Sead Fadilpašić
Last updated:
April 30, 2024 at 13:45 GMT+3
| 4 min read
In a recent interview with Cryptonews, Gracy Chen, the Managing Director of the crypto exchange Bitget, discussed the current bull market, why we are still 30%-40% in it, and the factors influencing the Bitcoin (BTC) price.
She talked about meme coins being driven by emotions and how much of one’s portfolio she recommends to be meme coins.
Also, she touched on the usefulness of on-chain data in project evaluation and on the long-term potential of AI.
Bitcoin Price Will Still Rise.
There is no doubt we’re in a bull run right now, Chen remarked.
“I would say 30% to 40% in the bull market,” she added, going on to explain.
Observing the BTC price action today compared to October 2023, we see that it has approximately doubled, she said.
There are two relevant factors to observe here, as crypto market “is not just crypto itself.”
The first is the halving. This recent, fourth event was a historical moment for the chain, but it’s too early to judge its direct impact.
For example, the decrease from the recent all-time high of nearly $74,000 may largely be due to the halving event.
Another important factor currently is the speculation about US interest rate cuts. Therefore, macroeconomics is having a significant effect on the crypto world.
Talking of prices, Chen argued that $60,000 is “a very hard, strong supporting level,” while $73,000 is a very strong resistant level.
Therefore, BTC fluctuates in this range, “but I’m definitely looking at the Bitcoin price going up in […] 6 to 18 months.”
Meme Coins Are Driven by Emotions.
Chen is not a big fan of meme coins, she told us.
The reason is that most of them are driven by emotion, community, and social media. The main things there are the digital identity, belonging to a community, and that community’s culture.
Furthermore, many coins end up being a brief, passing trend.
Still, they are a very popular asset class, and stakers are driving this popularity, Chen said.
People invest in these coins, seeing (and hoping for) an enormous growth potential.
But they are extremely volatile, and it’s “rather hard to talk about the fundamental values.”
Chen advises her friends to have less than 5% of meme coins in their portfolios.
All this said, from...
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***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! I AM NOT AN EXPERT! I DO NOT GUARANTEE A PARTICULAR OUTCOME I HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST ENTERTAINMENT!
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