What will Bitcoin do next week and what is BOOK OF MEME (BOME)?

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Last Updated on 17 March 2024 by CryptoTips.eu

After a superb start during the first three months of the year, last week saw a fall of around 7% in one day just when Bitcoin reached a new all time high of $74,000.

In 2021 this was the beginning of the end and the Bitcoin price grindingly slow dropped to about $16,000 in 2022. Will it be different this time? Let us take a look at the short and long term for crypto.

This weekend also saw the launch of a new memecoin on the Solana blockchain that aims to be a combination of gaming and Web3, called BOOK OF MEME (BOME). Retail investors were very excited and sent the little memecoin up about 2,000% since its launch 2 days ago. Yesterday, BOOK OF MEME rose to 81st place on the CoinMarketCap rankings before falling back.

You can buy BOOK OF MEME (BOME) on various crypto exchanges like MEXC and Bybit.

As always, be very careful when investing in memecoins, they are extremely volatile.

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Long term prediction of crypto

We talked about it twice last week, and this weekend all the boomers who prefer reading printed copies of the Financial Times and the Wall Street Journal to a smartphone story are also being informed. Some companies on Wall Street fear a correction in tech stocks and crypto if the Federal Reserve would make clear it is not planning to cut interest rates multiple times this summer. In that case, Bitcoin could immediately drop about 20% and the S&P500 and the Nasdaq are probably looking at a correction of about 10%.

But I think it will take a while before this happens. Of course, keep an eye out for geopolitical events. A possible expansion of the conflict between Israel and Hamas is still not over and the war between Russia and Ukraine, which looks more like a frozen conflict at the moment, could still flare up.

Short term prediction for cryptocurrency

In the short term, things still look very good for Bitcoin, even if we saw a lull in recent days.

As long as the largest digital coin continues to trade around $68,000, there is actually nothing wrong and it will normally continue to make its way to $80,000. Suppose Bitcoin sees a further price drop in the coming days as investors take their profits, then there are still a lot of BTC buyers waiting around the $60,000 to $64,000 level.

Below this lies support at the previous support zone, which is around $58,000.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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