BTC price has dropped to $97,000 and is climbing back towards the $98,000 range. While the market remains volatile, there are positive developments. Interest in Pumpfun-style platforms, which have generated backlash from the Solana community for benefiting only a select few, is decreasing. What do experts think about BTC?
Decline of Pumpfun Platforms
We previously discussed issues with the new investor profile and how it triggered weakness in altcoins. We noted that such platforms turned cryptoassets into a rapid Pump/Rug cycle. Millions of new tokens were minted, yet none served a legitimate purpose. Furthermore, these tokens, composed of random letters, only lasted for a few hours.
While most investors were aware, recent events clarified that some prominent figures on the Solana network profited immensely from this situation. Following a scandal involving the President of Argentina, the backlash shifted towards these absurdities on the Solana network, leading to a significant decline in pumpfun users. This downturn is quite favorable for cryptocurrencies.
Bitcoin Predictions
BTC is at $97,600, and if buyers step in above $98,000, the weeks-long nightmare could end. Roman Trading, known for accurately predicting previous major moves, stated in their evaluation, “We are approaching a turning point. Break $98,400, and my forecast is that $108 is next. I really like that as prices drop, volume tends to decline.”
Kyle draws attention to the increase in open positions, suggesting that price fluctuations indicate a major breakout may be on the horizon. “The main question is, will the bullish momentum take over or will bears step in? More data is needed, but the setup is becoming interesting.”
