Bitcoin's 'Complacency Bounce' Could Precede 'Another 10%-20% Drop Soon,' Say Veteran Traders
Portfolio Pulse from Khyathi Dalal
Veteran traders and analysts predict a short-term complacency bounce for Bitcoin, suggesting it could face another 10%-20% drop soon. Despite a temporary recovery, the market's weakness and resistance levels indicate potential declines. Large transaction volumes and daily active addresses have increased, yet Bitcoin's price has dropped 6% monthly. Currently, 86% of Bitcoin holders are in profit.
April 25, 2024 | 2:02 pm
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Bitcoin is expected to experience a short-term complacency bounce, with predictions of a subsequent 10%-20% drop. The market's current state and recent transaction data suggest volatility ahead.
The analysis by veteran traders and the observed increase in transaction volumes and active addresses indicate a highly volatile period for Bitcoin. The predicted complacency bounce followed by a significant drop is based on current resistance levels and market sentiment, suggesting a bearish outlook in the short term.
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IMPORTANCE 90
RELEVANCE 100