Gracy Chen, Managing Director of Bitget, on The Current Bull Run, Memecoin Mania, AI Tokens, and Getting Listed on Crypto Exchanges | Ep. 330
In a recent interview with Cryptonews, Gracy Chen, the Managing Director of the crypto exchange Bitget, discussed the current bull market, why we are still 30%-40% in it, and the factors influencing the Bitcoin (BTC) price.
She talked about meme coins being driven by emotions and how much of one’s portfolio she recommends to be meme coins.
Also, she touched on the usefulness of on-chain data in project evaluation and on the long-term potential of AI.
There is no doubt we’re in a bull run right now, Chen remarked.
“I would say 30% to 40% in the bull market,” she added, going on to explain.
Observing the BTC price action today compared to October 2023, we see that it has approximately doubled, she said.
There are two relevant factors to observe here, as crypto market “is not just crypto itself.”
The first is the halving. This recent, fourth event was a historical moment for the chain, but it’s too early to judge its direct impact.
For example, the decrease from the recent all-time high of nearly $74,000 may largely be due to the halving event.
#Bitcoin's inflation rate has remained lower over the past #halving, while gold has shown volatility over the past 50 years. pic.twitter.com/5FkOX45TSQ
— Bitget (@bitgetglobal) April 30, 2024
Another important factor currently is the speculation about US interest rate cuts. Therefore, macroeconomics is having a significant effect on the crypto world.
Talking of prices, Chen argued that $60,000 is “a very hard, strong supporting level,” while $73,000 is a very strong resistant level.
Therefore, BTC fluctuates in this range, “but I’m definitely looking at the Bitcoin price going up in […] 6 to 18 months.”
Chen is not a big fan of meme coins, she told us.
The reason is that most of them are driven
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