Bitcoin Shows Signs of Stagnation, But Insanity Bets Continues to Pump
While BTC’s rise to $80K and $100K dominated price predictions earlier this year, investors are less optimistic now. Most of the broader market has slowed down, following in the footsteps of Bitcoin.
But emerging tokens like Insanity Bets ($IBET) defy the trend. Still in the presale stage, the viral token is immune to the downtrend, and investors are hoarding it in large numbers to take advantage of its high upside potential.
Veteran trader Peter Brandt has suggested that Bitcoin may have already found its peak at $70K in this bull cycle.
Exponential decay is behind the dull outlook. Exponential decay occurs when each successive cycle sees a peak price at only about 20% of the previous cycle’s peak gain. Bitcoin has followed this trend in the last three market cycles.
Bitcoin cycle exponential decay. Source: Peter Brandt
As a result, the world’s largest cryptocurrency will struggle to reach $100K this year.
On the bright side, even Peter Brandt isn’t entirely convinced by this theory. He reveals that he is not happy about the Exponential Decay trend seen in Bitcoin, especially given its significant position in his investment portfolio.
Giovanni Santostasi, CEO and research director at Quantonomy, weighs in by pointing out that there is limited data to substantiate the theory.
For investors, the data is a signal to diversify into other emerging assets. That explains the rising interest in projects like Insanity Bets, which are still in their early stages, thus leaving a large room for returns.
Although the prevailing short-term bearish sentiment surrounding BTC can turn into a rebound soon, investors are redirecting their funds towards emerging assets with higher upside potential.
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