Cryptocurrency traders remain confident that Bitcoin‘s BTC/USD struggles around the $60,000 mark may only be a short-term blip on the road to much greater valuations.
What Happened: Crypto trader Tim believes in Bitcoin's future as a world reserve asset and sees the current price levels—whether below $60,000, $50,000, or even $100,000—as a golden opportunity.
He added that rather than getting caught up in daily price fluctuations, traders should consider a strategy of consistent accumulation. By stacking a percentage of your salary in Bitcoin each month and ignoring short-term volatility, you're aligning yourself with a “proven, patient approach that has historically yielded significant returns,” the trader wrote.
Trader Stockmoney Lizards proposed a “black box experiment” to help alleviate investor concerns amid current market volatility. The analyst asked followers to consider their Bitcoin investment horizon, suggesting that those planning to hold for more than a year should be less concerned with short-term price action.
The analyst argued that while global concerns may seem worrisome, Bitcoin’s post-halving correction is a typical pattern used for “re-accumulation by smart money.”
He also expressed strong confidence in Bitcoin’s long-term performance, boldly stating, “Overall, Bitcoin will outperform any other asset, we are very certain of this. Gold, Eth, even hyped stocks like NVIDIA.”
Also Read: Bitcoin’s Line In The Sand Is $60K, But Careful With Ethereum And Solana, Says Top Technical Analyst
IntoTheBlock data shows large transaction volume increased by 10.1% to $34.3 billion, while daily active addresses rose by 3.2%. Exchanges netflows surged by 80.2%. Despite price volatility, 82% of Bitcoin holders are currently in profit.
Crypto trader Ash Crypto recently claimed that large holders accumulated 84,000 BTC, worth $5 billion, in July. This was the highest-ever accumulation by whales since 2014.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next:
- Bitcoin’s Line In The Sand Is $60K, But Careful With Ethereum And Solana, Says Top Technical Analyst
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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