Bitcoin after a pretty long time is on the verge to record the 6th straight red-weekly candle, shedding more than 25% of its value in the past 5 weeks. Moreover, the price is yet again slipping hard showcasing the possibilities of the price hitting new lows, probably close to $30,000. And hence rising the speculation that whether the current dip is the best time to dive into the crypto space?
Bitcoin Popping Bullish Signals
BTC price is slashing hard for the past few hours, displaying the possibility of shedding huge gains in the upcoming days. While many believe the BTC price has entered a huge bearish trend, some indicators indicate a massive rebound.
- The non-zero address of BTC has reached an ATH of more than 40 million as the asset bottomed hard.
- Secondly, the BTC mining difficulty is also reaching its peak, denoting a price rise due to supply shortage as the miners may remain off-the shore.
- The balance on the exchanges has reached the January 2018 levels which is constantly depleting since January 2020
- Majorly, the exchange net position or the net flow of the exchanges has dried up enormously as the BTC continues to exit the wallet of the exchanges
Many Altcoins On Sale!
On the other hand, if the BTC price slips by 5% then Altcoins tend to drop hard by more than 20%. And hence the majority of the Altcoins are 80% to 90% below their ATH as BTC price is nearly 50% away from its highs. And hence with a minor flip of Bitcoin from the bearish trend, altcoin may bounce off from the lower support. But as mentioned by a popular analyst, people may not utilize the current opportunity and wait for the FOMO to hover within the crypto space.
Collectively, Bitcoin & altcoins currently are showcasing huge possibilities of drowning within a deep bearish well. And after a brief descending consolidation, the prices may eventually rebound with significant bullish volume. But before a notable drop may make its way out it may be a good ‘buy the dip’ opportunity for the traders to accumulate.