Bitcoin ($BTC) sellers dumped more than $4 billion into markets, taking advantage of recent highs. These short-term holders set an 18-month selling record as they booked profits from the incredible Q4 rally. Is $BTC’s next stop $36,000?
Technical analysis still favors a downside target of $36,000 following rejection at $45,000. However, smaller caps continue to post outstanding gains as Bitcoin dumps and the top 10 crypto coins show weakness. Galaxy Fox ($GFOX) is a new presale that continues pumping and offers a great vehicle for investors who want to continue making profit during the current downturn.
Bitcoin ($BTC) Next Stop $36,000?
Bitcoin has enjoyed a brilliant two months, and a pullback was expected following vertical price action. Price became over-extended as investors got overly excited and threw caution to the wind- a classic sign that markets are overheated.
A liquidation flush on December 11th liquidated millions of longs cleaning leverage out of the markets. This drastic wick was the result of leveraged traders hunting each other’s liquidation zones. This time, the more profitable outcome was liquidating late longs.
Judging from technicals, $BTC’s next potential stop is $36,000. Technical analysts expect Bitcoin to possibly revisit its November price levels, where it made year-to-date highs. It would be an excellent opportunity to buy spot, as $BTC remains a classic crypto for beginners that everyone should hold in their portfolio, regardless of short-term volatility.
Just keep in mind that if the move to the downside is invalidated by strong buying pressure, $BTC could bounce back quickly to the $48K region, where it’s likely to settle for a while due to strong resistance.
Galaxy Fox ($GFOX) Blasting Past $900,000
Galaxy Fox has not slowed down despite the weakness of $BTC and the other top 10 crypto coins. In fact, this presale has been raising funds faster than ever and recently crossed the $900,000 threshold. A play-to-earn token set to launch in 2024 as GameFi becomes the dominant narrative. No wonder investors are wading into the presale, and analysts call $GFOX one of the best cryptocurrencies to buy now!
This P2E project builds on the classic model with financial incentives for players but introduces a broader ecosystem around its runner game. Players who end the season in the top 20% earn prizes, but in this cosmic ecosystem, all token holders earn thanks to Stargate.
Stargate is Galaxy Fox’s staking hub, and it accrues 2% of all ecosystem transactions. It pays these out to stakers, and seasoned investors have realized two important points.
Paying staking rewards with taxes instead of token emissions means no inflationary pressure long-term. And the link between ecosystem activity and staking payouts means that as Galaxy Fox grows, rewards will increase.
Galaxy Fox’s runner game will onboard new participants into the ecosystem, and a highly underrated feature of the protocol is its Treasury. The Treasury will maintain responsibility for ecosystem growth and receive 2% of buy and sell taxes for this purpose.
Scheduled to support community initiatives and marketing efforts, this more business-orientated facet of the protocol could act as the most outstanding growth catalyst headed into the bull. Marketing has become increasingly important as the crypto space gets more crowded. And Galaxy Fox’s allocation of resources to constant expansion is massively bullish for early participants.
Closing Thoughts: Has Altcoin Season Started?
The pullback from $BTC and the other top 10 crypto coins likely signals a broader capital rotation and that the time has come for altcoins to shine. Altcoin season could have already started and will likely last until January – as the Spot ETF approval will bring all the attention back to $BTC.
Participate in the Galaxy Fox presale now. Enjoy an incredible 18% price surge moving from Stage 3 into Stage 4 and all the subsequent bonuses. When 2024 begins, the opportunity will have drastically diminished. Move fast and grab a stack of $GFOX tokens today!
Learn more about $GFOX here:
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