Bitcoin is falling down about 20% from the peak. In February, one of the leading coins touched levels above $10,400, before sliding back. After the crucial crash, it is made even worse by the overall market pessimism, BTC has significantly present buying a wide scope of opportunities.
The recommendation by crypto Twitter commentator LightCrypto alerts with a warning, that short term fluctuations might fall the price down. BTC sentiment has turned bearish, with more scenarios for a deeper dip.
BTC traded at $8,736.78 on Saturday, overall remaining bound in a range between $8,900. The Bitcoin fear and greed index dropped down to 38 points, signaling “fear”, and there is talk of shorting the coin.
Moreover, shorting accumulation has worked to reverse Bitcoin and liquidate those positions. Even with relatively low price moves, BTC remains risky in a direction. A recent analysis based on wallet acquisition showed even half of BTC addresses in the money. Prices above $8,000 have the potential to ensure strong support levels.
With the tradition of once-per-quarter corrections of 20% to 30%, the lowering of BTC prices has occurred with an average of 150-day. BTC is still leading up and estimated to set back a higher valuation. The predictions from analyst report that BTC easily regain $10,000 in 2020 and it is moving for highs above $12,000.
Traders with long-term bullish sentiment have viewed BTC as potential with buying opportunity at almost every price dip. It has been reported that the coin is estimated to dip lower, but can also perform a quick recovery with the movement of higher tier within days.
Bitcoin trading also takes place with a short time scale, with the possibility of quick erasing support levels. Spot buying and futures positions occur according to their intentions, as BTC price discovery is all about time frames and sentiments. Bitcoin trading volumes remain high above $43 billion per day, though the bulk of trading has moved to Tether which is used with quality security.