BTC News: Investors Fear as Analysts Warn of Possible Bitcoin Drop to $62K
- Bitcoin has factored in a modest price drop of 2.39% in the last 24 hours.
- The cryptocurrency tested a support level of $76,707 in the past day as per CMC data.
While community members raise havoc by watching their largest profits disappear, analysts remain positive. Over the past few weeks, several experts had predicted that Bitcoin and the alt sector would retract the bull run before bouncing back up. As this materializes into reality, speculations of a bigger cycle arise.
Notably, in the last 24 hours, Bitcoin has factored in a modest price drop of 2.39%. This drop, however, caused it to break the $80,000 support in the late evening hours of March 10. Presently, the cryptocurrency is dabbling across the $79K -$80K border. However, as aforementioned analysts predict further dips.
Inferring its daily price chart, Bitcoin depicts combating the $82K resistance in the morning hours of March 10, after which it gave in to bears. Its intra-day low stands at $76,707, meanwhile, experts such as Arthur Hayes field mark $69,000 as the next key support. At the time of writing, BTC was trading at $80,277 as per CMC data.
Moreover, Ali also outlined how the third year of a bull run tends to be unpredictable from historic data. He stated that the year tends to hold uncertainty, volatility, and big shakeouts, on the other hand, traders who navigate it tend to land profits.
Is the Bitcoin Drop Part of a Bigger Bull Cycle?
Multiple market experts including the aforementioned have viewed the recent dip as essential for an incoming rebound in Bitcoin price. In case of further downward movements, the digital asset might test support levels of $76,496 and $74,785 in the coming days.
With the current movements mirroring experts’ predictions, this recent move might be part of a bigger bull cycle. Additionally, Bitcoin’s bear power indicator value stands at -5.07 while the bull power indicator stands at 0.69. This further confirms the bearish market dominance.
The resultant sell-offs have caused the RSI value to dip to 35.55 as per TradingView data. Finally, the largest cryptocurrency’s price drop can be seen reflected in other altcoins such as Ethereum and Solana.
Highlighted Crypto News Today:
Read More
Lower Volatility, High Returns: ARK Invest’s ‘Big Ideas 2025’ Report Strengthens BTC’s Digital Gold Case
Smart Investments for the Future: Top 3 Altcoins to Buy Today for Long-Term Growth
Investing in cryptocurrencies for long-term growth requires careful consideration of projects with strong fundamentals, innovative utilities, and solid tokenomics. In this guide, we explore three promising cryptocurrencies—Shiba Inu (SHIB), Floki Inu (FLOKI), and Bonk (BONK)—that align with these investment criteria and present significant future potential.
Top 3 Altcoins to Buy Today for Long-Term Growth
1. Shiba Inu (SHIB): From Meme Coin to Ecosystem Giant
Shiba Inu (SHIB), once known as a meme coin, has rapidly evolved into a comprehensive ecosystem with real-world utility. Key features include:
Shibarium Layer 2 Solution: Enhances scalability and lowers transaction costs on the Ethereum network.
ShibaSwap: A decentralized exchange that supports staking, swapping, and yield farming.
Token Burns: Continuous burning mechanisms reduce supply, enhancing scarcity and potential value.
Community-Driven Growth: One of the largest and most active communities in the crypto space.
These developments demonstrate SHIB's transition from a meme coin to a robust project, making it a compelling choice for long-term investment.
2. Floki Inu (FLOKI): The Viking-Inspired Powerhouse
Floki Inu has grown beyond its meme origins by building an ecosystem that fosters utility and long-term growth. Key aspects include:
Decentralized Exchange (DEX): Facilitates seamless token swaps within the Floki ecosystem.
NFT Marketplace: A platform for buying, selling, and trading NFTs.
Market Capitalization Milestone: Recently approached a $1 billion market cap, signaling strong investor interest.
Floki Inu’s commitment to expanding its ecosystem highlights its potential as a sustainable investment for the future.
3. Bonk (BONK): The Solana Meme Coin with a Deflationary Model
Bonk has positioned itself as a leading meme coin within the Solana ecosystem, leveraging deflationary strategies and community support. Notable features include:
Token Burns: Over 65% of its total supply has been burned, increasing scarcity and potential future value.
Community Engagement: Maintains a loyal and active community that drives its ongoing development and adoption.
Bonk’s deflationary approach and strong community backing position it as a noteworthy long-term investment within the Solana blockchain ecosystem.
Shiba Inu, Floki Inu, and Bonk each present unique features and strategies that cater to long-term crypto investors. Whether it's SHIB’s expanding ecosystem, Floki’s utility-driven approach, or Bonk’s deflationary model, these projects offer compelling cases for future growth and investment.
Read More
