Bitcoin’s ongoing sideways price movement has again compelled experts to speculate about the scenario shortly. In this respect, Ki Young Ju (a well-known analyst and the CEO of popular on-chain analytics firm CryptoQuant) asserted that the price of Bitcoin may likely further drop to $47K. The analyst took to social media to provide insights into the current market situation.
Bitcoin Price May Plunge to $47K, Says a CryptoQuant Analyst
In a recent X post, the analyst noted that the present bull cycle of the chief crypto token will continue. As per him, this will prolong until the next year’s early days. Nonetheless, the analyst has also cautioned the community members to exercise caution. In this way, he suggested a likely decline to $47,000 in BTC’s price. In addition to this, the analyst also noted that dollar-cost averaging secures a significant position.
According to him, this benefits spot traders to a great extent. Apart from that, he also warned them concerning the high-leverage positions. In this respect, he specifically addressed the newly coming traders with a beginner-level understanding of futures. The analyst moved on to reveal that his posts deal with spot trading and long-term cycles. His cautions concerning corrections reportedly signify likely hazards.
The Expert Advises Crypto Traders to Use Dollar-Cost Averaging
Apart from that, he pushes the people to carry out their due diligence, exercise caution, and make informed decisions. In line with his viewpoint about this, crypto traders should not approach trading without getting sufficient knowledge about it. Along with that, by suggesting the use of dollar-cost averaging, he prepares the traders for the additional price slump that the top crypto can experience.
Trending Now: Bitcoin Falls Below $54k, Here Is Why
The continuous decline in Bitcoin’s price in recent days has pushed traders to wait for some significant developments. At present, the traders are reportedly looking at the compensation from Mt. Gox (a famous exchange that collapsed in 2014). The recent statement from the company says it will disseminate more than $9B in terms of BTC funds. Additionally, the traders are also watching the movements of the German government as it holds a significant amount of BTC.