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Optimism Surrounds Fetch.ai as Investors Anticipate Bull Run
Investors in Fetch.ai (FET) are expressing optimism that the cryptocurrency will exhibit a reversal pattern on the chart in the near future. The potential catalyst for this anticipated bull run is the upcoming Bitcoin Halving event, with a strong correlation of 0.85 between the two assets. Recent data shows that whales, typically large investors, have shifted their sentiment from holding (HODLing) to accumulating FET over the past 2–3 days, collectively increasing their holdings by $59 million.
Analysis of wallet addresses holding between $100k and $10 million worth of FET tokens suggests that a positive rally may be on the horizon. The significant increase in their holdings indicates that the rally could occur sooner than expected. While a detailed discussion on a specific timeline has yet to take place, the effects of these recent developments are likely to be observable in the near term, potentially leading to substantial outcomes by the end of 2024.
Bitcoin Halving and its Influence on Fetch.ai
Bitcoin Halving, an event that occurs approximately every four years, is expected to have a major impact on the price of FET. The halving process involves a reduction in miners’ rewards and controls the supply of BTC in circulation, which historically has led to an increase in the value of the token. This effect is not limited to FET alone, as most cryptocurrencies in the market are poised to experience the repercussions of Bitcoin Halving in the coming period.
FET’s potential for a price rise is further supported by its double-bottom pattern, characterized by two consecutive troughs at the same level. This pattern suggests the possibility of a reversal in the current trend. However, it is essential to note that the pattern has not yet been confirmed by FET. Following a recent breakthrough at $2.28, identified as a crucial resistance level, a drop below this threshold would invalidate the pattern and potentially lead to a bearish trend.
Current Statistics and Price Predictions
At the time of drafting this document, FET is trading at $2.43, reflecting a 2.49% decrease in the last 24 hours but showing a 15.93% increase over the past week. Price predictions for Fetch.ai indicate that the cryptocurrency is expected to maintain its momentum until the end of the decade, by 2030. The 24-hour trading volume has decreased by 4.03%, while the market capitalization has experienced a 2.94% decline.
Investors are eagerly anticipating the upcoming rally on Fetch.ai, recognizing their role in driving the growth of the ecosystem. The recent accumulation by whales, combined with the shifting sentiment in the market, reinforces the positive outlook for FET in the coming period.
Two key factors, Bitcoin Halving and the correlation with Bitcoin, are expected to contribute to a surge in FET’s price. Bitcoin’s current upward trajectory, with a 0.34% gain in the last 24 hours, signals a positive trend that could spill over to other cryptocurrencies. ETH, considered one of the best altcoins, is also showing signs of a bull run, potentially influenced by external factors such as the absence of official news related to its Exchange-Traded Fund (ETF).
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