No sooner than the U.S Infrastructure Bill became law, the crypto market suffered a notable plunge. However, there might be no relevance between these events, yet the time frame signals the probabilities. Crypto space is currently experiencing a bloodbath as BTC price slides down below $60K. And hence raising concerns over the Bitcoin price rally as huge long liquidations dragged the price to lower levels.
Despite the price drowning in deep-sea, yet the asset could rebound with greater pace as the market sentiments have not turned bearish yet. The crypto fear and Greed index is pointing out towards greed with 71 points. Moreover, the current dip may be yet another higher low which is followed by a higher high very soon.
The analyst, AltcoinSherpa further says that the area around $60,000 withnessed multiple bounces off in recent times. However, the current plunge dragged the price below $60K since the early trading hours. The price is much primed to continue with the plunge until the asset trends close to $50K. Another popular analyst, Micheal de van Poppe believes that a strong flip back to $63K levels would keep intact the upward momentum. Else $54K may be the next target.
Despite the bearish trend, yet the crypto space is extremely bullish on Bitcoin in the long term. As many believe the current dip is yet another chance for a lot of people to buy at the dip. Moreover discover a similar trend BTC price follows before the next bull run. As each time the asset dips and accumulates notably before pulling the next leg up. And therefore, the current dip may be a part of a higher low of an accumulation.
Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.