The growth of the crypto market continues to stall as the price of BTC trades sideways in its long, drawn-out consolidation period.
At the time of writing, Bitcoin ($BTC) continues to battle along the lower boundary of the established range as it hovers just beneath $30,000
As a result, the entire cryptocurrency market remains sluggish, unable to establish any upward momentum as Ethereum ($ETH) fails to breach $2,000, Binance Coin ($BNB) stays around $250, and Cardano ($ADA) returns to $0.30.
Despite the struggle to establish momentum, a handful of emerging projects are starting to capture traders’ attention, with Wall Street Memes ($WSM) and BTC20 ($BTC20) gaining traction as traders become bullish.
Bitcoin Consolidation Period Extends to 26 Days
The Bitcoin consolidation period is quickly approaching an entire month of sluggish movement and remains trapped in a range between $29,500 and $31,500 for 26 days.
The price of the industry’s number-one-ranked asset surged at the end of June as it broke out from a descending wedge pattern and quickly returned to the April 2023 highs of around $31,000;
The breakout above the wedge was largely driven by the fact that BlackRock, the world’s largest asset manager with $9 trillion under management, filed an application with the SEC to launch a spot Bitcoin ETF – which would allow institutional funds to flood into the industry.
The news sent waves of optimism within the crypto sector as traders rushed to get ahead of the institutional investors before the ETF was approved.
Almost a month later, the spot Bitcoin ETF is still waiting for approval and has resulted in an extended period of sideways action as traders wait for further news regarding the status of the ETF.
BTC Analysis: Crypto Market Growth Stalling With BTC Failing to Rise
With BTC continuing to hammer the lower boundary of the range, traders believe it’s likely to break toward the downside as the bears keep adding pressure.
Fortunately, there is a slew of support beneath $30,000, where BTC will likely reverse.
If the bears do push the price of Bitcoin beneath the lower boundary of the range, the first level of support lies at $29,350 – provided by the July 2021 lows.
This is followed by support at $28,920 (.382 Fib Retracement), $28,650 (June 2021 lows), $28,130 (.5 Fib Retracement), $27,750 (Jan 2021 lows), and $27,340 (.618 Fib Retracement).
On the other side, resistance lies at $30,500, $31,000, $31,500, and $31,650 (June 2021 low-day closing price).
Unfortunately, most of the major altcoins are unlikely to experience any further growth without BTC showing any upward momentum – with the notable exception of Ripple ($XRP), which has seen an enormous 55% price surge this week.
Which Tokens Can Benefit From the Sluggish Growth?
Despite the sluggish market conditions, there are still opportunities within the market for investments that can provide significant gains during the sideways price action in the major cryptos.
In particular, Wall Street Memes ($WSM) and BTC20 ($BTC20) are two emerging projects that are starting to generate significant hype and FOMO as traders rush to get positioned in their presales before they finally launch with the potential of providing exceptional returns.
Wall Street Memes Raises Over $15.5 Million in 2023’s Fastest-Growing Presale.
The first project already benefiting from the sluggish BTC price action is Wall Street Memes – a new meme coin sensation sweeping up the headlines throughout the industry.
Wall Street Memes only opened the doors of its presale 53 days ago but has already managed to raise over $15.5 million in its fundraising, making it one of the fastest-growing presales in 2023.
Investors are rushing to this project due to its unique ability to grow an enormous community of over 1 million people, the 40 million monthly impressions its memes are receiving, and the affection earned from billionaire investors like Elon Musk.
Wall Street Memes is making a mockery of our traditional financial system and the greedy pigs sitting on Wall Street through a bank of hilarious memes posted on its social media accounts.
The team was inspired by the r/WallStBets movement that took down Melvin Capital during the GameStop fiasco in 2021 and wanted to tokenize the movement through the $WSM token – allowing continued speculation with an added dose of humor.
$WSM is quickly becoming one of the industry’s most sought-after tokens 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 monthly impressions – making it the go-to venue on the internet for trading and finance-related meme content.
The memes are so popular that the CEO of Twitter, Elon Musk, has been seen commenting on the Wall Street Memes Twitter profile on several occasions;
🤣
— Elon Musk (@elonmusk) April 22, 2023
The interactions with the tech tycoon caused a wave of investment into the project as investors speculated if the billionaire had a stake in the project himself.
In addition, the attention from the billionaire helped the following for $WSM to grow beyond 1.1 million people across its social media profiles.
The fact that $WSM now has a huge cult-like community puts it in the perfect position to be listed on major tier-1 exchanges as soon as the presale ends.
Experts believe tier-1 exchanges like Binance and OKX would rush to list the token to take advantage of the huge trading volume associated with $WSM.
Furthermore, investors are growing increasingly attracted to the project after learning about its community-driven approach.
For example, the team refused to allocate any $WSM for themselves. Rather, they are selling 50% of the tokens in the presale, 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 – stating it has the potential to be at the forefront of the next crypto bull cycle;
Other influencers like Crypto Jamie and Aaron CryptoNoob are also on board as brand ambassadors to lend their credibility and reach to the project.
Overall, Wall Street Memes has struck the perfect balance between hype and FOMO, setting itself up to be the next meme coin sensation in the industry following its presale.
With over two-thirds of the presale supply already snatched, investors must act quickly to get positioned in this project before the next presale price increase.
BTC20 Presents an Opportunity to Buy Bitcoin At $1 Again With The Stake-to-Earn Benefits of Ethereum
Another newly-launched project that will benefit from the sideways Bitcoin price action is BTC20 – an ERC-20 version of Bitcoin built on Ethereum with a unique proposal.
The project is rewinding the clock to April 201, when Bitcoin was $1, allowing everybody to use an upgraded mining mechanism and rebuy the asset at low prices.
BTC20 has a verified staking contract that releases BTC20 tokens in-line with the original Bitcoin block reward schedule.
Those who stake the BTC20 token earn a percentage of the rewards through the less-intensive Proof-of-Stake mechanism, creating a stake-to-earn ecosystem based on Bitcoin.
The project is paying homage to the incredible journey of Bitcoin while introducing the new-age staking mechanism, allowing everybody to purchase the upgraded version.
The presale for BTC20 just got started and is taking inspiration from the early days of Bitcoin.
The total supply for BTC20 will be 21 million, the same as BTC, and 6.05 million BTC20 will be sold in the presale – the exact Bitcoin circulating supply from April 2011.
Furthermore, BTC20 will be sold at the same price Bitcoin was in April 2011, which was $1.
The presale is split into two phases, with the first phase selling 3 million BTC20 at $1. A further 3.05 million will be made available to purchase after the soft cap is reached.
The fundraising will help to lay the foundation for further development, marketing, and strategic partnerships for the project.
Any tokens not sold in the presale will be locked into the BTC20 staking contract, which provides stake-to-earn rewards for stakers.
YouTube analysts are already predicting 10x returns for the project;
Investors can lock their BTC20 tokens into the ecosystem to start earning staking rewards, with the more BTC20 staked earning higher rewards.
This helps foster a community-driven approach where the collective action of stakers helps increase the token value by keeping BTC20 tokens off of 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 journey for investors with the potential for long-term passive income through staking rewards.