Bitcoin dips below $67,000 – Buying opportunity or false hope?

Bitcoin dips below $67,000 – Buying opportunity or false hope?

Bitcoin was once above $70,000. The token has now retraced to ~$66,000, triggering a series of speculations that this is a dip and it is the best time to get on board. However, the sentiments are mixed since bullish signs have not left the market. For reference, a buy-the-dip opportunity prevails primarily when there are signs of fear in the crypto market. Currently, BTC is dominated by the signs of a buy, a purchase, or a bull run.

The community is staying strong to back Bitcoin ahead of Halving, which could tentatively happen by April 20, 2024. At their maximum, small wallets are shedding some weight off their shoulders to let whales and sharks increase the level of their accumulation. Buy the dip opportunity is likely to happen soon, but the current wave is not the right time. Needless to say, this cannot be considered as investment advice and thorough research is recommended before making any decision.

Price correction was expected before Halving happened. Only then will the price rebound take place. The revised BTC projections state that the token can go as high as $150,000 by the end of this year. Alternatively, it is expected that Bitcoin Halving may soften the downfall of the token, but it may not cause an accelerated surge in valuation like before.

Altcoins are gaining traction, for they present a better chance to take profits home in the long run. This includes the likes of ETH, DOGE, and SOL, to mention a few.

BTC is currently listed at $65,872.48, with a fall of 5.335 in the last 24 hours. ETH has retraced its fall to $3,324.67, down by 6.165 in the last 24 hours. Once closer to $4,000, the token has plummeted rather badly, especially for traders who avoided fetching profits in speculation of larger gains. The dim chances of approval for Ether ETF by the US Securities & Exchange Commission support it.

AI tokens, like, are in the picture but may take time before climbing the ladder. The world is headed to other tokens—SOL and DOGE, for instance. Both are significantly down. SOL plummeted by 7.80% and was listed at $180.70 at the time of writing this article. However, DOGE has seen a larger drop of 10.73% during the same time window. It is trading at $0.1837.

It could be a good time to acquire the token, but the chances are that it will fall further in the next few days. Whales are clearly stockpiling tokens and making the most of what they have. Assuming that now is the time to purchase the drop is a more problematic assertion, as uncertainty and volatility only partially leave the market. Research and risk evaluation are essential at every stage of the cryptocurrency industry.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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Published at Tue, 02 Apr 2024 20:35:16 +0200

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