only and should not be considered as financial advice. The cryptocurrency market is highly volatile and unpredictable. Prices and trends can change rapidly, and past performance is not indicative of future results. Always conduct thorough your own research and consult with a qualified financial professional before making any investment decisions.

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