Yesterday the Bitcoin price closed its first daily candle above $40,000 since April 4th, 2022. In pumping back to a level it last traded at twenty months ago, Bitcoin met with little resistance until reaching a Monday high of $42,400.
Bitcoin is now 175% off its bear market lows following the collapse of FTX exchange, Celsius, Three Arrows Capital and other institutional players – the BTC price crashed as low as $15,400 on November 21st.
After its 2.75x rise, terms like ‘altcoin season‘ and ‘which is the best crypto to buy now‘ are trending as some traders anticipate money flows into other tokens.
Bitcoin Price Fib Levels
Bitcoin is currently at the 0.5 Fibonacci level, having retraced half of the bear market downtrend since its 2021 all-time high of just over $69,000 – also hit in November.
In other words, the Bitcoin price trended to the downside for one year, followed by an uptrend for one year – leading many analysts to expect a period of consolidation, either at the current levels or following a retest of the 0.618 Fib at $48,600.
Crypto Tony, with 365,000 Twitter followers, expects $43,000 to act as a resistance zone, and ‘altcoins to outperform when BTC shows weakness‘.
Smashed the $40,000 target. Next resistance zone lying at $43,000 .. During these pumps, it is near impossible to call too accurately where the exact top is, so we just ride and have fun
We have been in since $29,000 when i first entered pic.twitter.com/fTiYNfs2kv
— Crypto Tony (@CryptoTony__) December 4, 2023
Which Is The Best Crypto To Buy Now?
December has historically been a muted month for the Bitcoin price – with average returns of 5.27% over the past decade, lower than October and November.
The best-performing crypto assets in recent weeks have been Bitcoin-related assets, meme coins and GambleFi tokens, a trend that looks set to continue into 2024.
$ORDI, $PEPEBRC
Leading BRC-20 token ORDI (ORDI), built on the Ordinals protocol, has pumped over 500% in the past month alongside a 300% rise for PEPE (Ordinals) – $PEPEBRC.
$BTCETF, $ETF
Amid the anticipation of a spot Bitcoin ETF approval – one of the driving factors of the BTC bull run this year – a new crypto asset Bitcoin ETF Token (BTCETF) has raised $2.5 million in its ICO.
Similar project and meme coin / GambleFi hybrid ETF The Token (ETF) rose over 150,000% following its Uniswap listing in September, before a correction.
$RLB, $TGC
Aiming to follow in the footsteps of Rollbit (RLB), one of the best performers of the 2022 bear market, TG.Casino (TGC) has raised over $3 million in its token sale.
$MK, $BONK
Meme Kombat (MK) combines meme token themes with wagering and recently hit its presale soft cap.
New presale i am bring some awareness too .. Legends at @Meme_Kombat who are an innovative new gaming platform designed for hardcore gamers.
– Doxxed team ✅
– $100,000 raised already ✅
– Passive staking ✅
– AD / NFA / DYOR ✅– Presale link : https://t.co/TWAEnq5WG0
– TG :… pic.twitter.com/r6xtdbBmeX— Crypto Tony (@CryptoTony__) September 28, 2023
While Pepe was the best crypto performer of Q1 2023, this quarter has seen Bonk (BONK) take the limelight – dubbed the ‘Dogecoin of the Solana ecosystem’, suggesting an investor pivot to low market cap meme coins.
$BTCMTX
With JP Morgan signalling an interest in Bitcoin mining, crypto and stocks assets related to mining have also seen high investor demand.
CleanSpark Inc (CLSK) and Bitcoin Minetrix have been making headlines in recent weeks, the latter having raised close to $5 million at ICO this quarter.
