Monday, February 26, 2024

Crypto Analysts Try To Time A Bitcoin Bottom As Prices Collapse

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At times when the crypto market is reeling under heavy pressure as several crypto giants face liquidation risks, several crypto analysts believe Bitcoin (BTC) at the current level is the perfect ‘buy-the-dip’ opportunity.

The Bitcoin (BTC) price is currently trading below the $20k level, falling to the lowest price of $19,148 on Saturday. Meanwhile, DCG’s CEO Barry Silbert, Global Macro Investor’s CEO Raoul Pal, investor Scott Melker (The Wolf Of All Streets), and others confirmed that they are buying Bitcoin.

Bitcoin (BTC) Looks Attractive At Current Levels

Crypto analyst Will Clemente says Bitcoin is trading below the 200-week moving average (WMA) now and seems oversold at the current levels. It happened previously during the March 2020 liquidity crisis. Moreover, Bitcoin is at the lowest production cost for the first time since the March 2020 liquidity crisis.

Bitcoin (BTC) Price Below 200-WMA
Bitcoin (BTC) Price Below 200-WMA. Source: Will Clemente

Moreover, the Bitcoin futures open interest has reached its lowest since December 2020. It came after recent liquidations that pushed Bitcoin price below the $20k level. He also mentioned buying some spot BTC for his long-term holdings at these levels.

Meanwhile, Rekt Capital reported that Bitcoin’s monthly RSI is in the process of forming the first bottom that would lead to macro bullish divergence at current levels. Moreover, he has asked his followers to look for a large sell candle with a massive volume, which would generally be a bottom. The BTC prices should recover from the level.

 Bitcoin's Monthly RSI
Bitcoin’s Monthly RSI. Source: Rekt Capital

Barry Silbert, CEO of DCG, in a tweet confirmed that they are buying BTC. He said:

“Feels like we have hit max pain and uncertainty in the crypto market We’re buying BTC here. Let’s go!”

Other investors such as The Wolf Of All Streets, James Lavish, and others are confirmed buying Bitcoin at current levels.

Has the BTC Price Bottomed Out?

At the time of writing, Bitcoin (BTC) has fallen nearly 9% in the last 24 hours with the current price trading at $19,148. While many crypto analysts believe it is the best “buy the dip” opportunity, veteran trader Peter Brandt had earlier stated that the Bitcoin (BTC) price could actually fall to $13k as there is no support below $19,798.

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


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