Savvy Cryptocurrency Investors Seeking the Next Big Narrative
ChatGPT Could Fuel A Dramatic AI Cryptocurrency Token Story that can be Profitable
AI crypto tokens could be the next big thing in the industry, similar to the DeFi boom, Metaverse mania, or meme-coin explosion. ChatGPT and other AI-powered technologies have been making waves on social media and in the business world. Whether accurate or not, we frequently required incredible rallies or declines.
The previous Bitcoin narrative, for example, was driven by its use as an inflation hedge. However, when inflation hit, the top cryptocurrency experienced one of its worst downtrends to date. Other recent stories include DeFi propelling Ethereum and related coins higher, or Metaverse tokens skyrocketing after Mark Zuckerberg renamed Facebook’s parent brand META. NFTs also aided Ethereum and newcomers such as Solana. In just a few tweets, Elon Musk made meme coins famous. These assets have one thing in common: the narratives made money, and in markets, that’s all that matters. For savvy cryptocurrency investors looking for the next big story, two letters may be all they need: AI.
OpenAI ChatGPT is currently sweeping the social media landscape. The AI tool has already passed the Bar exam, the Medical License exam, and the MBA exam. It is used to write articles, tweet, solve equations, complete homework, and automate tasks. It’s even being used to explain Bitcoin through the eyes of various celebrities. The platform has undeniable promise. Even though no AI crypto tokens are associated with ChatGPT, projects associated with anything artificial intelligence have recovered significantly from cryptocurrency bear market lows. Fetch.ai (FET), for example, is up roughly 480% from its lows, with a gain of more than 200% in January 2023 alone.
Ocean Protocol (OCEAN) is another standout, with a 230% recovery from lows and a year-to-date recovery of more than 100%. SingularityNET (AGIX) outperforms them both, with a three-month low and over 600% gains from the low. AGIX increased by more than 460% in January 2023, with a whole week remaining. The results are shocking, but there may be much more to come. Elliott Wave International’s Currency and Crypto Analyst, Jason Soni, recently led a video on three AI-linked crypto tokens that “could be on the verge of a new bull cycle.” The specific cryptocurrencies examined in the video are FET, OCEAN, and AGIX.
Bitcoin price is struggling to stay above $20,000 per coin, a level few expected the top cryptocurrency to trade at once it broke through the key resistance. The next target for BTCUSD may also reach a level that few would consider or expect at this time. However, ancient mathematics and Elliott Wave Theory suggest that the next cycle may peak much sooner than many expect and for US$161,800 per coin. Cryptocurrency traders frequently use Fibonacci retracements and extensions to determine where and when to buy and sell.
It is unknown why prices gravitate toward these levels, but the ratios can be found worldwide. Venus, for example, orbits the sun in 224.6 days, while Earth takes 365.2 days. This results in an 8/13 ratio (both Fibonacci numbers), which is approximately 0.618. This is why the golden ratio is also known as the divine proportion. It’s almost surreal.