The Bitcoin (BTC) price recently plunged to $65,000, shaking investor confidence amid widespread selloffs across the market. However, Ben Armstrong, also known as BitBoy Crypto, remained resolutely optimistic about Bitcoin’s trajectory. Despite the setback, Armstrong took to X to reassure his followers that Bitcoin is still poised to reach the coveted $100,000 mark this year.
Ben Armstrong Optimistic About BTC’s Future
Acknowledging the unpredictability of the market, Armstrong weighed in on the day’s events. He noted that while Bitcoin’s movement may have defied his expectations, such fluctuations are native to the volatile nature of crypto trading. “Win some, lose some,” he remarked, emphasizing the resilience of Bitcoin amidst market turbulence.
Earlier, he stated that the Bitcoin price was going to make a “big move” today. However, his expectations were slashed as the entire crypto market crashed massively. Meanwhile, Armstrong’s unwavering confidence in Bitcoin’s long-term prospects echoes sentiments shared by other prominent figures in the crypto community.
Crypto analyst Michaël van de Poppe spotlighted the ongoing bull cycle. In addition, he noted that the recent downturn represents an opportunity for investors to capitalize on discounted altcoins. Moreover, he emphasized that many of these altcoins are trading at significant lows relative to Bitcoin.
Van de Poppe’s analysis underscores the prevailing belief that Bitcoin’s dominance in the market will eventually pave the way for a broader altcoin rally. Additionally, the analyst also noted that the bull run isn’t even priced in as the Bitcoin price has been rallying owing to the positive response toward the newly launched Spot Bitcoin ETFs.
Moreover, the upcoming Halving event could be a potential catalyst for Bitcoin’s price surge, further fueling optimism among investors. With the diminishing supply of new Bitcoin, there is anticipation for a supply-driven rally that could propel the crypto to new heights.
Also Read:Â $925 Million Liquidated As Bitcoin Price Crashes to $65,000, Options Market Jittery
Bitcoin Price Rebounds Above $67,000
The Bitcoin price recovered significantly and sustained above $67,000 after hitting a low of $65,000 during the day. At press time, the BTC price was down by 4.67% to $67,400.43 on Saturday, April 13. Meanwhile, it boasted a market valuation of $1.32 trillion.
In contrast, the trading volume for BTC soared 61.97% to $48.06 million in the last 24 hours. The crash in BTC’s value was triggered by massive long liquidations. According to Coinglass data, $186.13 million worth of BTC was liquidated in 24 hours. Out of this, a massive $136.40 million liquidation was attributed to longs, which catalyzed the recent crash.
Moreover, the Bitcoin open interest slipped 5.85% to $35.55 billion, signalling that even derivatives traders are pulling out their positions. Furthermore, the BTC options expiry also triggered the latest bearish turn.
Also Read:Â Bitcoin Less Useful Than a Pet Rock, Says Peter Schiff
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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