Should You Buy the Dip in the Current Crypto Market? 📉
As the cryptocurrency market experiences a price plunge, many investors are considering whether it’s the right time to take advantage of the dip. However, according to Markus Thielen, the CEO of 10x Research, caution is advised before jumping back into the market.
Bitcoin’s Price Resilience and Recent Fluctuations
Bitcoin, the flagship cryptocurrency, has shown remarkable resilience amidst the market turmoil. Its price has been fluctuating between $60,760 and $66,382 before finally stabilizing above the $63,500 mark.
It’s Still Too Early to Buy the Dip 👀
Thielen recently released a report on March 20, highlighting the potential risks involved in purchasing cryptocurrencies during a market downturn. He warns that it might be premature to enter the market at this point.
- Thielen predicts a possible crash in the crypto market within the next 1-2 weeks, followed by potential price rebounds.
- He notes a decline in interest from regular traders, as evidenced by reduced trading activities in altcoins and meme coins.
- The CEO of 10x Research points out the consecutive days of ETF outflows, which have further fueled market uncertainty.
Technical Analysis and Price Predictions
Thielen’s technical analysis suggests that Bitcoin could drop below the $60,000 mark before attempting a significant recovery. However, he remains optimistic about potential upside targets of $83,000 and $102,000, based on historical market trends.
Another analyst, Rekt Capital, also anticipates a potential correction in the market, citing historical patterns surrounding halving events.
Bitcoin’s Current Position 📊
Over the past week, Bitcoin has seen a 14% decline in its price, with the current value hovering around $64,177. In the last 24 hours, Bitcoin’s price ranged from $60,807 to $65,757, with trading volume remaining relatively stable.
By
By
By