With the cryptocurrency market entering the week on a somewhat bearish note after rallying since the turn of the year, the Bitcoin (BTC) consolidation presents an opportunity for investors to “buy the dip,” cryptocurrency analyst Michaël van de Poppe noted.
In fact, Bitcoin started the week falling “toward the $22.3-22.7000 low range and support area,” which “could be a place for longing,” but “the best is to sweep $21,7000,” says a cryptocurrency expert. to explain in his Twitter post on Feb. 6.
According to Van de Poppe, such is the “ultimate liquidity sweep,” as he referred to it in an earlier report tweetThat could be possible with the current strength of the US Dollar Index, which, as he puts it, suggests that this is the beginning of a “week dip buying.”
It’s also worth noting that “buying the dip” gave a big advantage to Enterprise Business Intelligence (BI) software provider MicroStrategy (NASDAQ:MSTR), which bought more than 8,800 bitcoins during the massive cryptocurrency dive in 2022, while its shares are more than doubled in the last month.
Bitcoin price analysis
Meanwhile, the premier decentralized finance (DeFi) asset is currently trading at $22,853, down 2.28% on the day, down 3.97% from the previous week, but still gaining 34, 74% on the monthly chart. .
Meanwhile, a survey of 4,400 American adults conducted in January 2023 predicted a bleak future for Bitcoin, predicting the asset to trade at $15,252 in the next six months, Coinphony reported on February 3.
On the other hand, the author of Personal Finance said “Rich father poor fatherRobert Kiyosaki has named bitcoin among the “three hottest topics on earth” due to the declining value of the US dollar, while Berkshire Hathaway (NYSE:BRK.A) Vice President Charlie Munger wants to ban the virgin cryptocurrency.
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Post-Bitcoin Drop Marks the Beginning of a ‘Buy Pullback’ Week for BTC for the First Time on Coinphony.