Bitcoin Price Prediction: BTC Holds at $28k as Investors Flock to New Token DeeLance
It's been an excellent year for BTC holders so far, with the coin's price up over 67% since January 1st.
However, price has stalled over the past two weeks as the bulls and the bears fight it out for supremacy. No clear direction is being presented, meaning a breakout could happen at any moment.
Given how unpredictable Bitcoin's next move will be, many investors are looking toward alternative tokens. One project that has been catching the investment community's attention in recent days is DeeLance – a brand-new freelance platform built using Web3 technology.
Upcoming Bitcoin Breakout – Which Direction Will Price Head?
Many investors are considering projects like DeeLance ahead of Bitcoin mainly because of the latter's current technicals. Before mid-March, the price of Bitcoin had exhibited a sustained uptrend, driven by positive macroeconomic factors that led to a broader 'risk-on' sentiment.
However, a strong resistance level has been created around the $29,000 level. This level hasn't been seen since June 2022 and was previously used as support before Bitcoin's massive crash following the Fed's rapid-fire interest rate increases.
As can be seen from the BTC price chart, something's got to give – as the price is now being compressed in a triangle pattern just below $29,000. Triangle patterns tend to form just before a bearish breakout, so investors must be wary of a looming retracement.
If Bitcoin were to drop, we could see it use the 50-day exponential moving average (EMA) as a support level. Bitcoin did fall below this EMA in mid-March yet immediately returned above it, highlighting that the mid-term trend remains bullish.
Looming Fed Pivot Could Spark BTC Surge
Although Bitcoin's technicals don’t paint a pretty picture, several macroeconomic factors look increasingly positive for BTC holders. The most pressing of these factors is the Fed's ongoing war against inflation, which has been the primary source of volatility in the crypto market.
Fed Chairman Jerome Powell recently announced another 0.25% hike in the benchmark interest rate. This was the ninth consecutive rate increase, meaning interest rates are now at their highest in 16 years.
The Fed's policy has been roundly criticized since it has impacted the tech sector, the banking sector, and, most notably, the crypto market. However, things are looking up, as the Personal Consumption Expenditures (PCE) index decreased to 5% annually in February - a larger drop than expected.
Economists have viewed this decrease as a hugely positive event since it hints that the Fed's rate increases are beginning to have a noticeable effect on the inflation level. In turn, this provides scope for the Fed to conduct a 'pivot', which would mean a pause on further interest rate hikes.
Naturally, this is positive news for BTC holders since 'riskier' assets like crypto will become more appealing to the investment community. As such, we could see the bullishness of early 2023 return – helping BTC breach the $30,000 level for the first time since mid-2022.
Could DeeLance Offer a Better Alternative to Bitcoin?
As can be seen from the points raised above, it's hard to determine precisely where the Bitcoin price may go in the coming weeks. The technicals hint at more downside momentum, whereas the macroeconomic environment will likely promote further upside.
This lack of a clear direction has led many in the investment community to seek alternative cryptos that could provide higher long-term price potential. One of these cryptos is DeeLance – a brand-new Web3-based freelance and recruitment platform.
As noted in the project’s whitepaper, DeeLance aims to solve several prominent issues plaguing the freelancing sector. These issues include long payment cycles, high commissions, centralized systems, and extensive sign-up processes.
By leveraging the power of Web3 technology, DeeLance intends to help freelancers and clients overcome these issues – leading to a fairer and more transparent environment for all.
The DeeLance Ecosystem Could Shake Up the Job Sector
DeeLance’s Ethereum-based platform comprises three 'pillars' enabling easy collaboration between all users. These pillars are:
- An innovative NFT marketplace
- A first-of-its-kind metaverse for freelancers/clients
- A Web3-powered recruitment platform
All of these features will utilize blockchain technology, which ensures they're decentralized. This goes against the grain since leading freelance platforms like Fiverr and Upwork use a centralized structure – which leads to higher fees for all users.
Using blockchain technology solves many of the issues inherent in these platforms. For example, all buyer/seller transactions will be transparent, meaning disputes can be resolved instantly.
At the heart of the DeeLance ecosystem is DLANCE – the platform's native ERC-20 token. DLANCE will have several essential use cases, including being used by clients to pay for services or as the transactional currency within the DeeLance metaverse.
DeeLance’s developers have stated there will be a fixed supply of one billion DLANCE tokens, with 30% (300 million) reserved for the project’s presale phase. This presale began on March 30th and will contain three stages, each with its own price point.
Investors can currently get involved in Stage 1, where DLANCE tokens are priced at $0.025 – the lowest price they’ll ever be offered. Given that the launch price of DLANCE is already set at $0.037, Stage 1 investors can instantly lock in a paper profit of 48%.
This aspect has led to DeeLance generating enormous attention from the investment community since the project offers similar (if not higher) potential than Bitcoin. With the project's Telegram channel expanding rapidly, DeeLance is certainly worth keeping an eye on.
