Is This Bitcoin Buy-The-Dip Opportunity or Should Investors Wait?

Bitcoin Price Could Plunge to $52K, Analyst Predicts

It seems that there’s no stop to Bitcoin’s downward slide as the BTC price has tanked by 5% in the last 24 hours slipping under $$59,000. As BTC loses its crucial support of $60,000, the next support is at $57,000. The bigger question to Bitcoin investors is whether or not they should buy the dip or wait for further downside.

Bitcoin Buy The Dip Opportunity?

On-chain data provider Santiment reported that Bitcoin and altcoins are seeing heavy sell-offs hitting nearly two-month low levels. Along with BTC, the Ethereum price also tanked all the way under $3,200 despite the scheduled arrival of spot Ethereum ETFs by July 15.

However, Santiment reported that the crypto community is currently viewing this as a potential buy-the-dip opportunity. However, the firm suggests that investors should wait for the initial wave of enthusiasm to settle before making any fresh purchases.

Courtesy: Santiment

As per Santiment, the ideal time to purchase would be when traders become skeptical and impatient. The recent BTC price drop has led to aggressive liquidations as many traders had bought the dip when BTC was trading around $60,000. This trend is further evident in altcoins like Ethereum and Solana, which have registered greater falls.

On the other hand, the spot Bitcoin ETFs continue to show weakness. On Wednesday, July 3, the spot Bitcoin ETFs showed daily net outflows of stood at $20.5 million. The Grayscale GBTC registered $27 million of outflows while Fidelity’s FBTC was the only ETF to see inflows at $6.5 million. Rest all other ETFs had zero inflows yesterday.

Also Read: Besides ETF Outflow Woes, These Factors Could Shove BTC To $55,000

Bitcoin Whale Loses $20 Million in 15 Days

Following this volatility, the Bitcoin whale activity has surged significantly in the market. Ten minutes ago, a major Bitcoin whale or institution deposited an additional 1,800 BTC ($106 million) to Binance. Over the past week, this whale has transferred a total of 5,281 BTC ($323 million) to Binance at an average price of $61,196. The entity now holds 6,068 BTC ($358 million). The whale has reportedly registered a loss of $20 million in the recent trade.

Also Read: Bitcoin Address Wakes Up From Dormancy After 10 Years Amid Price Slump

✓ Share:

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.


The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source link


Please enter your comment!
Please enter your name here