3 Altcoins to Buy If Bitcoin Correction Extends to $50,000

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As a researcher with extensive experience in the crypto market, I believe that the current Bitcoin price trend is concerning due to the significant liquidation events and large-scale selling by governments. The German government’s recent transfer of 16,038.7 BTC to exchanges and market makers adds to the bearish sentiment, potentially driving down the price further towards $50000.

The price action of altcoins has been uncertain lately, with Bitcoin hovering around the $50,000 mark since the weekend. The daily chart indicates a long-wicked neutral candle, implying no definitive signals from buyers or sellers to influence this cryptocurrency significantly.

Based on the data from Coinglass, I observed that a staggering number of 96,521 crypto traders experienced liquidations, leading to a significant total of $425.37 million being wiped out. Among the major cryptocurrencies, Bitcoin (BTC) accounted for approximately $190 million in liquidations, while Ethereum (ETH) saw about $94 million worth of liquidations.

As a researcher, I’ve come across some intriguing data from WuBlockchain. The German government reportedly moved 16,038.7 BTC, worth around $915.3 million, to exchanges and market makers. This significant transaction is part of a larger selling spree that commenced on June 19. Over this period, the German authorities have offloaded a total of 26,071 BTC, translating to approximately $1.527.9 million.

The German authorities have moved 16,038.7 Bitcoins, equivalent to approximately $915.3 million, to cryptocurrency exchanges and market makers today. In total, they have sold 26,071 Bitcoins, worth around $1.527 billion, since their Bitcoin sales began on June 19. Currently, there are 23,788 Bitcoins, valued at approximately $1.32 billion, remaining in the government’s address.

— Wu Blockchain (@WuBlockchain) July 8, 2024

As a researcher investigating these transactions, I’ve discovered that the designated address currently holds approximately 23,788 Bitcoins. The value of this amount is roughly equivalent to one billion three hundred twenty million dollars.

As a researcher, I’ve come across some intriguing information regarding the current state of Bitcoin markets. The U.S. government and Mt. Gox, with their significant Bitcoins holdings, are planning to sell off their assets. This joint action could potentially flood the market with more BTC supply. Consequently, the price may be forced down to around $50,000 due to increased pressure from this additional supply.

During times of possible market decline, traders who have been sidelined may want to explore purchasing alternative cryptocurrencies such as Solana (SOL), Pepe Coin (PEPE), and Chainlink (LINK).

Solana is a robust blockchain system tailored for building decentralized apps (dApps) and managing cryptocurrencies. Its primary goal is to deliver swift, secure, and adaptable blockchain technologies.

3 Altcoins to Buy If Bitcoin Correction Extends to $50,000

According to Ethereum’s lead, Solana’s coin is a promising contender for the upcoming launch of Exchange-Traded Funds (ETFs). Recent S-1 filings from major asset management firms for Solana-driven ETFs have ignited significant interest in the SOL token, resulting in noticeable buying pressure at approximately $122.

The price of Solana is nearly touching the horizontal line that serves as a trendline for the triangle formation on its chart. At present, the Solana price stands at around $137.5, and its market capitalization is approximately $63.6 billion.

As a crypto investor, I’m keeping a close eye on the current price action. If the triangle resistance trendline gets broken, I believe we might witness an exhilarating rally. This uptrend could potentially push the price up to reach $210, and then even further towards my target of $326.

As a researcher exploring the cryptocurrency market, I’ve come across PEPE coin, which is built on the Ethereum blockchain and derived from the widely recognized internet meme character, Pepe the Frog.

3 Altcoins to Buy If Bitcoin Correction Extends to $50,000

The Price of PEPE is currently adjusting between two trendlines, forming the shape of a flag pattern. This pattern historically indicates a brief reversal for buyers to rebuild their position.

Today, the price of PEPE bounced back by 12.2%, reaching $0.0000095 after touching the lower trendline. Simultaneously, the market capitalization increased to a value of $3.88 billion. Based on current trends, if this pattern persists, the PEPE price needs to surpass the overhead trendline in order to confirm the continuation of the uptrend.

As a crypto investor, I believe the post-breakout rally could give us the momentum to push PEPE‘s price higher than its previous peak of $0.00001745. If we manage to achieve this level, we might enter an exciting phase where the market sets the new price for PEPE, rather than being bound by past highs.

Chainlink is a decentralized network that functions as an oracle, allowing smart contracts on various blockchains to access real-world data and external APIs safely. The native cryptocurrency of this system, LINK, currently trades at a price point of $12.9, while its market capitalization stands at a substantial $7.86 billion.

3 Altcoins to Buy If Bitcoin Correction Extends to $50,000

At present, the $12.2 level serves as a significant support for LINK‘s price, preventing a significant price drop. Should there be a shift from this foundation, the price could rise by approximately 25.5% to confront the resistance trendline at around $16.2.

For buyers to retake command of this asset and push its value above $20, a significant price increase following the downward trendline is essential.

Key Takeaway

As a crypto investor, I’ve been closely monitoring the recent developments in the Bitcoin market. The liquidation of Mt. Gox exchange funds and the regulatory actions by the U.S. and German governments have put downward pressure on BTC‘s price. With the trend showing no signs of reversing, it seems likely that Bitcoin will break through its current support level of $55,000 and head towards the psychological level of $50,000. However, this extended correction could create excellent buying opportunities for dip buyers looking to add altcoins to their portfolios.

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2024-07-08 23:07