Bitcoin Price Drops Below 60K Is it Time to Flee or Buy the Dip
Bitcoin Falls Below 60K! Dow Jones Industrial Average Rises, Nvidia Falls Over 6% Back to Third in Market Value
Contents
Toggle
10x Research: Bitcoin’s M-shaped Pattern is Complete
Trader Ali: Buy the Dip
RSI is in Oversold Territory
MVRV Ratio is -8.96%
Bitcoin continues to plummet, with the M-shaped pattern (double top) appearing! According to 10x Research’s analysis, Bitcoin has fallen below its support level of 63,379, transitioning into an M-shaped pattern (double top), which could lead to a larger decline. It is recommended that investors sell first and wait to buy at a lower price!
Advertisement – The article continues below
Trader Ali Martinez, on the other hand, holds the opposite opinion. According to technical analysis indicators RSI and MVRV, he points out that Bitcoin is in oversold territory and believes that now is an excellent time to buy the dip.
According to backtesting, in the past two years, Bitcoin’s RSI has touched the oversold zone three times, leading to price increases of 60%, 63%, and 198% for BTC, respectively. And currently, the RSI is in the oversold zone again.
Note: The RSI indicator (Relative Strength Index), also known as “Relative Strength Index” in Chinese, can be used to determine the strength of buyers and sellers during this period. RSI values range from 0 to 100, with higher values indicating a more active buyer’s market and lower values indicating a quieter market.
Since February 2023, Bitcoin’s MVRV ratio has fallen below -8.40% four times, leading to BTC price increases of 63%, 100%, 92%, and 28%. Currently, the Bitcoin price is below $60,000, with an MVRV ratio of -8.96%, making this an ideal time to buy the dip!
Note: MVRV, short for Market Value to Realized Value, is used to measure the difference between Bitcoin’s circulating market value (Market Value) and realized market value (Realized Value) to determine the market sentiment of Bitcoin.
(This article is not investment advice, please DYOR)
MVRV
RSI
Bitcoin
Further Reading
Bitcoin Falls Below 60K! Dow Jones Industrial Average Rises, Nvidia Falls Over 6% Back to Third in Market Value
Andrew Kang: Ethereum is Not Nvidia, Poor Fundamentals More Like Intel
