Bitcoin experienced a major bear market in 2018, bringing its price down to $3,200, the lowest since the 2017 bull run. Although most considered it a rare opportunity to buy the cryptocurrency, some have been waiting for it to dip lower before they buy. Unfortunately, Bitcoin has suddenly moved from that price to over $13k in 2019 before the slight dip from which it recovered to the current price of $11,770.
While it has dawned on some that they may have missed a good buying opportunity, some are still waiting for another dip probably lower than the 2018 low to get in. Weiss Crypto Ratings put up a Twitter poll to ascertain the expectations of the Crypto Twitter community’s expectations for Bitcoin’s price.
Most Would Buy At $10K But Many Expect A Lower Price
The poll shows that 38% of respondents are waiting to buy Bitcoin at $10,000. This is marginally greater than the percentage that are waiting to buy at $5,000 which is 32%. The difference between this and those waiting to buy at $2,000 is still marginal considering the fact that 30% of the respondents expect Bitcoin to go as low as $2,000 before they buy.
Bitcoin recently dropped from the year till date (YTD) high of $13,800 to the mid 9ks and stayed there for some time before suddenly recovering to $11,000 and even crossing $12,000 on Tuesday. While those expecting Bitcoin to drop below $5,000 may be overdoing it based on analysts’ viewpoint, it is not clear how those waiting to buy at $10,000 missed it during the brief dip.
Feasible Drop To $8k
Several analysts except for long term bears like Tone Vays have said Bitcoin may not dip low enough to some people’s expectations again. One of such analysts, Josh Rager says Bitcoin at $8,000 won’t happen again. In his opinion, the 30% pullback that took Bitcoin to $9,000 recently was “a rare back-to-back opportunity in a macro bull trend,” he wrote in a Twitter post. He does not even expect Bitcoin at 4 digits ever again.
If Rager is right, the current price may be the best opportunity for those expecting a dip to get into Bitcoin as according to him, the sky is clear for the weekly and monthly chart with Bitcoin coming close to its YTD high again.
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