Bitcoin Closes a Week in Red after 8 Weeks of Gains, But Meme Kombat Emerges

Bitcoin price didn’t perform well over the weekend, dropping around 3% on Monday and about 4% since Friday. At press time, BTC is trading around $40,540.

Multiple crypto analysts weighed in on Bitcoin’s recent price action. Mags, a popular analyst with over 70k Twitter followers, tweeted:

“Bitcoin just closed its first weekly candle in red after 8 consecutive weeks of upward movement. Price is currently testing the mid-range area, which it reclaimed a few weeks ago.”

Here, Mags is pointing out that Bitcoin’s price had been on an eight-week upward run until last week when it finally closed the weekly candle (the price range for the full week) in the red, indicating a downward move. He notes that the price is now testing support around the mid-range area where it had previously broken out a few weeks ago.

Another prominent analyst, Michaël van de Poppe who has over 600k Twitter followers, gave his take:

“To me, it’s still reasonable to expect that we’ll sweep the lows before we’ll grind back up on Bitcoin. Profit taking at the end of year, most likely from later this week/early next week we’ll be back in up-only mode.”

Van de Poppe expects Bitcoin may revisit recent lows as traders take profits towards the end of the year. But he anticipates upward momentum will resume next week as we enter 2024. The analyst seems to view the current retracement as temporary.

When asked if a new all-time high (ATH) within four months seems too fast, CrediBULL analyst with 360k+ followers explained:

“Not at all and no it won’t. The amount of $ needed to move crypto marketcap up is a fraction of the amount marketcap moves…”

He goes on to compare crypto’s total market capitalization of $1-2 trillion to global equities’ $100 trillion market cap. His point is that only a tiny fraction of funds shifting from stocks to crypto would be enough to spur new Bitcoin highs. The analyst presents an optimistic case that fresh all-time highs are achievable in coming months leading up to Bitcoin’s next halving in April 2024.

Despite Bitcoin’s recent price pullback, the overall sentiment across top crypto analysts remains predominantly positive. Leading voices like CrediBULL and Michaël van de Poppe view the current retracement as temporary, anticipating fresh all-time highs in coming months as we approach Bitcoin’s halving event in April 2024. Analysts highlight that only a fraction of funds shifting from traditional equities to crypto would be enough to spur new highs. With Bitcoin still up significantly year-to-date (143%), most experts remain bullish on its long-term trajectory.

Meme Kombat Generates Buzz Ahead of Launch

As Bitcoin struggles to maintain its upward momentum from November and early December, a new meme coin gaming project called Meme Kombat (MK) is generating substantial presale interest before even launching officially.

Meme Kombat combines play-to-earn innovation with the viral potential of internet memes. The concept involves wagering on unpredictable AI-animated battles between meme coin mascots like Doge and Pepe.

The outcomes of each meme battle are completely arbitrary, with characters having different randomly-assigned strengths and weaknesses each round. This encourages gamers to keep returning to try their luck predicting match results.

The project features a proprietary token dubbed MK and plans to unveil a battle arena matching famous meme mascots against each other soon. Crypto enthusiasts can wager MK coins on match results between the likes of Doge and Wojak to potentially earn MK token prizes based on accurate predictions.

Having attracted $3.7 million in presale financing already, Meme Kombat resonates with the crypto community’s lighthearted nature. 

MK Presale

Unlike many crypto projects, Meme Kombat features its core team members prominently on its official website. This transparency about the talented minds behind the meme coin gaming concept is a reassuring sign of credibility. With profiles detailing the extensive blockchain development experience of founder Matt Whiteman, Meme Kombat demonstrates a commitment to openness.

By publicly standing behind the product, the start-up instills further confidence in its ambitions. The willingness to be accountable and accessible speaks to Meme Kombat’s intentions to build genuine utility around its MK token and arena for provably fair meme battles.

Season one arrives in coming weeks, featuring over 10 beloved crypto meme figures that digital currency fans identify with. This unique fusion of speculation, internet nostalgia, and AI randomness offers an entertaining crypto-native experience.