- The unfortunate dip in the crypto market continues, traders stay firm.
- A seasoned trader says the bottom is still not in and encourages strategic trading.
- He says a final shakeout is yet to play out, June will offer growth potential.
A long-time trader since 2017 shares his take on why the bottom for the ongoing crypto market dip is not in yet. He begins by warning traders of a challenging time ahead and issues a contrarian opinion.
After noting that further turbulence may likely arrive in the coming months for Bitcoin (BTC) and altcoins, the trader launches into what he expects in order. He begins by saying the outlook for the long-term is certainly bullish. Thereby cementing what other seasoned traders are saying, the bull cycle is still in play.
He says, despite short-term volatility, it is important to take a bullish stance for the crypto market. A projected continued growth will likely resume in Q3 or Q4 of 2024. Citing historical cycles, he reassures that this is how it often plays out.
That being said, the trader says another final shakeout is likely to happen, possibly in the month of May. During this shakeout the price of Bitcoin (BTC) may hit $52,000 and may see a $2 trillion total market cap.
According to him, the ongoing market euphoria, outflows from Bitcoin ETFs, and underwhelming trading volume from Hong Kong will all contribute to this final shakeout. Following this he shares some key indicators to look out for.
The Crypto Fear and Greed Index, sentiment divergence, heightened FUD, economic indicators, technical analysis, and liquidity trends will all be good indicators to keep an eye on. Most importantly, the trader advocates for strategic patience and keen understanding of market dynamics.
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Finally, he reminds traders that the coming weeks will be a great test of resolve and foresight and fortitude will bring traders closer to the bright days ahead of these turbulent waves. He concludes by saying June will offer greater growth potential and encourages DCA strategies for maximum returns.
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