The post Can Altcoins Thrive in Bitcoin’s Dip? appeared on BitcoinEthereumNews.com.

The cryptocurrency market is currently facing a significant downturn, causing traders to experience considerable losses, with liquidations reaching millions in a matter of moments. While Bitcoin (BTC) has stabilized around $92,000, it remains below the levels achieved over the previous weekend, igniting discussions about potential opportunities for altcoins. Is Solana (SOL) Worth the Risk?Will Bitcoin (BTC) Recover Soon? Is Solana (SOL) Worth the Risk? Scott Melker, a prominent voice in the crypto community, recently highlighted that Solana (SOL) Coin may represent a compelling buying opportunity based on technical analysis. However, he warned that entering at this point could be risky, akin to “catching a falling knife.” Currently, SOL is trading around $177, and traders should be cautious. Will Bitcoin (BTC) Recover Soon? Following a sharp drop to $89,256, Bitcoin has found some support at $92,300 and appears to be reversing its trend slightly. While many altcoins have suffered losses exceeding 10%, there are hints of recovery. Market observers remain anxious as they recall last year’s declines linked to ETF approvals, especially with Donald Trump’s upcoming inauguration. Scott Melker indicates that SOL presents a unique risk/reward scenario. Traders must set stop-loss levels to manage risks effectively. Bitcoin is currently facing resistance levels around $92.5k and $93.2k. Future market movements appear uncertain, with potential for further declines. The ongoing market dynamics suggest a critical period for traders and altcoin enthusiasts, with high risks intertwined with the possibility of significant rewards. As Bitcoin’s performance fluctuates, the outlook for altcoins remains a focal point for market participants. Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research. Source: https://en.bitcoinhaber.net/can-altcoins-thrive-in-bitcoins-dip

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Filed under: News - @ January 13, 2025 8:23 pm