As the Bitcoin (BTC) price consolidates just to the north of $63,000, investors are weighing up whether it could be the best crypto to buy now.
Bitcoin continues to trade with gains of over 10% versus last week’s lows in the $56,000s.
Softer-than-expected US jobs data last Friday helped ease fears about the Fed potentially delaying rate cuts to 2025.
This helped propel the price higher and engineer a sudden surge in demand for spot Bitcoin ETFs from institutional investors.
As per The Block, spot Bitcoin ETF flows have been net positive since last Friday.
#Bitcoin ETF Update, 6 May
– Net inflows of 3.4k BTC ($218m)
– FBTC: +1560 BTC ($99m)
– ARKB: +1200 BTC ($76m)
– IBIT: + 345 BTC ($22m)
– GBTC: second inflow day! 61 BTC ($3.9m) pic.twitter.com/fbmsTmQ6hg
— Julian Fahrer (@Julian__Fahrer) May 7, 2024
As it stands, Bitcoin is currently sat close to its 21DMA, having recently broken to the north of a downtrend.
As the Bitcoin (BTC) price consolidates just to the north of $63,000, investors are weighing up whether it could be the best crypto to buy now. Source: TradingView
However, Bitcoin found resistance at its 50DMA when it rallied to the mid-$65,000s on Monday.
That’s the second time it has found resistance at the 50DMA since breaking below it in mid-April.
That suggests that while Bitcoin’s short-term downtrend has been snapped, the bulls are yet to fully gain control.
If Bitcoin continues to consolidate within its multi-month $56,000-74,000ish range in the months ahead, that wouldn’t be too surprising.
Typically, it takes 4-6 months for the Bitcoin price to rally substantially beyond its pre-halving levels after the halving. The latest quadrennial halving just took place in April.
That lines up well with Bitcoin’s normally tepid performance during the summer months.
Sell in May and go away in Bitcoin? @MadsEberhardt with all the data here -> https://t.co/OQyGuqYCFr pic.twitter.com/qxyr0yZ2nN
— Andreas Steno Larsen (@AndreasSteno) May 2, 2024
Assuming that there isn’t a sudden and sustained resurgence of spot Bitcoin ETF demand, and assuming that macro drivers remain limited as the market awaits the first Fed rate cuts, Bitcoin is likely to remain rangebound amid a post-halving/summer lull.
Is Bitcoin the Best Crypto to Buy Now?
Q1 earnings reports have been touted as a potential positive driver for the cryptocurrency.
The thinking is that companies might reveal growing BTC holdings, pointing to increased adoption post the launch of Bitcoin ETFs.
BREAKING: $429 BILLION asset manager Susquehanna International just reported owning $831M #Bitcoin across 10 ETFs!
The biggest ownership of Bitcoin ETFs reported to date.
LFG!
— Bitcoin Archive (@BTC_Archive) May 7, 2024
Indeed, $429 billion asset manager Susquehanna International just reported owning $831 million BTC across 10 ETFs.
The theme of growing adoption by major companies/financial institutions, as expressed through ETF demand, will continue to be a major driver in the ongoing BTC bull market.
That’s one reason to remain optimistic that Bitcoin could surpass $100,000 this year or next.
Further reasons include Bitcoin’s past history of posting parabolic price increased in the years following the halving, plus Fed easing.
The coming consolidation period within $56,000-$74,000 ranges should be viewed as an opportunity to accumulate.
And dips below this range will likely be eaten up very quickly. On-chain analysis shows that Bitcoin whales have been gobbling up supply recently, as they double down amid the current consolidation.
#Bitcoin Whales are buying the dip.
They’ve added 10,000 + #BTC in the last week. pic.twitter.com/kiWpHmBhvQ
— Thomas | heyapollo.com (@thomas_fahrer) May 7, 2024
With Bitcoin set to post solid 2x gains with a year, it could be the best crypto to buy now.
However, some investors will be targeting gains of 5x or more during the current bull market.
These investors would be better served spending some time parsing through investment options in the altcoin market.
Here are some big movers on Tuesday that might be the best crypto to buy now.
AIOZ Network (AIOZ)
AIOZ Network (AIOZ) is the best-performing cryptocurrency in the top 100 by market capitalization on Tuesday.
That’s according to CoinMarketCap, which last put the AIOZ price at $0.82, up 14% in the past 24 hours.
Having now broken back above its 21 and 50DMAs, AIOZ is aiming at a recovery to its March highs. That could mean a quick 30% rally for the token.
The Aioz Network is a Layer 1 blockchain enabling Ethereum and Cosmos interoperability, according to Coinbase.
Aioz Network aims to enable instant finality and low transaction fees for applications such as file storage, live streaming, content delivery, and more.
Interoperability is a major theme in crypto. If AIOZ can become a leader in this space, its market cap could go well above its current $900 million.
Ethena (ENA)
Ethena (ENA), the DeFi protocol behind the innovative yield baring US dollar stablecoin USDe, just broke above its 21DMA.
It was last up 8% in the past 24 hours as per CoinMarketCap and changing hands around $0.93.
As per Coingecko, USDe has amassed a market cap of around $2.3 billion since its launch in early 2024.
Having seemingly now snapped its downtrend from the March highs, ENA could soon pump back to its $1.50 record highs.
Quick 60% gains for the Ethena (ENA), making it potentially the best to buy now. Source: TradingView
That could mean quick 60% gains for the cryptocurrency, making it potentially the best to buy now.
Alternative Cryptocurrency to Consider – Wiener AI (WAI)
The above-mentioned coins could easily 5x or more this bull market.
But some investors are looking to take even bigger risks in the hope of potentially securing 100x gains.
One popular way to secure massive gains is to catch a meme coin before it trends.
And a fun new meme coin presale called Wiener AI (WAI) has caught the attention of analysts at Cryptonews.
The Sausage dog-themed meme coin offers a suite of handy AI trading capabilities and has already raised over $1 million.
Interested investors may want to move quickly, as the WAI price will rise when the presale reaches $1.2 million.
A HUGE MILESTONE!
Just WAIT until you see what we have in store.
— WienerAI (@WienerDogAI) May 4, 2024
Currently priced at $0.000704, investors are buying WAI at a market cap of around $45 million and could be looking at gains of 100x or more if WAI becomes a market leader.
WAI is not only an exciting meme coin with AI capabilities but also a potential passive income gem.
Once you harness the power of AI for your trading…you’ll never look back.
— WienerAI (@WienerDogAI) May 7, 2024
20% of the supply has been allocated to staking rewards, and investors are currently earning a massive 766% APY, as per the project’s official website.
At this rate, investors can double their initial presale investment in just over one month.
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