The price of Bitcoin (BTC) dropped significantly to $65,000 in recent days, causing uncertainty among investors due to numerous sell-offs in the market. However, BitBoy Crypto, who is also known as Ben Armstrong, stayed positive about Bitcoin’s future direction. In a message on X, he encouraged his supporters not to worry, as Bitcoin is still expected to hit the $100,000 mark this year.
Ben Armstrong Optimistic About BTC’s Future
Recognizing the uncertainties of the market, Armstrong expressed his thoughts on the day’s happenings. He pointed out that Bitcoin’s behavior might have surprised him, but such instability is inherent in cryptocurrency trading. “Sometimes you win, sometimes you lose,” he stated, highlighting Bitcoin’s ability to bounce back during market upheavals.
Previously, he predicted that Bitcoin’s price would significantly change today. But, his belief was shattered when the entire cryptocurrency market experienced a massive downturn. Simultaneously, Armstrong’s steadfast faith in Bitcoin’s future potential resonates with many other influential voices within the crypto sector.
Crypto expert Michaël van de Poppe highlighted the current bullish trend in the market. He also pointed out that the recent drop in prices is a chance for investors to buy altcoins at reduced costs. Furthermore, he stressed that several altcoins are currently priced much lower than Bitcoin.
According to Van de Poppe’s assessment, Bitcoin’s current market dominance is likely to lead to a surge in altcoins at some point. Furthermore, he mentioned that the ongoing bull run for Bitcoin hasn’t yet reached its full potential as the recent price increase can be attributed to the enthusiasm surrounding newly introduced Spot Bitcoin ETFs.
In addition, the approaching Bitcoin Halving may serve as a significant trigger for price growth, boosting investor enthusiasm. As the production of new Bitcoins decreases, expectations grow for a price increase driven by this supply reduction, potentially leading Bitcoin to reach greater heights.
Bitcoin Price Rebounds Above $67,000
The Bitcoin price bounced back strongly and stayed above $67,000 following a dip to $65,000 at one point during the day. Currently, the BTC price is 4.67% lower, at $67,403 on April 13, Saturday, while its market capitalization amounts to an impressive $1.32 trillion.
Instead of “In contrast,” you could say “On the other hand.” And instead of “Soared 61.97% to $48.06 million” you could say “jumped by 61.97% to reach $48.06 million.”
Additionally, the Bitcoin open interest decreased by 5.85%, amounting to $35.55 billion. This decline indicates that even those dealing in derivatives have started liquidating their positions. Furthermore, the recent Bitcoin options expiry may have contributed to the latest bearish trend.
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2024-04-13 13:41