Thinking About Buying the Bitcoin Dip? Wait Until This Happens for Best Opportunities – Crypto News – Crypto News
Connect with us
Thinking About Buying the Bitcoin Dip? Wait Until This Happens for Best Opportunities Thinking About Buying the Bitcoin Dip? Wait Until This Happens for Best Opportunities

Cryptocurrency

Thinking About Buying the Bitcoin Dip? Wait Until This Happens for Best Opportunities – Crypto News

Published

1 year ago

on

It’s safe to say that the bears dominated the past few days in the cryptocurrency markets, as bitcoin’s price dumped to a new multi-month low of $82,000 on Wednesday evening.

Such a massive price move in either direction hints at further volatility for the underlying asset, but one particular analyst believes the bear market might have started. Yet, there could be good buying opportunities right around the corner.

Martinez indicated that the RSI on the weekly chart has shown a bearish divergence, which could be the factor signaling the start of a bear market, at least according to historical movements.

This drop to the bearish divergence occurred after BTC’s massive crash since last Friday. Recall that the asset went close to $100,000 but a series of events, including the largest hack in the industry as well as Trump’s controversial economic policies, didn’t allow a breakthrough and the asset started to crumble.

This culminated yesterday evening with a drop to $82,100 (on Bitstamp), which represented a new three-month low. Moreover, it meant that BTC had lost over $17,000 in less than a week.

This substantial correction led to many speculations whether traders should use it as a opportunity to buy the dip. However, that might not be the case just yet, said Martinez.

Although many investors’ positions are now underwater, their realized loss margin stands at just over 8%. The best buying-the-dip opportunities arrive after that metric exceeds 12% since 2022, which means there could be even more trouble for BTC’s price moves in the next days and weeks.

SPECIAL OFFER (Sponsored)

Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending