The last 24 hours have seen a diabolical movement in Bitcoin prices. In what has been one of the worst crashes in recent weeks, Bitcoin has fallen to a bottom of $9k. This marked a more than 16% pullback from the last seven days. It further saw Bitcoin drop below the key psychological support of $10K.
Below $10K, Bitcoin is largely considered bearish. Despite the recent drop, this could just be the ‘gift’ many were hoping for as one analyst has been reminding investors. The recent drop could easily be followed by a wide rally, an event that has repeated itself several times.
Said it once and will say it again
4 digit Bitcoin is a gift
Whether it hits $9ks or even $8ks
— Josh Rager 📈 (@Josh_Rager) July 15, 2019
For now, it looks like Bitcoin has found support at the $9,900 position which has further been confirmed by a bounce-back above $10K. The next short term resistance will be around the $10,200 position before further gains can see it climb above $10,500.
Bitcoin Analysts: Always Buy The Dip
Historically, it has been profitable to buy the dips. This was illustrated most memorably when Bitcoin fell all the way to its current long term bottom of $3,200. This was followed by a rally to highs of $9K in less than 6 months. Most recently, when Bitcoin fell to the $9K position.
This drop was followed by a rally that saw the asset climb above $13K. Crypto analyst Josh Rager who has always advocated for buying the dips, has been reminding his followers the same. After a few weeks ago calling on investors to buy Bitcoin when it was below $10K, he has been repeating this message earlier today.
As we reported earlier, investment bank Goldman Sachs has also been advising investors to buy in the $9K-$12K range. This then makes it a perfect time for investors to accumulate.
Most analysts say that the best time to buy is after a 30% retracement. According to data, this is followed by an over 150% rally. Although Bitcoin has not hit 30% and is at 16%, this could still see it soar high in the days to come.
Disclaimer: This Article Is Provided For Informational Purposes Only And Shouldn’t Be Taken As An Investment Advice.
