Buy BTC: Wary of Bitcoin Price Correction Amid Market Euphoria?

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Bittime -  The threat of a Bitcoin (BTC) price correctionamidst the euphoric atmosphere of the cryptocurrency market has recently been a warning conveyed by the founder of Galaxy Digital, Michael Novogratz. According to a Bloomberg report, Novogratz is concerned about the potential for excessive leverage among retail investors and stressed the importance of a healthy correction for the long-term sustainability of the crypto asset.

Novogratz's warning comes as Bitcoin's impressive rally in 2024. To date, Bitcoin's price has surged more than 40%, trading around $61,000. This price spike is believed to have been triggered by several factors, one of which is the presence of Bitcoin exchange-traded funds (ETFs) which have also attracted a wave of new investors.

Nevertheless, Novogratz sees a fundamental difference between the current bull run cycle and the one that will occur in 2021. He observes a decrease in leverage among institutions, but on the other hand, he is concerned about the high leverage used by retail investors, especially those using crypto trading platforms abroad. According to him, excessive use of leverage could trigger a Bitcoin price correction in the near future.

"There will be a 'washout' (cleaning process), where investors will not be able to maintain leverage that is too high," Novogratz warned. He emphasized the risks faced by millennial and Gen-Z investors who are caught up in euphoria and chasing short-term profits.

Will the Boomer Generation be the Trigger for Bitcoin Price Increases?

Apart from being alert to price corrections, Novogratz also provided his views regarding the future of investing in digital assets. He argues that investment in crypto assets, including Bitcoin, has the potential to increase rapidly as the boomer generation's "wealth bubble" bursts and shifts to younger generations.

Interestingly, Novogratz also expressed his predictions regarding SEC (Securities and Exchange Commission) approval for the Ethereum ETF this year. Galaxy Digital, the company founded by Novogratz, is known to be working with Invesco to launch this product.

Meanwhile, when asked about Galaxy Digital's plans to list on the United States stock exchange, Novogratz was skeptical. He is of the view that the current "unfriendly regime" will continue after the general election, potentially hampering those plans.

Bitcoin (BTC) Price Today

Source: Bittime

On March 1, 2024, based on today's Bittime market, the price of BTC was observed to have decreased by 1.05% in 24 hour trading, with the highest ATH reaching IDR 1,000,871,402 . Currently the price of BTC to IDR is IDR 961,106,167.

Considerations before Buying BTC

The warnings and views conveyed by Novogratz are important points that investors need to consider, especially before deciding to Buy BTC. This article certainly cannot be used as financial advice, but the following points can be used as evaluation material:

• Price volatility: Bitcoin is known for its high price fluctuations. This makes investing in Bitcoin high risk and has the potential to result in significant losses.
• Leverage: Using leverage in crypto trading can increase potential profits, but on the other hand, it can also increase potential losses. Investors should understand the risks of leverage before using it.
• Regulations: Regulations regarding crypto are still not completely clear in various countries, including Indonesia. This can create uncertainty and risk for investors.

Conclusion

Buying BTC can be a promising investment option, but it is important to understand the risks that come with it. Investors need to conduct in-depth research, consider market conditions, and avoid impulsive decisions driven by euphoria alone.

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How to Buy Bitcoin (BTC) on Bittime

You can buy and sell  Bitcoin (BTC)  in an easy and safe way via  Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Bitcoin (BTC)  is available on Bittime with  the market pair BTC/IDR . To be able to buy  BTC IDR  at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn  the complete guide on how to buy Bitcoin (BTC) on Bittime . 

Monitor price  chart movements  of Bitcoin (BTC ) ,  Ethereum (ETH) ,  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read:

Rally Beyond $3,400: Ethereum Dencun Upgrade Makes ETH Price Soar, Have You Missed The Train?

Dencun: An Ethereum Lifeboat to Compete in the Sea of ​​Blockchain

Why Did Bitcoin (BTC) Price Rise Today? 

DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.