- Despite BTC’s decline, SOL, NEAR, and KCS show buying potential.
Execs are bullish on BTC post-halving and see this period as the perfect buying opportunity.
As an experienced financial analyst, I’ve closely monitored the cryptocurrency market for several years. The recent volatility and price decline of Bitcoin (BTC) have sparked debates about its future, especially after the halving event. However, it is essential to note that not all coins are experiencing the same trend.
The topic of Bitcoin‘s [BTC] upcoming halving event has generated significant buzz for quite a while now. With recent market volatility, speculation regarding its potential impact on Bitcoin’s price has once again emerged.
It’s worth noting that, as of CoinMarketCap’s latest data, Bitcoin, among other cryptocurrencies, appears to be experiencing a decline.
As a crypto investor, I’ve noticed some standout performers amidst the market volatility. Solana (SOL), Near Protocol (NEAR), and KuCoin Token (KCS) were the exceptions, consistently showing green gains on my daily chart watchlist.
Perfect time to buy Bitcoin?
Thomas Lee, the Co-founder and Head of Research at Fundstrat, expressed his bullish outlook on Bitcoin. He stated,
As a seasoned crypto investor, I believe that the market turbulence in April has led some of us to underestimate its true value. In my opinion, this volatility presents an excellent buying opportunity for both Bitcoin and stocks.
I recently came across an essay written by Arthur Hayes called “Left Curve.” In it, he shares his perspective on a growing trend that could contribute to Bitcoin’s ongoing price increase.
Hayes’s belief in Bitcoin and the cryptocurrency market as a whole was evident, regardless of regulatory challenges and the present market volatility.
By the end of 2024, I believe the price of Bitcoin will fall within the range of $70,000 to $100,000.
Not out of danger, though
Although Josh Olszewicz, an experienced trader, holds a favorable view, he thinks that cryptocurrency still isn’t entirely safe from potential risks.
As a crypto investor, I utilize the Ichimoku Cloud indicator to assess Bitcoin’s market trend. Presently, this trend appears to be bearish, and the fact that Bitcoin is trading beneath the cloud serves as a significant resistance level for me.
To reverse this trend, Bitcoin needs to break above the cloud. He added,
“Watch for iHS + cloud breakout this week if momo continues.”
This was further confirmed by AMBCrypto’s analysis of Santiment data.
The declining MVRV ratio showed that most holders were in losses at press time.
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2024-05-07 21:11