3 Cryptos to Buy on a Drop Before a Multibagger Rally Occurs

The crypto market seems to have fallen off a cliff lately. Bitcoin (BTC USD) has been struggling to hold the $60,000 level for some time and has risen back to $61,000 at the time of writing. Nobody can say whether this upswing will last. However, if this is the case, it could be a bullish signal for the entire crypto market as this marks a higher low. Regardless, I don’t trust technical analysis. And it is entirely possible that Bitcoin could fall below this level, wiping out months of gains. In the worst case scenario, I see Bitcoin reaching $40,000.

However, I am optimistic in the long term. Bitcoin has already outperformed a few months after the halving and could show the same pattern this time too. The difference is that Bitcoin had already reached a new all-time high before the halving took effect, in part due to recent regulatory approval of spot ETFs. Therefore, it will likely take longer for a supply shortage to occur. Investors should also keep in mind that the halving may already be priced into Bitcoin’s current valuation.

In my view, Bitcoin could be in the $80,000 to $100,000 range once interest rate cuts begin and supply tightening occurs. If you share my view, it makes sense to invest in some solid crypto projects that could rise even further as the peak season begins. Here are three cryptos to consider buying on a decline.

Injective (INJ-USD)

Injective (INJ USD) is a decentralized finance project. It is trying to create its own ecosystem of DeFi apps and that has been one of the biggest success stories of the current rally. However, most of its gains were wiped out in the last few months as altcoins declined significantly. Injecting bulls were rejected at $50 and are now all the way down to $23 per token. I think that the Injective trend could go down if the crypto market refuses to cooperate. However, if a bullish trend reversal emerges, INJ could make huge gains from here.

DeFi cryptos are likely to deliver huge profits during an off-season. Altcoins are a haven for aggressive, high-intensity traders, and their trading volume usually surges when the crypto market is doing well. Therefore, the valuations of many DeFi cryptocurrencies are also increasing. Injective is an open, interoperable Layer 1 blockchain that powers next-generation DeFi applications including decentralized spot and derivatives exchanges, prediction markets, lending protocols, and more. Therefore, it can benefit from a broader crypto market recovery in many ways.

Bittensor (TAO-USD)

Request sor (TAO-USD) is an open source protocol for a decentralized, blockchain-based machine learning network. This project promotes collaborative training of AI models by rewarding users with TAO tokens based on their information value to the network. Through TAO, which also serves as a medium of exchange, users can access and influence the network. The project aims to create an open market for AI.

This has been one of the most successful AI cryptocurrencies this year. The crypto jumped from less than $50 to over $730 within a few months before the music stopped. At the time of writing, Bittensor is currently trading at around $282 per token. However, I think this cryptocurrency can see a huge recovery from here as AI projects experience even more hype fueled by the AI ​​and data boom.

Alephium (ALPH-USD)

Alephium (ALPH-USD) is a blockchain platform designed to address key challenges in decentralized applications. This is a project that focuses on accessibility, scalability and security.

Alephium features Sharding combined with a stateful UTXO model (sUTXO) and an efficient Proof-of-Less-Work (PoLW) consensus mechanism. This architecture enables scalable dApps suitable for real-world use cases while maintaining comparable programmability Ethereum (ETH-USD) Account model. Alephium’s PoLW system significantly reduces energy consumption compared to Bitcoin, consuming only about an eighth of the energy under similar network conditions. The platform also features a custom virtual machine called Alphred, which improves the structure of the blockchain and solves critical problems of current dApp platforms.

I think this blockchain is very useful and could grow into something bigger. Alephium had a very optimistic start to the year, but has been hemorrhaging since March due to the underperformance of the broader crypto market. If things change, this token could be one of the biggest outperformers in the second half of this year.

At the time of publication, Omor Ibne Ehsan did not hold, directly or indirectly, any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author and are subject to InvestorPlace.com’s publication policies.