Search
Close this search box.

The Bitcoin slump marks the beginning of a “buy the dip” week for BTC

The Bitcoin slump marks the beginning of a

With the cryptocurrency market starting the week on a slightly bearish note after its rally since the beginning of the year, the consolidation of Bitcoin (BTC) represents an opportunity for investors to “buy the dip,” according to cryptocurrency analyst Michael van de Poppe. 

Indeed, Bitcoin began the week by falling “towards range lows and that support area at $22.3–22.7K,” which “could be a spot for longs,” but the “most optimal is a sweep of $21.7K,” according to the crypto expert in a February 6 Twitter post. 

According to Van de Poppe, with the current strength of the USD index, such an “ultimate liquidity sweep,” as he referred to it in an earlier tweet, could be possible, signifying the start of a “buy the dip week.”

It is also worth noting that “buying the dip” has given enterprise business intelligence (BI) software vendor MicroStrategy (NASDAQ: MSTR) a significant advantage, as it purchased over 8,800 bitcoins during the massive crypto plunge of 2022, while its stock has more than doubled in the last month.

Meanwhile, the first decentralised finance (DeFi) asset is currently trading at $22,853, representing a 2.28% drop on the day, a 3.97% drop over the previous week, and a 34.74% gain on a monthly basis.

Simultaneously, a survey of 4,400 US adults conducted in January 2023 predicted a bleak future for Bitcoin, predicting that the asset would likely trade at $15,252 in the next six months.

However, the author of the personal finance book “Rich Dad, Poor Dad,” Robert Kiyosaki, has ranked Bitcoin as one of the “three hottest subjects on the planet” due to the deterioration of the US dollar, while Berkshire Hathaway (NYSE: BRK.A) Vice Chairman Charlie Munger wants the first cryptocurrency to be banned.

 

Share to Social Media

Leave a Comment

Your email address will not be published.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