Bitcoin price has decreased by almost -12.4% in the last 7 days. At the time of writing this, the Bitcoin price is sitting at $31460.32. This is not surprising as BTC has been moving upwards in the last 2 months until the recent price correction that was delayed. Now, what to expect from Bitcoin Price? In this article, we’re going to explore the important areas of BTC price and what to expect.
Bitcoin Price Analysis: Is BTC Price Drop An Opportunity to Buy?
BTC/USD Weekly chart – TradingView
As Bitcoin price is dropping many people feel that this is a good opportunity to buy and sell for the short-term. This could be because there is a lot of hype and news coming over as miners are selling. We can’t deny that this could be one of the reasons why the price is dropping but at the same time, many other major institutions are investing money in BTC.
In our previous article, we had stated that the price of Bitcoin would most likely consolidate, more particularly with a support price of USD 31,500. Now, on the weekly chart, Bitcoin price is looking to find an establishment. Once again, there could be two scenarios. The BTC price will increase and go back to win the ATH into new unfamiliar regions or it will fail to pick up its drive, and the lower consolidation trend line of USD 29,500 will be breached.
Bitcoin Price Analysis: A Good Solid Correction of the BTC Price
BTC/USD Weekly chart – TradingView
At the moment, there could be a good chance as BTC price has dropped too much again to its all-time high.
But if we analyze it closely, then we would consider this as a correction of the BTC. So, one could view this as a good chance to buy BTC again. Now, if we are talking about the short term investment then buying bitcoin could be good because it is dropping by 2%. On the other hand, if we are talking about a long-term investment then it may not yet good condition to buy.
Also, the enigma is, to what point will users invest? Will they wait for a more profound market price or simply invest at this moment?
The market price is still powerful even if it drops in the $30k market price mark. So, some investors will still not be convinced to invest and slightly, would prefer to wait for more. It is a conflict of the investor’s market analysis. The price could go higher in a sudden and furthermore with a constant defeat. It is just tough to discover, which appears to be a guessing game.
Conclusion
We could still wait for some time to check that if BTC price drops below $30,000 and take that moment to get more bitcoin for a sound investment.
