The Crypto Market at a Crossroads: Navigating Uncertain Waters

Welcome to Crypto Investing Daily. I’m your host, Alex Benfield.

Today, I want to give you a quick update because the market is moving and crypto prices are starting to slip a bit. Feel free to watch my full analysis in the video here, or read an edited transcript below.

We’re beginning to lose some of the recent support levels on our key assets. Let’s discuss what to do, what not to do, how I think things are going to play out, and the next levels we should be looking for in some of these major cryptocurrencies.

Bitcoin (BTC) has been in a consistent uptrend since the start of the year, holding its May 1 lows. This uptrend is being tested right now.

However, we’ve also been in a slight downtrend since our mid-March highs, creating a flag pattern that has been tightening over time. This suggests that eventually, we’re going to break out one way or another.

In late May, Bitcoin attempted to break above this downtrend, hitting around $71,000. However, the attempt failed. A second attempt in early June also failed, and since then Bitcoin has been dropping.

As of Thursday, June 13, it looked as if we might lose the support level, and over the last 24 hours, Bitcoin and the rest of the crypto market have been falling. We are now breaking below the year-long uptrend.

In the short term, this could mean a further correction. After losing support around $67,000, our next levels to test are around $61,000 and potentially $58,000, the May 1 low. If we dip below the May 1 low, we might be in for a more prolonged correction that could last until August.

This scenario is less than ideal as it pushes back our anticipated rally. But it doesn’t change our long-term outlook. The fundamentals and narratives haven’t changed; it’s just the timeline that’s being pushed back.

What this means for us is that we have some incredible buying opportunities in the next few weeks — especially in altcoins that have been on our watch list.

One key altcoin to keep an eye on is Render (RNDR), shown below.

It had a significant rise from about $1.50 in fall 2023 to over $13 in March, but it has been in a correction since. As of now, Render seems poised to break below $7.25, indicating a potential correction for another month. This could provide a great buying opportunity once it confirms a bottom.

Other artificial intelligence (AI) plays such as (FET) and Ocean Protocol (OCEAN) are also trending downward, offering potential buying opportunities. Despite these corrections, the AI narrative remains strong, and these coins are expected to bounce back in the next leg of the bull market.

For those fully invested, it’s advisable to hold your positions because selling now during a correction is not ideal.

If you have cash on the sidelines, prepare to deploy it in the coming weeks, especially in July, when altcoins might confirm their bottoms. This strategy allows for calculated investments at good values and lower prices.

In conclusion, while the market may experience a correction over the next few weeks, it’s essential to remain patient and not panic. The long-term outlook remains bullish, and the current correction offers excellent opportunities to build positions in both Bitcoin and altcoins. Stay vigilant, and be ready to take advantage of these opportunities as they arise.

Have a great week. I’ll see you next time.

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