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Home Crypto News & Analysis Bitcoin

Experts tell Benzinga what’s next

by Thomas Muller
March 7, 2024
in Bitcoin
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Experts tell Benzinga what’s next
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Bitcoin (CRYPTO: BTC) caught the attention of the financial sector on Tuesday by crossing the coveted $69,000 mark, before plunging more than 11% on the same day.

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It was the first time in more than two and a half years that the leading cryptocurrency surpassed its previous record.

Despite the pullback, Bitcoin remained comfortably above $65,000, indicating continued strong investor interest.

The broader cryptocurrency market also saw a surge, with Ethereum (CRYPTO: ETH ) reaching an intraday high, though ultimately falling short of its own peak.

The wild swings sparked a flurry of analysis and predictions from leading cryptocurrency experts, with experts telling Benzinga that despite short-term volatility, Bitcoin’s fundamentals and market dynamics suggest a positive outlook for its future.

Anticipation of the Bitcoin halving event, coupled with increasing institutional and retail interest, sets the tone for potential further gains.

Where is Bitcoin headed next?

Yongjin Kim, co-founder of Presto Labs, remained optimistic about Bitcoin’s trajectory, saying the rally was triggered with SEC’s approval of spot Bitcoin ETFs.

He believed that the cryptocurrency market was just beginning its bull cycle, with Bitcoin poised to benefit significantly from new retail investment.

Kim also highlighted the upcoming halving and the growing interest in Bitcoin layer 2 projects as key factors driving market sentiment.

Hashnote CEO Leo Mizuhara echoed this sentiment, pointing to Bitcoin’s history of surpassing its all-time highs and rising to new levels.

“Every time we’ve hit all-time highs, we’ve blown through them,” Mizuhara said, suggesting a pattern of surpassing previous highs and exponential growth could see Bitcoin double back to $140,000.

Robert Quartly-Janeiro, Chief Strategy Officer at Bitrue, provided a nuanced view of Bitcoin’s recent price movements.

“BTC’s new high of $69k and subsequent decline shows that some investors saw the opportunity to take profits, but the 10% drop looked modest,” he observed.

Quartly-Janeiro believes that the current cycle is different from previous ones, with the upcoming halving in April expected to further affect Bitcoin’s price.

He also noted the importance of understanding whether the bull market is driven by risk-on sentiment or a desire to navigate broader economic risks.

Also Read: Bitcoin Options On The Horizon? Grayscale printing for regulatory approval

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What Bitcoin Investors Should Keep in Mind

Seasoned cryptocurrency investors shared their insights on how individuals should navigate the current market landscape.

1. Keep calm and focus on the long term:

Analysts pointed out that the correction was a natural reaction to a rapid price rise and that investors should not be surprised or discouraged by such fluctuations.

Bitcoin has historically shown significant price fluctuations and focusing on long-term goals is essential to success in this dynamic market.

2. Dollar cost averaging (DCA) is your friend:

“DCA is a prudent strategy for both seasoned and new investors,” noted an analyst.

“This helps you avoid the temptation of emotional buying and selling decisions based on market movements.”

By consistently investing smaller fixed amounts at regular intervals, investors can mitigate the impact of market volatility and potentially acquire Bitcoin at different price points.

3. Do thorough research and diversify:

Experts strongly advise against investing based solely on hype or following the advice of online influencers. Before making any investment decisions, it is essential to do thorough research and understand the inherent risks associated with the cryptocurrency market.

Additionally, diversifying your portfolio across multiple cryptocurrencies with different risk profiles can help reduce risk and potentially improve your long-term returns.

4. Consider professional guidance:

The complexity of the cryptocurrency market can be daunting, especially for newcomers.

Seeking professional guidance from a qualified financial advisor with experience in the crypto space can be invaluable. These advisors can help you develop a personalized investment strategy that aligns with your individual financial goals and risk tolerance.

Experts are positive about future potential:

While the immediate future remains uncertain, several prominent figures in the cryptocurrency space have expressed optimism about Bitcoin’s long-term prospects.

Read next: Exclusive: Is Dogecoin legit? Landmark sales could change the way we buy homes

Image created using artificial intelligence with Midjourney.

The most important earnings report of the year?

Gianni Di Poce gives the lowdown on what he believes is the most important earnings report for the market today. Get his expert insights weekly, plus stock picks with Benzinga’s Insider Report Try it today for $0.99.

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Disclaimer for Uncirculars, with a Touch of Personality:

While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.

No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.

And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.

Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!

UnCirculars – Cutting through the noise, delivering unbiased crypto news

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Thomas Muller

Thomas Muller

As the regulatory landscape shifts, Thomas keeps you abreast of legal developments and government actions impacting the crypto industry worldwide. His expertise in fintech regulations ensures you stay informed about compliance requirements and tax implications.

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