Bitcoin
Bitcoin Bulls Trying to Regain Momentum, But Is Now the Time to Hurry Up and Accumulate Bitcoin?
Crypto markets are on a roller coaster, with Bitcoin Price changing daily. The token has become more volatile since the beginning of the month as it reached lows of $56,552 on the first day and managed to recover beyond $65,000 in a short time. This price variation attracted many whales who began to accumulate, recording new highs in recent weeks.
That being said, is now a good time to accumulate Bitcoin or will the token provide a good buying opportunity for traders?
From a broader perspective, the BTC Price continues to trade within a decreasing pattern, forming consecutive highs and lows. This shows the growing dominance of bearish influence over bullishness, which could end up reversing the trend in the direction of induced volume. This may seem like a great buying opportunity as BTC price is close to triggering a rally at any moment. However, one of the popular analysts, Georgesays there is no need to rush here!
The analyst refers to Bitcoin’s short-term chart and believes that the price could offer another opportunity by falling below $60,000 very soon. He says,
“There is no need to rush here. Let it reach your levels.
It probably varies a little here with some strands in the OTE area, then the recovery and continuation are higher,”
According to the analyst, the price of BTC tested the OTE or Open Trade Equity area, which is nothing more than the network of unrealized gains or losses on pen derivative positions. This is represented by the current market value and the price paid for the position. Once the position is closed, the gains or losses will be realized. Therefore, the analyst believes that BTC OTE holds some realized profits or losses depending on the initial trading price and therefore may be released once the position is closed.
Therefore, the price of Bitcoin (BTC) is pre-programmed to undergo a major rally, but only after falling below $60,000.
Also check out: Selling Trading Triggered for Bitcoin as Ethereum Appears Poised to Hit Lows Below BTC