Bitcoin’s recent price drop might seem concerning, but crypto analyst VirtualBacon urges investors to stay calm. Despite the decline, Bitcoin remains above the crucial Bull Market Support Band, a key signal that upward momentum could continue. VirtualBacon breaks down what this correction means for Bitcoin and why altcoins could present strong buying opportunities.
So, if you’re curious about what the future holds for Bitcoin and want to discover some potential altcoin winners, keep reading.
VirtualBacon highlights the Bull Market Support Band, which currently sits between $61K and $62.5K on the weekly chart. This range is vital for keeping Bitcoin on a bullish path. As long as Bitcoin holds above $58K, he views this dip as a normal, healthy correction before the next upward move. A weekly close above $58K would confirm this, while a drop below could signal a need for more caution and potentially a shift in strategy.
During this correction, VirtualBacon points to two important buy zones: $62.5K and the range between $58.8K and $60K. These levels align with the 200-day EMA, a key support line for Bitcoin in recent months. He advises investors to wait for two weekly closes above $63K to confirm a strong rebound. If this happens, Bitcoin could rally again, with prices potentially pushing past $66K.
As Bitcoin corrects, VirtualBacon sees great potential in the altcoin market. He divides his altcoin portfolio into five sectors: AI, gaming, meme coins, real-world assets (RWA), and Layer 1 projects. His top picks include Fetch.ai, SuperVerse, and Fantom.
AI Coins: He notes that AI-based projects, like Fetch.ai and SingularityNET, have shown resilience and are worth considering during dips. He sees them as strong candidates for recovery.
Gaming Coins: Coins like SuperVerse have outperformed the market despite the correction. He recommends buying within the range of $0.78 to $0.92 with a stop-loss at $0.58.
Meme Coins: Even though they’re notorious for their volatility, meme coins like Shiba Inu and Doge have held strong. He further advises focusing on established names for potential gains during this period.
VirtualBacon advises monitoring macroeconomic indicators, particularly the upcoming September jobs report. A higher unemployment rate (4.5% or above) could negatively impact Bitcoin’s price. Despite this, he remains optimistic, as long as Bitcoin stays above the $58K support level to prevent a bearish shift.
VirtualBacon’s main message is to stay calm, monitor key levels, and take a patient, strategic approach. He is confident in Bitcoin’s ongoing uptrend and sees promising opportunities in altcoins for those buying the dip.
With careful market tracking and thoughtful action, investors could turn this correction into a smart buying opportunity. Are you up for the challenge?
Amid ongoing volatility, LINK, the native token of Chainlink, is poised for a notable price…
The overall cryptocurrency market has been confusing traders and investors due to its immense volatility…
The recent decision by Donald Trump to pause tariff increases, along with signs that inflation…
After trading in red for the past few weeks, the crypto market is showing signs…
VanEck has filed a request to launch an $AVAX ETF on Nasdaq, aiming to expand…
Story Highlights The price of Dogecoin today is . Dogecoin price may reach a maximum…
