Bitcoin Price to Drop Before Takeoff? Experts Predict Correction to $50K

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Bitcoin Price to Drop Before Takeoff? Experts Predict Correction to $50K
Author: Qadir AK

Mar 1, 2024 13:45
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Bitcoin Price At Risk Of Dropping Another 10% – Here’s When You Should Buy
Story Highlights
Bitcoin price surged 45% in February, sparking bull run predictions.

Analyst Michael Novogratz expects a pullback due to high leverage among young investors.

Despite potential correction, Bitcoin is hitting record highs against several currencies, suggesting continued growth.

Bitcoin had a stellar February, surging by a whopping 45%, its most significant jump since December 2020. This surge, now marking the sixth straight month of gains, has experts buzzing about a potential crypto bull run. However, not everyone shares this bullish sentiment, with some analysts predicting a short-term correction before a big upward move.

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Let’s dive into what experts are saying about Bitcoin’s near future.

Mixed Predictions: Expert Insights Unveiled
Galaxy Digital founder, Michael Novogratz, weighed in during a recent Bloomberg TV interview. Novogratz suggested that Bitcoin might pull back before hitting new highs, potentially retracing to around $55,000. His reasoning revolves around retail traders becoming overly leveraged before the anticipated climb.

On another note, he expressed expectations for an Ethereum spot ETF to secure SEC approval later this year.

More Information on this: Bitcoin Price Correction Rattles Market After February Highs

Understanding the Current Situation
Novogratz sees Bitcoin in a broader consolidation phase after its remarkable 40% surge this year. This surge was mainly fueled by the successful launch of Bitcoin exchange-traded funds (ETFs). Despite Bitcoin trading around $60,700, Novogratz described the market momentum as a “price discovery” phase, drawing in a new wave of investors.

$BTC is in price discovery phase. Maybe really for the first time since it’s been an asset as now the bulk of US wealth has easy access. Hard to predict where we stop.

— Mike Novogratz (@novogratz) February 28, 2024
Yet, he cautioned about high leverage levels among millennials and Gen Z investors, hinting at a possible correction. The observed leverage gap between institutional players and retail traders signals potential market correction and “washouts” before the upward trend resumes.

In simpler terms, price discovery is the process where buyers and sellers figure out an asset’s value. Analysts suggest that Bitcoin is currently in this initial discovery phase, thanks to increased accessibility to US investors through ETFs.

Read More: The Countdown to Crypto’s Biggest Events: Halving and the Ethereum ETF

Watch Out for Global Record Highs
Despite the talk of a short-term correction, Bitcoin is making waves globally, hitting record highs against various currencies this week. It has surged 16% higher than its previous peak against the Japanese yen and set new all-time highs against the Chinese renminbi, Russian ruble, Swedish krona, and New Zealand dollar.

As Bitcoin quickly approaches its previous highs in major currencies like the euro, British pound, Canadian dollar, and Australian dollar, experts predict more all-time highs in the coming months. This resurgence follows a strong rebound of the US dollar index, measuring the dollar’s strength against other currencies, in recent months.

Brace yourself for an exciting ride, with Bitcoin leading the charge.

Novogratz Talks Bitcoin Surge and Ethereum ETF
Bitcoin
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Press Release
Bitgert Coin’s Edge Over Solana: A Comprehensive Analysis of Speed, Security, & Sustainability
Author: PR Manager

Mar 1, 2024 15:10
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Twain names SOL (Solana coin) & BRISE (Bitgert coin) prices are hitting lots of eardrums. These coins price alike encompass avant-garde solutions that entice a global audience & swarm in with different users’ interests yet which provides greater rewards? In this comprehensive analysis, we’ll delve into the three key pillars of any successful blockchain and its coin price.

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Speed: In an efficient development process, a race against time.
In the heedless universe of crypto, transactions climb to the top price with the speed of the King. In the fight for the coins, Solana has had the reputation of being highly scalable such as processing over 5000 transactions per second (TPS) which is over 800 times faster than that of Visa. The BRISE coin, nevertheless, throws down the hands protected with a glove & states that the Cosmos can get the dizzying speed of 100000 transactions per second attracting the traders with its speed and price.

Security: Digital barricades construction in the virtual reality
It is every crypto enthusiast’s biggest worry to have their data stolen or misused. Like Solana & BRISE, both employ the Proof-of-Stake(PoS) consensus mechanism that is characteristically more secure & consumes less energy compared to the Proof-of mechanism. Though BRISE is unique in many aspects, including the introduction of the Proof-of-Authority layer, which is beyond the typical Proof-of-Stake verification process, such a unique feature serves as an extra security service against malicious attacks & the safeguarding of users’ properties and it’s all time high price.

Price & Sustainability- Solana Vs BRISE Coin
The environmental footprint of the Proof-of-Work consensus algorithm that is deployed by Bitcoin, has led to the existence of a problem with the capability of cryptocurrencies and its price to be used in the long run. And this is where both coins, Solana & Bitgert, tackle the issue by stacking the Proof-of-Stake approach which is known for “energy efficiency”. Latter is committed to sustaining systems through a carbon offset program establishing the intention to neutralize any negative environmental consequences of their operations.

Considering the Ecosystem of Solana and BRISE
Although the number seems to be extremely prospective for BRISE,being aware that Solana has a full ecosystem of experienced developers should be taken into consideration. Many dApps & projects have already settled on Solana as their choice of a coin; this testifies highly to Solana’s prospects and price for even bigger adoption. The new coin in town, however, is still new in the space & its ecosystem is yet to be established though with the indices showing recently that few dApps are used.

The choice is yours for the future.
Your decision will be determined by the “better” cryptocurrency based on your priorities, needs and price. Solana already has an established ecosystem with high speed, enhanced security including a sustainable nature of the media. Finally, the present situation can be summarized by your personal decision to be mindful of safety, speed, & the environment. To learn more about Bitgert coin, visit – https://bitgert.com

Disclaimer and Risk Warning
This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. The image used in this article is for informational purposes only and is provided to us by a third party. Coinpedia should not be held responsible for image copyright issues. Contact us if you have any issues or concerns. Readers should do their research before taking any actions related to the company.

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