Performing well for weeks bitcoin (BTC), despite hitting an all-time high a week ago, is now starting to lose some of its gains. Could this decline, which is also of interest to investors who want to invest in Bitcoin, really be the best time to buy?
Instead of worrying about the decline in Bitcoin, investors who see this fall as an opportunity are focused on making the most of this opportunity. However, with BTC currently falling below the psychological level of $ 60,000, investors are quite confused.
When it comes to social volumes, things don’t seem to be too complicated for Bitcoin. It is obvious that there has been an increase in the investor mass who see these declines as an ‘opportunity’ instead of an investor mass that follows the declines with ‘fear’. A similar interest occurred during the period when BTC fell after ATH, which it had previously reached.
But since then the price, in the last 24 hours It continued to fall steadily, with a 7% decline seen in This is how the depreciation scale took place, where BTC is currently down to $60,000.
The buying feeling in BTC seems to be valid for those who want to hold BTC from now on or for investors who buy in the short term. BTC chart at macro scale It’s up over 104%, and these long-term investors didn’t trade very often.
September and August Apart from a few spikes in the last few months, cryptocurrencies have mostly been limited to investor’s wallets, as seen in the velocity chart.
BTC the general state of the market is seen as ‘extreme greed’. When we look back, the situation has always been the same for the past 17 days (during November). So these short-term investors, whose buying intention is to make a profit, are still chasing opportunities to buy at the bottom.
Based on market sentiment, currently BTC Buying it may result in investors facing losses. The recent price drop was the result of the all-time high market peak that has since ended. However, larger scale price indicators are still bearish.
But of course, there is a reason why the market is down and continues this way, which is due to the ‘long-term liquidations’ of $125 million seen today. In addition, the sale of $ 191 million worth of Bitcoin was another factor that triggered the decline.
To summarize, there is always a possibility that prices will fall further or prices may consolidate from this level, but it is very difficult to say that an increase will occur in the very near term, at least for now. Investors looking to buy on the dip should wait for BTC’s movements in the 48 to 72 hour range, if the price decline slows, then they can make a bearish buy.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.