Metacade price jumps ahead of AMA as analysts turn bullish on crypto

2023-05-01 00:02:43 ET

Analysts are turning bullish on Bitcoin and other cryptocurrencies after they tested their multi-month highs last week. Bitcoin has remained slightly below $30,000 while other smaller coins such as Hedera Hashgraph and Pepe have rallied. These bullish estimates could have a positive outcome for other tokens such as Metacade (MCADE).

The Bullish Case for Bitcoin

In this article

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I wrote that some analysts believe that the Bitcoin price will jump to as high as $185,000 in the long term. Many of those quoted in the report believe it will at least rise to a record high of $67,000 in the next few months.

These analysts cite many reasons for this. First, they note that Bitcoin has become a good safe haven as the banking crisis continues. First Republic Bank, a company recently worth billions of dollars, has seen its stock crash over 90%. On Sunday, banks such as JP Morgan, PNC Financial and Citizens submitted bids for the company.

The banking crisis is not yet over, according to Charlie Munger, vice chairman of Berkshire Hathaway. He expects more banks to collapse because of their exposure to US commercial real estate. He said :

“A lot of real estate is not so good anymore. We have many troubled office buildings, many troubled shopping centers, many troubled other properties. There is a lot of pain out there.”

Therefore, more collapses in the banking sector could mean more opportunities for Bitcoin and other cryptocurrencies such as Ethereum and Metacade.

Other reasons to be bullish on Bitcoin is that a halving could mean more upside for the coin. Historically, Bitcoin tends to rise ahead of halvings. The price has always been higher between halves. Therefore, with one scheduled for April next year, there is a possibility that it will continue to rise.

Federal Reserve pivots

Meanwhile, the Federal Reserve can now become a positive catalyst for Bitcoin and Metacade. The bank, which meets this week, is expected to either raise interest rates or take a strategic pause. If either happens, it means the end of the turn cycle has been reached. Historically, cryptocurrencies tend to do well when the Fed gets a little dovish.

Other important Bitcoin news is that the regulations are becoming clearer. Last week, the European Parliament voted for MiCA, the first crypto regulation in the bloc. Analysts expect these regulations to be approved by national parliaments by July. Meanwhile, in the US, the head of the House Finance Committee said the first crypto bill will be introduced in the coming months.

Metacade set for more IPOs

MCADE chart by TradingView

All these reasons explain why the Metacade price (MCADE) has done well in recent days. According to TradingView, MCADE was trading at $0.027 on Monday morning, much higher than last week’s low of $0.022. It is approaching the all-time high of $0.034. This means MCADE has jumped 200% from its all-time low, giving it a market cap of over $38 million.

The biggest Metacade news is that several exchanges such as MEXC and BitMart have listed the token. As a result, the volume of MCADE traded on centralized exchanges is slowly approaching that traded on decentralized exchanges. In the last 24 hours CEX volume was $417k while DEX volume was $623k.

According to Metacade’s white paper

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more CEX listings may happen soon. The developers hope that Metacade’s growing popularity and the upcoming product upgrades will lead to more traction for the token. The next Metacade AMA set for Tuesday could also push the token higher.

Is Metacade a good investment

I first mentioned Metacade in this article when it had a token sale. As such, my prediction was accurate as the token has thrived after being listed by multiple exchanges. I suspect the token will do well over the years as the gaming platform launches and the gamefi industry grows.

Analysts believe that this gamefi industry will be worth trillions of dollars in the coming years. And while traditional platforms like Axie Infinity struggle, new ones like Metacade will flourish as they will learn from their missteps.

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