Cryptocurrency traders remain confident that Bitcoin's (CRYPTO: BTC) struggles around the $60,000 mark may only be a short-term blip on the road to much greater valuations.
What Happened: Crypto trader Tim believes in Bitcoin's future as a world reserve asset and sees the current price levels—whether below $60,000, $50,000, or even $100,000—as a golden opportunity.
He added that rather than getting caught up in daily price fluctuations, traders should consider a strategy of consistent accumulation. By stacking a percentage of your salary in Bitcoin each month and ignoring short-term volatility, you're aligning yourself with a "proven, patient approach that has historically yielded significant returns," the trader wrote.
Trader Stockmoney Lizards proposed a "black box experiment" to help alleviate investor concerns amid current market volatility. The analyst asked followers to consider their Bitcoin investment horizon, suggesting that those planning to hold for more than a year should be less concerned with short-term price action.
The analyst argued that while global concerns may seem worrisome, Bitcoin's post-halving correction is a typical pattern used for "re-accumulation by smart money."
He also expressed strong confidence in Bitcoin's long-term performance, boldly stating, "Overall, Bitcoin will outperform any other asset, we are very certain of this. Gold, Eth, even hyped stocks like NVIDIA."
#Bitcoin
BLACK BOX EXPERIMENT
A lot of people are worried right now. And maybe for a good reason, because they long the dumps with leverage or buy the tops. However, let's do an experiment for once:
1 – Answer the question: For how long do you plan to hold Bitcoin?
–> If the... pic.twitter.com/RV9rTOQkh1— Stockmoney Lizards (@StockmoneyL) August 12, 2024
IntoTheBlock data shows large transaction volume increased by 10.1% to $34.3 billion, while daily active addresses rose by 3.2%. Exchanges netflows surged by 80.2%. Despite price volatility, 82% of Bitcoin holders are currently in profit.
Crypto trader Ash Crypto recently claimed that large holders accumulated 84,000 BTC, worth $5 billion, in July. This was the highest-ever accumulation by whales since 2014.