'Bitcoin Is In Correction Mode,' But That's 'Necessary For The Chart To Look Good,' Crypto Trader Reassures
Portfolio Pulse from Khyathi Dalal
Pseudonymous cryptocurrency trader 'Stockmoney Lizards' remains bullish on Bitcoin (BTC), despite its current correction phase, predicting a potential drop to the $50,000 range as temporary. The trader cites historical patterns post-halving, a greater than 300% increase, and external factors like war and inflation as reasons for the correction. They highlight support levels at $60,000, $56,000, and $52,000, and anticipate renewed ETF buying pressure, especially with the upcoming Hong Kong ETF, to push prices higher. BTC is currently trading at $62,482, with a monthly loss of 11%, but with a 23% increase in trading volume.

April 29, 2024 | 3:02 pm
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'Stockmoney Lizards' bullish on Bitcoin despite current correction, predicting temporary dip to $50,000 range. Highlights support levels and anticipates ETF buying pressure to boost prices.
The analysis by 'Stockmoney Lizards' suggests a temporary correction phase for Bitcoin, with strong support levels and external factors like the upcoming Hong Kong ETF expected to drive prices higher. The historical context and the anticipation of renewed ETF buying pressure contribute to a bullish outlook, despite the current price consolidation.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100