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To Buy the Dip or Wait? Analysts Weigh In
- Bitcoin reached a new all-time high of USD $69,170.63 before experiencing an 11% correction, indicating increased buying opportunities according to analysts.
- One analyst suggests the pre-halving high for Bitcoin is likely in, predicting a significant market cycle, potentially a “supercycle.”
- Others believe the current market phase is just the warm-up phase, with great potential ahead of us.
After finally breaking through old records to make new all-time highs, Bitcoin has corrected by 11% initially but has since slightly recovered. After reaching its new high of USD $69,170.63 (AUD $106,171.98) Tuesday night, BTC briefly dropped as low as USD $61,342.18 (AUD 94,166.49) and trades currently for USD $64,442.88 (AUD $98,934.44).
Meanwhile, the fear-and-greed index dropped a whopping 15 points from 90 (extreme greed) to 75 (greed).
Related: SEC Again Delays Ethereum ETF Applications by BlackRock and Fidelity
Analysts at Santiment commented on the dip in price by saying that calls to buy the dip are surging as they haven’t for months. They see this as a sign for things to possibly calm down a little and offer more buying opportunities.
Analyst Michaël van de Poppe thinks this is the highest BTC will be moving prior to the halving which is less than two months away.
The pre-halving high for Bitcoin is likely in. It never hit ATH pre-halving, but now it did. This cycle is going to be giant, maybe the supercycle.
Michaël van de Poppe His comments about this cycle being a “supercycle” imply an extraordinary period of bullish activity that surpasses previous market cycles in magnitude and possibly duration—mainly due to the approval of the Spot Bitcoin ETFs.
His prediction is that altcoins are soon going to outperform Bitcoin.
It’s Not Even A Bull Market?
On-chain analyst Willy Woo, who has been in the space for over a decade, has an interesting take on the current situation:
Woo is making a case that while the market may seem bullish now, the real and fundamentally-driven bull market lies ahead, poised to begin once a significant technical threshold is surpassed. This forthcoming phase could not only redefine the crypto market’s trajectory but also have profound implications for traditional finance.
Related: Pomp Remains Bullish on Bitcoin, Predicts Potential Doubling Soon
Once the crypto market breaks through the upper blue band, Woo says it could lead to unexpected consequences or challenges for traditional financial systems, markets, and institutions. This could be due to a variety of factors, like a massive influx of investment into crypto, re-evaluation of digital assets’ role in investment portfolios, and possibly the acceleration of financial innovation that challenges traditional financial paradigms.
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
