The price of Bitcoin (BTC) has been struggling to return to trading above $ 50,000 after a sharp drop a fortnight ago sent the market leading cryptocurrency below $ 43,000.
FXStreet analyst Akash Girimath notes that Bitcoin price has been hovering around the support level of $ 48,376 for about nine days and the recent rally failed to produce a high above $ 51,991. Thus, he notes that the inability of buyers to move forward suggests a lack of interest in the cryptocurrency.
Therefore, Girimath notes, if increased selling pressure breaks the demand barrier of $ 48,376, this could trigger a sell that could push BTC towards the psychological barrier of $ 40,000. In this scenario, there is a possibility that market makers will push BTC below $ 40,000 to get liquidity.
BTC / USD 1-day chart
However, although the forecasts for the price of BTC are not optimistic, analysts have been pointing out that the next crypto asset that could be the ‘new Bitcoin’ and bring profits above 50,000% is within the metaverse.
Metaverse
For Lorne Sugarman and Janine Yorio, the new opportunity to obtain astronomical returns in the cryptocurrency market is linked to the metaverse, but not to the tokens of the platform, but to the virtual earth.
Sugarman and Yorio claim that buying virtual land in a metaverse like Decentraland (MANA) or The Sandbox (SAND) is like buying land in New York in the 19th century, when a huge piece of land in the center of the island of Manhattan it was worth just over $ 10.
With his sights set on these opportunities, Sugarman became CEO of a virtual real estate company specializing in land in the metaverse, Metaverse Group, noting that the Fashion District in Decentraland is a mega investment opportunity.
“We think buying land in the Fashion District is like buying land on Fifth Avenue in the 19th century,” he said.
Yorio, who is the co-founder and CEO of the Republic Realm metaverse developer, also said that the group purchased the equivalent of an entire city at The Sandobx with an eye toward future metaverse development opportunities.
“We want to buy land and build things on it. The only way the metaverse is interesting is that there are things to do and people to see and places to go when you get there,” he said, noting that the Republic Realm broke records last month. last when he completed the $ 4.3 million land purchase at SAND.
Forgotten cryptocurrencies
For the presenter of the Coin Bureau, Guy, a cryptocurrency that has been “forgotten” by investors in this great bull cycle of Bitcoin is set to rise up to 400%.
The trader’s bet is with Near Protocol (NEAR), a competitor to Ethereum (ETH) with a blockchain designed for scalability and stability that allows developers to create decentralized applications at low cost.
According to Guy, the uptrend that can occur in NEAR is linked to Rainbow Bridge, an application that allows users to move crypto assets between Ethereum and Near.
“The number of daily transactions on NEAR has increased 30-fold since the introduction of Rainbow Bridge in March and the total amount of gas spent has increased almost 20-fold, with no signs of decreasing. These strong fundamentals are in evidence. clearly reflected in the recent Near coin price action and the Near protocol’s mid-market cap means that Near is possible, if not likely, to turn into another coin 3-5 times before the bull market ends. ” , He said
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and commercial movement involves risks, you must carry out your own research when making a decision.