The Current Bull Market and Factors Influencing Bitcoin Price
In a recent insightful interview with Gracy Chen, the Managing Director of the crypto exchange Bitget, the discussion revolved around the ongoing bull market. She shared her perspective on why we are still only about 30% to 40% into the bull market and highlighted the factors affecting the price of Bitcoin (BTC).
- “There is no doubt we’re in a bull run right now,” remarked Chen. She elaborated, “Observing the BTC price action today compared to October 2023, we see that it has approximately doubled.”
- Chen emphasized the significance of the halving event and how it may impact the market, as well as the influence of macroeconomics like speculation about US interest rate cuts on the crypto world.
- Regarding specific price levels, Chen mentioned that $60,000 serves as a strong supporting level while $73,000 acts as a significant resistance level for BTC.
The Role of Meme Coins and the Importance of On-Chain Data
When discussing meme coins, Chen shared her reservations stating, “I’m not a big fan of meme coins.” She explained that these coins are often emotionally driven and lack fundamental value, advising to allocate less than 5% of one’s portfolio to them.
Chen advised, “Don’t take it too seriously. They are meme coins, after all.”
Furthermore, Chen highlighted the significance of on-chain data in evaluating projects, stating, “Our team at Bitget values on-chain data greatly because it is transparent and reliable.”
- She emphasized that on-chain data offers insights into not just trading volume but also the number of wallets holding coins, aiding in making informed decisions.
- Discussing the potential of AI coins, Chen expressed optimism about their long-term growth prospects, acknowledging the transformative power of AI in shaping various industries.
Gracy Chen, the Managing Director of Bitget, brings a wealth of experience to her role. Having ventured into the crypto world in 2014, she continues to drive the growth and expansion of global markets for Bitget. Chen’s dedication to the industry has earned her recognition as a Global Shaper by the World Economic Forum in 2015 and a delegate at the recent UN Women CSW68 conference.
