Since the last time the Bitcoin market moved, it is clear that leverage has gone down. Cryptocurrency expert Willy Woo has seen this trend.
The price of Bitcoin was going down, and it just recently dropped to $58,000. It’s back up to about $61,500 now. It’s still not clear what to do next, though, because the current liquidations and changes in the market are making things challenging.
Woo says that Bitcoin is still in its fall phase, even though prices are going up again. There is a lot of stress on the market because miners are giving up because the split and the high costs of making mining gear better have made them give up. This could make prices drop even more and hurt miners who aren’t as strong.
Bitcoin’s Caution Amid Recovery
Even though Bitcoin has come back a little, Woo says the market is still being careful. From where they are now, prices could go back up or even lower.
Woo thinks that Bitcoin could hit $54,000 if the current levels of support are broken. People who only want to buy Bitcoin for a short time would lose funds because more people would sell their coins.
$54,000 is an enormous amount because it means the market is no longer going down and is now going up. Since the economy is in dire straits right now, Bitcoin’s path could change a lot if it falls below that level.
There is no need to worry when the market goes down, says Billy Markus, one of the people who helped make Dogecoin. He says putting funds into crypto is like “throwing fuel on a fire” since you cannot predict how the market will behave.
People who know Robert Kiyosaki and read “Rich Dad Poor Dad” believe that the market drop is a chance to buy. Warren Buffett is right when he says, “Buy and hold forever.” He also thinks that investments should be made for the long term.
