Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Megabit analyst: Bitcoin has a short-term correction demand and may fluctuate and consolidate, but it will still be a safe haven asset in the long run

Megabit analyst: Bitcoin has a short-term correction demand and may fluctuate and consolidate, but it will still be a safe haven asset in the long run

Odaily2024/08/12 08:45
By:Odaily
Odaily News According to the trading platform Megabit, in the past few hours, the price of Bitcoin has fluctuated downward. It has fallen below $58,000 and rebounded slightly, temporarily reporting $58,092, with a 24-hour drop of nearly 5%. Analysts at Megabit Research Institute said that on August 6, the global financial market fluctuated violently. Bitcoin fell to $49,000 and then rebounded quickly, and fluctuated in the $60,000 range, but then did not break through the pressure range above $63,000. There was a demand for a callback, but it is unlikely to plummet again in the short term. It may fluctuate and consolidate at $55,000-56,000 and choose a direction again. Although the voice of economic recession is endless, in the long run, Bitcoin can serve as a safe haven asset, while altcoins will be severely affected by the decline in liquidity and risk appetite, so investors may be more inclined to transfer funds from high-risk assets such as low-market-cap cryptocurrencies to safer investments.
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Navigating Crypto Volatility: How Bitcoin and Altcoins Influence Your Trading Choices

Understanding the Impact of Market Volatility on Crypto Trading: A Look at the Risk and Reward in Bitcoin and Altcoins

Coineagle2025/03/14 23:00

Bitcoin Plunge Signals Opportunity to Buy as USDT Flow Peaks in Six Months

Analyzing Stablecoin Spikes amid Bitcoin's Decline: A Sign of Impending Rally or a Word of Caution?

Coineagle2025/03/14 23:00

Keeping Faith in Bitcoin: Unraveling the 2017 Cycle and the Power of HODLing Strategy

Identifying Parallels Between BTC's Current Trends and Its Performance Four Years Prior - Should Investors Hold Firm or Alter Approaches?

Coineagle2025/03/14 23:00