Bitcoin Price To Hit Bottom at $13k ! Here’s When and Why?

The post Bitcoin Price To Hit Bottom at $13k ! Here’s When and Why? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

Most of the crypto observers predict Bitcoin (BTC) at its present level is the perfect ‘buy-the-dip’ option at a time. They feel this is when the crypto industry is struggling under strong pressure as several crypto companies face liquidation concerns.

Bitcoin (BTC) price is presently hovering lower than the $20k mark, as the currency has dropped to a low of $19,148 on Saturday. Furthermore, DCG CEO Barry Silbert, Global Macro Investor CEO Raoul Pal, investor Scott Melker (The Wolf Of All Streets), and many others have verified their purchases of Bitcoin.

Bitcoin Price Currently Appears Oversold

Will Clemente, a cryptocurrency expert, believes Bitcoin is currently selling below its 200-week moving average (WMA) and appears depressed. There was a   similar process at the time of the March 2020 liquidity crisis. Furthermore, for the first time since the March 2020 liquidity crisis, Bitcoin has the cheapest manufacturing cost.

Furthermore, since December 2020, Bitcoin futures open interest has dropped to its lowest level . It comes after previous liquidations that knocked Bitcoin’s price under $20,000. At these levels, he also recommended purchasing a few spot BTC for his long-term investments.

Conversely, Rekt Capital claimed that Bitcoin’s monthly RSI is creating its very first bottom, which would result in macro bullish split at present areas. Furthermore, he also instructed his supporters to watch for a giant sell candle with tremendous volume, that will indicate a drop. The price of Bitcoin is expected to rebound from this range.

Several other investor traders, like The Wolf of Wall Street, James Lavish, have acknowledged that they are purchasing Bitcoin at present pricing.

Bitcoin Price At $13k ?

Bitcoin (BTC) price has dropped about 9% in the previous 24 hours trading around $17,148, during publication. On the other hand, many crypto analysts feel that this is the finest “buy the dip” chance. Renowned trader Peter Brandt previously claimed that the Bitcoin (BTC) price might fall under $13,000 because there is no support lower than $19,798.

Source: https://coinpedia.org/bitcoin/bitcoin-price-to-hit-bottom-at-13k-heres-when-and-why/