Crypto Analysts Try To Time A Bitcoin Bottom As Prices Collapse
At times when the crypto market is reeling under heavy pressure as several crypto giants face liquidation risks, several crypto analysts believe Bitcoin (BTC) at the current level is the perfect ‘buy-the-dip’ opportunity.
The Bitcoin (BTC) price is currently trading below the $20k level, falling to the lowest price of $19,148 on Saturday. Meanwhile, DCG’s CEO Barry Silbert, Global Macro Investor’s CEO Raoul Pal, investor Scott Melker (The Wolf Of All Streets), and others confirmed that they are buying Bitcoin.
Bitcoin (BTC) Looks Attractive At Current Levels
Crypto analyst Will Clemente says Bitcoin is trading below the 200-week moving average (WMA) now and seems oversold at the current levels. It happened previously during the March 2020 liquidity crisis. Moreover, Bitcoin is at the lowest production cost for the first time since the March 2020 liquidity crisis.
Moreover, the Bitcoin futures open interest has reached its lowest since December 2020. It came after recent liquidations that pushed Bitcoin price below the $20k level. He also mentioned buying some spot BTC for his long-term holdings at these levels.
Meanwhile, Rekt Capital reported that Bitcoin’s monthly RSI is in the process of forming the first bottom that would lead to macro bullish divergence at current levels. Moreover, he has asked his followers to look for a large sell candle with a massive volume, which would generally be a bottom. The BTC prices should recover from the level.
Barry Silbert, CEO of DCG, in a tweet confirmed that they are buying BTC. He said:
“Feels like we have hit max pain and uncertainty in the crypto market We’re buying BTC here. Let’s go!”
Other investors such as The Wolf Of All Streets, James Lavish, and others are confirmed buying Bitcoin at current levels.
Has the BTC Price Bottomed Out?
At the time of writing, Bitcoin (BTC) has fallen nearly 9% in the last 24 hours with the current price trading at $19,148. While many crypto analysts believe it is the best “buy the dip” opportunity, veteran trader Peter Brandt had earlier stated that the Bitcoin (BTC) price could actually fall to $13k as there is no support below $19,798.
- VanEck Registers Lido Staked Ethereum Trust in Delaware, LDO Up 7%
- Fed’s Lorie Logan Urges Caution on Further Rate Cuts Citing Inflation Risks
- Nasdaq-Listed Fitell Adds Pump.fun’s PUMP To Supplement Solana Treasury
- FG Nexus to Tokenize Stock on Ethereum as SEC Weighs 24/7 Onchain Stock Trading
- Bitcoin Still Undervalued, JPMorgan Forecasts Rally to $165,000
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
