Is The Drop In Bitcoin A Buying Opportunity For Altcoins?

Bitcoin, which rose to $ 67,000 with the upward trend it started from $ 40,000, fell back to $ 60,300 today.

A 65% rise in a very short time indicates that profit sales should be considered reasonable. Experts state that these intermediate corrections and retracements are necessary for a healthier rise.

In our analysis dated October 17, we stated that while Bitcoin has not yet renewed its record and is at $ 60,000, the new range we will follow in Bitcoin is $ 68500 and $ 58,000. Therefore, a pullback to $58,000 would not surprise us.

17.10.2021

The daily Ma20 is currently crossing $57500. It is reasonable to throw a needle up to this level.

With the withdrawal in Bitcoin, a long position of $ 56 million was liquidated in the last 1 hour.

With this drop yesterday greedy The market, which came to the location, was shaken a little and again greedy We see it in position.

We observe that the retracement in Bitcoin does not affect altcoins much and with the decrease in BTC dominance, altcoins are holding on well. At this point, we think that altcoins that have withdrawn with Bitcoin and come to their support can be evaluated.

Avalanche is one of the best examples of this. AVAX, which we stated can be evaluated at $ 60 yesterday, continues to be traded at $ 68 despite the withdrawal in Bitcoin.

*Not Investment Advice.

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