Prominent cryptocurrency trader Altcoin Sherpa shared insights on Bitcoin's BTC/USD potential trajectory, anticipating new all-time highs down the line for the crypto king.
What Happened: In an April 15 tweet, the trader warned about a possible dip in Bitcoin's value to $53,000 if its high time frame closes below $60,000. He also adds that in this case, altcoins could potentially plunge by more than 50%.
However, he remains bullish on Bitcoin's long-term prospects, stating, “Bitcoin is still going to break all-time highs strongly later this year.”
Altcoin Sherpa advised traders to avoid leverage unless they are experienced or seeking to improve their skills, as the current environment is not conducive to it. Instead, he encouraged spending time on research and learning, as a major portion of the crypto market is down by over 50%.
Also Read: Peter Schiff Predicts Bitcoin ETFs Will Lead To Its ‘Biggest Crash Ever’
Why It Matters: These views come at a time of heightened volatility, prompting the trader to advise patience and confidence. He suggests a dollar-cost average strategy for projects that traders like, stating, “Buy some here, buy some there…don’t put all your buy in one area unless you’re actively trading.”
In the past 24 hours, Bitcoin long liquidations stand at $72.54 million, with $25 million of short positions liquidated as per Coinglass data. Bitcoin Derivatives Data Analysis shows trading volume in the past 24 hours expanded by 11.5%.
IntoTheBlock data highlights a 2.1% surge in daily active addresses for Bitcoin, while a 41.7% increase was seen in large transaction volumes, reaching $59.2 billion. Transactions greater than 100,000 spiked to 11,709 as of April 15, up from 7,535 transactions on April 14. Despite the price dip, 86% of Bitcoin holders are currently in profit.
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.
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