Edward Snowden Dismisses Concerns Over Bitcoin's Recent Plunge—Has BTC Bottomed Out?

s Bitcoin faced a sudden decline amidst geopolitical tensions, Edward Snowden has stepped forward to allay fears, suggesting stability in its price.

Discover whether BTC has truly bottomed out, with exclusive insights from expert analysts like Ari Martinez, outlining potential future trends and strategic investment approaches.

BTC Holds Steady Amidst Rapid Drops

Between April 12 and April 14, 2024, major cryptocurrencies, including Bitcoin (BTC), experienced a sharp decline, with Bitcoin prices temporarily dropping to around $60,000.

This sudden drop is believed to be related to increased geopolitical tensions following an attack by Iran on Israel. While some fear further declines, former CIA employee Edward Snowden commented on the recent downturn, stating that "Bitcoin’s price is the same as it was a week ago," effectively dismissing concerns over the recent price drop.

Will Bitcoin Face Further Decline?

Bitcoin's price has been subject to fluctuations, with prior opinions predicting short-term declines based on factors such as surpassing its 2021 peak price and a tendency to fall before halving events. However, no significant crashes have been observed recently, and as of the time of writing, the price remains in the $60,000 range.

Following the recent plunge, some experts have suggested that the bullish market might be over, with significant declines possible in the future. However, prominent analyst Ari Martinez, in an X post dated April 15, pointed out the possibility that "Bitcoin may have already reached its bottom."

In a March post this year, Mr. Martinez highlighted the following three important support levels for Bitcoin and recommended a "dollar-cost averaging (DCA) method" for buying small amounts regularly:

• $61,100
• $56,685
• $51,530

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