Crypto Market Woes Continue as Bitcoin (BTC) Dips Below $20K Mark
Bitcoin price continues to crack under the heavy pressure of the wider crypto market downturn that has persisted for weeks now.
On Saturday, the price of Bitcoin (BTC) took a further dive into the deep, falling to as low as the $19,052 mark. Though Bitcoin has now recovered a little, as of press time, the leading crypto is still trading at $19,376 per CoinMarketCap data.
What Are Analysts Saying?
BTC price continues to crack under the heavy pressure of the wider crypto market downturn that has persisted for weeks now. But despite a market situation that has brought fears of liquidation to several crypto giants, some analysts believe that it is now the perfect opportunity to ‘buy-the-dip’.
As crypto analyst Will Clemente confirms, Bitcoin certainly appears to be oversold at the current levels. And additionally, it is currently trading below the 200-weekly moving average (WMA), just as it did in March 2020. This was during a similar liquidity crisis. Moreso, for the first time since that period, Bitcoin is now at its lowest production cost.
Similarly, Rekt Capital has also tipped that the monthly Relative Strength Index (RSI) of Bitcoin may be ready to form the first bottom. And expectedly, that would lead to bullish divergence from the current price levels.
Crypto Investors Grab Opportunity to Buy Bitcoin
Notably, some investors are already taking advantage of the dip. For instance, the CEO of DCG Barry Silbert has tweeted about his intentions to buy. He wrote:
“Feels like we have hit max pain and uncertainty in the crypto market We’re buying BTC here. Let’s go!”
CEO of Global Macro Investors, Raoul Pal and Scott Melker (The Wolf Of All Streets) have also confirmed the same. And it sure looks like a long list of others are certain to follow.
At press time, Bitcoin (BTC) is down by over 8% in the last 24 hours, trading at $19,366. Perhaps the bottom is in, or maybe not, only the future can tell. But as Peter Brandt earlier forecasted, BTC could go as low as $13K before the long-awaited bull run.
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