Ben Armstrong Bullish on BTC Reaching $100K

Ben Armstrong, also known as BitBoy Crypto remains optimistic about Bitcoin reaching $100,000 this year despite drop in Bitcoin price.

Recent events have caused the price of Bitcoin (BTC) to drop to $65,000, which has shaken investor confidence in the midst of broad selloffs across the market.

Ben Armstrong Optimistic About BTC’s Future

On the other hand, Ben Armstrong, who is also known as BitBoy Crypto, has maintained a positive outlook regarding the future of Bitcoin. Ben Armstrong took to Twitter to reassure his followers that Bitcoin is still on track to achieve the coveted $100,000 level this year, despite the fact that the cryptocurrency had a setback.

In spite of the fact that the market is notoriously unpredictable, Ben Armstrong offered his opinion on the happenings of the day. He observed that although the Bitcoin movement may have been contrary to his predictions, variations of this kind are inherent to the volatile nature of cryptocurrency trading.

In the midst of market turmoil, he made the remark, “Win some, lose some,” to emphasize the resiliency of Bitcoin. It was earlier in the day that he predicted that the price of Bitcoin would experience a “big move” today.

However, a major drop in the cryptocurrency industry as a whole severely shook his expectations. In the meantime, Ben Armstrong’s unshakeable optimism about Bitcoin’s long-term prospects is a reflection of beliefs held by other notable figures in the cryptocurrency world.

Michaël van de Poppe, a digital currency specialist, brought attention to the ongoing bull cycle. In addition, he mentioned that the recent decline gives investors an opportunity to make a profit off of other cryptocurrencies that are currently at a discount.

In addition, he underlined that a number of these alternative cryptocurrencies are currently trading at substantial lows in comparison to Bitcoin.

Van de Poppe’s analysis supports the widely held belief that Bitcoin’s dominant market position will eventually facilitate the rise of alternative cryptocurrencies.

Additionally, the analyst mentioned that the bull run is not even factored in, as the price of Bitcoin has been climbing due to the positive response toward the newly introduced Spot Bitcoin ETFs.

The analyst brought this fact to our attention. Furthermore, the approaching Halving event has the potential to act as a catalyst for the future increase in the price of Bitcoin, which further fuels the optimism of prospective investors.

As a result of the decreasing supply of new Bitcoin, there is an expectation that the cryptocurrency will see a supply-driven rally that has the potential to take it to new heights.

After reaching a low of $65,000 during the day, the price of Bitcoin made a substantial recovery and successfully maintained its position above $67,000.

At the time of publication, the price of Bitcoin had decreased by 4.67%, reaching $67,400.43 on Saturday, April 13. At that time, experts estimated the company’s market capitalization to be 1.32 trillion dollars.

In contrast, the BTC trading volume increased by 61.97% to reach $48.06 million over the course of the previous 24 hours. The large, long liquidations that occurred were the cause of the drop in the value of Bitcoin.

Coinglass reported that they liquidated a total of 186.13 million dollars worth of Bitcoin in less than 24 hours. This led to a significant liquidation of $136.40 million, triggering the recent meltdown.

In addition, the open interest in Bitcoin dropped by 5.85 percent, reaching $35.55 billion, which indicates that even derivatives traders are withdrawing their positions.

Additionally, the expiration of the Bitcoin options was the catalyst for the most recent bearish shift.