Crypto market growth continues to stall as BTC price trades sideways in its long, drawn-out period of consolidation.
As of this writing, Bitcoin ($BTC) continues to struggle along the lower end of the set range, as it sits just below $30,000.
As a result, the entire cryptocurrency market remains sluggish, unable to establish bullish momentum as Ethereum ($ETH) fails to break above $2,000, Binance Coin ($BNB) hovers around $250, and Cardano ($ADA) returns to $0.30.
Despite the struggle to establish momentum, a handful of emerging projects are beginning to capture the attention of traders, with Wall Street Memes ($WSM) and BTC20 ($BTC20) gaining traction as traders turn bullish.
Bitcoin consolidation period is extended to 26 days
Bitcoin's consolidation period is fast approaching a full month of slow movement and it remains stuck in a range between $29,500 and $31,500 for 26 days.
The industry's number one ranked asset price surged in late June when it broke out of a falling wedge pattern and quickly returned to April 2023 highs of around $31,000;
The break above the wedge was largely due to the fact that BlackRock, the world's largest asset manager with $9 trillion under management, filed with the SEC to launch a spot Bitcoin ETF, which it would allow institutional funds to flood the industry.
The news sent waves of optimism within the cryptocurrency sector, as traders rushed to preempt institutional investors before the ETF was approved.
Nearly a month later, the spot Bitcoin ETF is still awaiting approval and has resulted in an extended period of sideways action as traders await further news on the status of the ETF.
BTC Analysis: Crypto Market Growth Stalls and BTC Doesn't Rise
With BTC continuing to hit the lower end of the range, traders believe that it is likely to break down as the bears continue to add pressure.
Fortunately, there is plenty of support below $30,000, where BTC will likely reverse.
If the bears push the price of Bitcoin below the lower end of the range, the first support level lies at $29,350, provided by the July 2021 lows.
This is followed by support at $28,920 (0.382 Fibonacci retracement), $28,650 (June 2021 low), $28,130 (0.5 Fibonacci retracement), $27,750 (Jan 2021 low) and $27,340 (0.618 Fibonacci retracement).
On the other hand, resistance lies at $30,500, $31,000, $31,500, and $31,650 (June 2021 low day closing price).
Unfortunately, most major altcoins are unlikely to see further growth without BTC showing bullish momentum, with the notable exception of Ripple ($XRP), which saw a whopping 55% price increase this week.
What tokens can benefit from slow growth?
Despite the slow market conditions, there are still opportunities within the market for investments that can provide significant gains during sideways price action in major cryptocurrencies.
In particular, Wall Street Memes ($WSM) and BTC20 ($BTC20) are two emerging projects that are starting to generate a lot of buzz and FOMO as traders scramble to position on their pre-sales before they finally launch with the potential to deliver exceptional returns.
Wall Street Memes Raises Over $15.5 Million in Fastest Growing Pre-Sales of 2023
The first project already benefiting from the slow BTC price action is Street Street Memes โ a new meme coin sensation making headlines across the industry.
Wall Street Memes only opened its pre-sale doors just 53 days ago, but it has already managed to rake in over $15.5 million in its fundraiser, making it one of the fastest growing pre-sales in 2023.
Investors rush to this project due to its unique ability to grow a huge community of over 1 million people, the 40 million monthly impressions its memes receive, and the affection it has earned from billionaire investors like Elon Musk.
Wall Street Memes is making fun of our traditional financial system and the greedy pigs sitting on Wall Street through a bank of hilarious memes posted on their social media accounts.
The team was inspired by the r/WallStBets move that brought down Melvin Capital during the GameStop fiasco in 2021 and wanted to tokenize the move via the $WSM token, allowing the speculation to continue with an added dose of humor.
$WSM is quickly becoming one of the most sought after tokens in the industry due to its unique appeal through a fusion of internet culture, hilarious meme-based humor, and decentralized finance.
The memes on its social media profile are becoming incredibly popular, receiving over 40 million impressions per month, making it the go-to place on the internet for business and finance related meme content.
The memes are so popular that Twitter CEO Elon Musk has been seen commenting on the Wall Street Memes Twitter profile on several occasions;
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โ Elon Musk (@elonmusk) April 22, 2023
Interactions with the tech mogul sparked a wave of investment in the project, as investors speculated whether the billionaire had a stake in the project.
Additionally, the billionaire's attention helped $WSM grow beyond 1.1 million people on its social media profiles.
The fact that $WSM now has a large cult community puts it in the perfect position to be listed on major Tier 1 exchanges as soon as the pre-sale ends.
Experts believe that Tier 1 exchanges like Binance and OKX would rush to list the token to take advantage of the huge trading volume associated with $WSM.
Additionally, investors are increasingly drawn to the project after learning of its community-driven approach.
For example, the team refused to allocate $WSM for themselves. Rather, they are selling 50% of the tokens in the pre-sale, with the other 50% reserved for community rewards and adding liquidity to exchanges.
A handful of influencers are already talking about $WSM, with CryptoWendy0, a YouTube analyst with over 100,000 subscribers, claiming it has the potential to be at the forefront of the next crypto bull cycle;
Other influencers like crypto jamie and Aaron CryptoNoob they are also on board as brand ambassadors to bring their credibility and reach to the project.
Overall, Wall Street Memes has struck the perfect balance between hype and FOMO, becoming the next meme coin sensation in the industry following its pre-sale.
With over two-thirds of the pre-sale supply already snapped up, investors need to act quickly to position themselves in this project ahead of the next pre-sale price increase.
BTC20 Presents An Opportunity To Buy Bitcoin At $1 Again With Ethereum Profits From Stake-to-Earn
Another recently launched project that will benefit from Bitcoin's sideways price action is BTC20 โ an ERC-20 version of Bitcoin built on top of Ethereum with a unique proposition.
The project is rewinding the clock back to April 201, when Bitcoin was $1, allowing everyone to use an improved mining mechanism and buy back the asset at low prices.
BTC20 has a verified staking contract that releases BTC20 tokens in line with the original Bitcoin block rewards program.
Those who stake the BTC20 token earn a percentage of the rewards through the least intensive proof-of-stake mechanism, creating a Bitcoin-based stake-to-win ecosystem.
The project pays homage to the incredible journey of Bitcoin while introducing the new age staking mechanism, allowing everyone to purchase the upgraded version.
The BTC20 pre-sale has just started and is inspired by the early days of Bitcoin.
The total supply of BTC20 will be 21 million, the same as BTC, and 6.05 million BTC20 will be sold in the pre-sale, the exact circulating supply of Bitcoin since April 2011.
Furthermore, BTC20 will be sold at the same price as Bitcoin in April 2011, which was $1.
The pre-sale is divided into two phases, with the first phase selling 3 million BTC20 at $1. Another 3.05 million will be available for purchase once the minimum limit is reached.
The fundraising will help lay the groundwork for further development, marketing and strategic partnerships for the project.
All tokens not sold in the pre-sale will be locked into the BTC20 staking contract, which provides staking rewards to be won for those interested.
YouTube analysts are already forecasting 10x returns for the project;
Investors can lock up their BTC20 tokens in the ecosystem to start earning staking rewards, and the more BTC20 you stake, the higher rewards you will earn.
This helps foster a community-driven approach where collective stakeholder action helps increase token value by keeping BTC20 tokens off the open market and incentivizing long-term participation and community spirit.
Overall, BTC20 provides a unique opportunity for early adopters and will provide an exciting ride for investors with the potential for long-term passive income through staking rewards.
