Analyst Echoes: “Last Chance” to Buy Bitcoin at a Deep Discount Before the Bull Run Takes Off
- “Don’t miss the sale,” The ongoing drop in Bitcoin price is buy the dip opportunity
- Bitcoin, however, still remains in an uptrend
Since dropping down to $10,300, Bitcoin hasn’t been able to make a strong recovery yet. Though yesterday we went up till $12,450, it didn’t take long for the leading cryptocurrency to drop below $12k.
At the time of writing, BTC/USD has been trading at $12,010 with 24 hours gains of 3.58 percent. Meanwhile, it is managing the daily trading volume of $4.87 billion which is down from yesterday’s $5.4 billion and $6 billion on June 27th.
Drop in Bitcoin Price is Buy the Dip Opportunity
On June 26th, in a matter of 15 minutes we took a drop of $1,800, that day Bitcoin fell down by 18 percent.
@fundstrat if you missed Buying the $10,500 pullback, you blew it…….. done and gone…….. Intermediate double-bottom breakout in-progress above $11,500
— WMtimer (@WMwins) June 28, 2019
As we saw during the last bull run, we had 30-40 percent of nine pullbacks, each of these basically the buying opportunities. This time as well, it might be essentially the “last chance” to buy Bitcoin at this much of a deep discount before the bull run continues, says crypto analyst, Credible Crypto.
After breaking $10,000 level last week, this week, we bulldozed through first $11k, then $12,000 and in no time we have been up over $13,000, ready to smash $14k but got stopped at $13,900.
So, the pullback to $10,300 has been just that, a ‘buy the dip’ opportunity as we are following the same process as of the last time, registering a few corrections on the way to a new all-time high.
The previous bull cycle had 8 major pullbacks.
On average, each pull back:
— Matt Kaye 🧐 (@MattDavidKaye) June 27, 2019
The analyst is looking at “sub 10k personally” though this 30 percent drop could likely take us even lower than $9,100. “Don’t miss the sale,” is what Credible Crypto said.
But Bitcoin Clearly in Uptrend
However, one thing is clear, we are in a bull market. Crypto trader and investor Josh Rager shares how this drop got people selling out of fear. But the matter of fact is bitcoin is in an uptrend, “probably 1/6 way to the top right now,” according to him.
Bitcoin in an uptrend despite going through a drop, Source: Josh Rager Tweet
As can be seen in the chart shared by Rager, Bitcoin has started to see the green candles in the current uptrend just like we did in 2017 during the last uptrend.
Operation save the weekly is well underway.
Finish above $13k and the show goes on.
— fil₿fil₿ (@filbfilb) June 28, 2019
Moreover, we have entered the weekend and in 2019, weekends have proved to be active and bullish for the crypto space. It is possible, we might get yet another rally while moving into a new month.