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Bitcoin's (CRYPTO: BTC) price volatility has attracted contrary trader opinions for its upcoming price trajectory.
What Happened: Crypto trader Titan Of Crypto forecasted a potential bounce in Bitcoin’s price as it is trading in the support zone. He highlighted $66,100 as the crucial level to watch. If Bitcoin breaks this level, the Kumo cloud, a technical indicator, would serve as the next support.
The Titan of Crypto also pointed out the Relative Strength Index (RSI) combined with the price action, indicating a bounce could occur from this point. However, he urged caution as a potential ‘death cross' is forming which indicates a major selloff. This suggests that the market could still face downward pressure.
Another trader, Michael Pizzino, predicted a final bull run for Bitcoin despite the potential for a further drop. Pizzino’s tweet comes after he faced backlash for predicting a ~30% correction in the Bitcoin market. Despite the market only dropping by 10% so far, he still maintains the potential for a further around 15-20% drop.
Pizzino remains optimistic, stating it’s time to "flip to bull mode and go fishing for the end of the correction." He also hinted at "Wave 5" for the crypto market, a term often used in technical analysis to describe the final phase of a market trend before a reversal.
Also Read: Bitcoin To Hit $1 Million By 2033, MicroStrategy’s Stock Rated Outperform: Bernstein
Why It Matters: These bullish stances on Bitcoin despite the potential for further drops, suggest a strong belief in the resilience and potential of cryptocurrency. Also, the current volatile conditions of the crypto market make these predictions.
However, one crypto trader, Crypto Tony, noted that traders should not expect this cycle to produce the same level of returns as prior cycles. Returns are likely to diminish with more participation coming in. He added, "Make sure you are happy with your return and profits, do not ride on someone else’s promise and hopes. Be realistic."
IntoTheBlock data noted a 25% increase in exchanges netflows, with 91% of Bitcoin holders 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.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock
Posted In: $BTC
