There is no need to fret about Bitcoin's recent drop below $60,000, according to Matt Maley, chief market strategist at Miller Tabak.
The market analyst recently told Yahoo Finance that the largest cryptocurrency could still fall "a lot" without enduring any real damage from a technical standpoint.
He estimates that Bitcoin would have to plunge below $50,000 to cause some serious damage. In such a case, the crypto king would break its trendline that goes back to the July lows:
"It can still come down quite a bit without having really major technical damage."
Last Wednesday, Bitcoin hit a new record high of $69,000, soaring into overbought territory.
Even some long-time bulls of the likes of Morgan Creek's Mark Yusko have been on pullback watch.
While Maley worries that a notable decrease in the supply of liquidity could lead to "some problems" for Bitcoin and Ether, he is still bullish in the long term.
He adds that there are plenty of equities that are "much more vulnerable" than Bitcoin. Source: https://u.today/bitcoins-recent-drop-below-60k-is-not-worrisome-analyst-saysNo worrisome for long-term investors even if the price drops below 50K. If you can be a long-term investor and you believe to see bitcoin price even above 500K, no worries if the price drops from 69K to 50K. Otherwise, even a one percent price fall can make you worry. Probably the most correct decision for those who have already bought BTC is not to worry and wait for the right price. The fact is that those people who invest in BTC for a long time do not particularly care about what is happening on the market and the price of BTC, since they know their goal for sure and go to it. Those who invest in the short term certainly always have a hand on the pulse, because they want to earn a lot right now, and such a drop in price forces many of them to sell ahead of time, which ultimately leads to a loss of funds. In any case, you need not to make hasty decisions and always clearly move towards your established goal. |
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If I want to make money quickly, is it slower to invest in BTC? Are there any recommendations for high-quality tokens in the NFT sector and GameFi? I like ten times, one hundred times the currency.
Of course, it all depends on the amount you want to invest in cryptocurrency. If this is a large amount of money, then it is probably best to invest in BTC and top altcoins like ETH, BNB and others. If there are not enough funds for investment, then you can try your luck by investing in promising NFTs and gaming platforms, but it is difficult to recommend something here, since there are many offers on the market right now and it is very difficult to make the right choice. In any case, where to invest your funds, only you decide and you make the final decision. |
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Hi all, Last week my friend once said about the current and future situation of the crypto market. he said that if bitcoin can't stay above 60k, then altcoins will be hit by a big correction. At that time I doubted what was said because I saw the market situation was quite good. but seeing today started to believe it a little. further said that the end of this month until the end of the year, will be the most important point for the crypto market because at that time it will be a representation of the situation going forward. he said if by the end of the year some big coins pass their support point, then the market will not be fine going forward. but on the other hand if big coins like bitcoin, ethereum, bnb and others can stay at current prices, the start of the year will be a pretty good situation to trading.
judging from what he said, I conclude that right now the market is at a very important time. but even so I didn't fully believe what he said. I stick to my decision that currently hold is the best despite the red market today.
As for me, what is happening on the market right now is what happened before. By the end of this 2021, many, and I, too, expect a new bulrun, and many factors indicate this, but which one it will be difficult to guess, but most likely it should start already this month. If it happens, then at the beginning of the new 2022 we will see a drop in cryptocurrency prices and this will mean that everything is going according to plan and will show once again that the crypto market is cyclical. So for me personally, everything is clear and I just have to go with the flow. But as we know, sometimes surprises occur on the market, which means that you need to closely monitor the market and the events taking place on it. This will allow you to react in time to sudden changes. |
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We all know that this upward move won't last forever, even if a real spot ETF is gonna be approved (that would cause another big rise, in my opinion), one day we will reach an unsustainable point of extreme overvaluation and a single fundamental event will trigger a huge dump.
I'm not trying to predict the future, I'm just trying to be honest myself considering that this cycle will come to an end (as always did before), but that could represent an opportunity too, for instance, with a short position opened at the right time (I know that I could appear like a complete fool who is trying to imitate Michael Burry in 2008).
What's your idea about that?
Personally, I also believe that the crypto market is cyclical and in order to see an even greater rise in the price of cryptocurrencies in the future, you need to gain strength, and for this you need a dump of prices for crypto assets. You are also right that this has happened more than once, which means there is a high probability that it will happen again. Right now we are in a very interesting situation, since we are on the verge of a new flight to the moon, but the main thing is not to deceive ourselves and draw unreal profits. Already now, you should clearly understand what you expect from the future rise in prices, as well as from the subsequent fall. This is what will allow you to save and increase your funds. |
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With the high level of volatility and constant fluctuation in market capitalization on crypto currencies would there ever come a time we would trade crypto based on the value it has in it's self and not in exchange for fiat currency. Many countries has now adopted crypto as mode of payment but we are still faced with the issues of price irregularities. If we decide to adopt crypto fully as a global legal tender how do we deal with this price fluctuation.
This is the edge fiat and centralized currencies have over crypto and this has made so many shy away from doing legal business transaction using some crypto most especially during bear market. Can this issue get a remedy?
Unfortunately, it is unlikely that this problem will be solved in the foreseeable future. You probably noticed that the prices of cryptocurrencies are not controlled by the demand and the community and the big players, the same big crypto exchanges and investors. Based on this, they are unlikely to give up the opportunity to constantly make a profit, both with an increase in the price of cryptocurrencies and with their fall. To solve this problem, it is necessary that there are no large holders, and the cryptocurrencies themselves are distributed as much as possible around the world. Then the price may appear and will depend on the value of a particular cryptocurrency. |
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Indeed, right now the world is in an energy crisis and many countries, including European ones, are reducing the use of energy in order to save money. Since the mining of BTC and other cryptocurrencies will require a lot of energy, the authorities of these countries are trying to ban this type of mining, but this hardly means that they are against BTC itself. Probably a way out will be found and no one will prohibit BTC. At the same time, well, we must forget that right now we are on the verge of a new flight to the moon in the crypto market, and this news may also be related to influencing the price of cryptocurrencies. All this looks like manipulation, but unfortunately it is very difficult now to accurately predict what will happen next. So all that remains is to keep your finger on the pulse and follow the news and information.
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I shared my comments about BNB that it will be 600 dollars until the 15th of November. I have a guess that he will be excited with the cryptos that football clubs have released lately. I think it could be $750 by the end of December.
As for the price of BNB, I believe that by the end of 2021 it will grow and will probably be able to reach the $ 1000 mark, maybe even higher. This is also facilitated by the fact that many are expecting a flight to the moon by the end of this year, and if there is, then such a top coin as BNB may well show excellent results. I personally believe in the success of BNB and I am also the holder of this coin. |
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