Most crypto observers predict that the current level of Bitcoin (BTC) is the perfect “by the dip” option at once. They feel this is when the crypto industry is struggling under strong pressure, as some crypto companies are facing liquidation concerns.
Bitcoin (BTC) prices are now below $ 20,000 as the currency fell to a low of $ 19,148 on Saturday. In addition, DCG CEO Barry Silbert, Global Macro Investor CEO Raoul Pal, Investor Scott Melker (The Wolf Of All Streets), and many others have confirmed their purchase of Bitcoin.
Bitcoin prices now seem to be oversold
Cryptocurrency expert Wil Clemente believes Bitcoin is currently selling below the 200-week moving average (WMA) and appears to be depressed. There was a similar process during the liquidity crisis of March 2020. Moreover, for the first time since the liquidity crisis of March 2020, Bitcoin has the lowest manufacturing costs.
In addition, since December 2020, the open interest of Bitcoin futures has dropped to the lowest level. It comes after a previous liquidation that pushed the price of Bitcoin to less than $ 20,000. At these levels, he also recommended buying some spot BTC for his long-term investment.
Conversely, Rekt Capital claimed that Bitcoin’s monthly RSI is creating the first bottom. This causes a macro bullish split in the current area. In addition, he also instructed his supporters to monitor a huge selling candle with a tremendous volume showing drops. Bitcoin prices are expected to recover from this range.
Several other investor traders like The Wolf of Wall Street and James Rabish have admitted that they are buying Bitcoin at their current prices.
Is Bitcoin priced at $ 13,000?
Bitcoin (BTC) prices have fallen about 9% in the last 24 hours during the public release, trading at around $ 17,148. On the other hand, many crypto analysts find this to be the best “buy a dip” opportunity. Well-known trader Peter Brandt previously claimed that Bitcoin (BTC) prices could fall below $ 13,000 due to lack of support below $ 19,798.