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Elena R
Elena R
Author
Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
- Oct 03, 2024 06:34 UTC
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Crypto Crash Analysis: Top Bitcoin Buy Zones & Altcoins for Max Profits
Bitcoin price is still above a key support level, and a bounce back is expected.
Analyst suggests specific sectors and coins to consider, like Fetch.ai in AI and SuperVerse in gaming.
Keep an eye on $58K for Bitcoin and the September jobs report as it could influence the market's direction.
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.
The Importance of the Bull Market Support Band
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.
Key Bitcoin Buy Zones to Watch
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.
Top Altcoin Opportunities
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.
Keeping an Eye on Macroeconomic Factors
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?
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