Is it a Good Time to Buy Bitcoin? Is This a ‘Buy the Dip’ Opportunity?
Bitcoin’s price has been extremely volatile over the past few days, dragging the token to new lows. Despite the massive recovery, the bearish flag still plagued the tokens as the Bears restricted the price to be above the $86,000 level ensured. While some believe prices have begun to fall, historical patterns show that tokens are on the verge of a massive explosion.
this BTC price It has been consolidating in a narrow range since the past few days, which may suggest that the Bulls may accumulate strength to achieve a strong rebound. Interestingly, the token is consolidated in a similar way, which dates back to 2021. So if the price manages to trigger a good rebound, the price will soon produce a strong upward trend.
The above figure shows the similarity between the Bull Run in 2021 and the current price action. After a slight increase, prices have begun to consolidate within a similar pre-determined range, so the expected consolidation rise is expected to trigger a bull market in 2021. However, volume and volatility differ, which can lead to obstacles in gatherings.
Where is the next price of Bitcoin (BTC)?
The recent price drop seems to have liquidated a large number of desires, so tokens may avoid acute sales pressure for some time. Bears seem to have run out of bears, so people are worried about extended price drops for a while. However, short-term traders have accumulated over 35,000 BTC during the recent decline period, which prevented the price from falling below $82,000. Therefore, Bitcoin prices are expected to remain merged in the next few days.
A popular analyst, Altcoin SherpaIt is said that Bitcoin prices are expected to remain a slow trend for some time. By the middle of the second quarter, prices may remain within the predefined range and gradually rise above $90,000. Although the price may exceed the $92,000 resistance, the bear is expected to drag it back below $85,000. So it seems like a good time to accumulate Bitcoin, as it is believed that the price can maintain a rising trajectory and return to higher highs.
