The Bitcoin price rally flipped for a while when the price fell drastically since the early trading hours. The price initiated a recovery with the announcement of Tesla accepting BTC payments, yet it appears to be short-lived. Moreover, with such a drastic dip, the possibility of the shorts liquidated cannot be ruled out.
Nevertheless, still many crypto enthusiasts and analysts believe BTC price will rebound within no time. And the current plunge is nothing but yet another opportunity to buy at the dip as the plunge held well above $50,000.
A popular analyst, Micheal van de Poppe, however, says that ‘Bitcoin is fine’ and asks his 167.1K followers to just ‘Calm down’
According to the analysts, the BTC price needs to hold strong and rebound at the current levels of around $52,500. If the price successfully gears up the bullish momentum and uplifts, then a strong impulse would rally the price close to $60K. But if the price shatters at these crucial levels, $49,000 would be imminent.
Also Read: Top Reasons Why Bitcoin Price Rally Is Still Bullish!
The Bitcoin plunge always attracts may enter the crypto space. In recent times, people from various fields have bought bitcoin. Let it be any famous celebrity or sports personality, and moreover, funds have directly poured in from the Wall Street and other big institutions.
Interestingly, in a very recent update, according to some reports, the US Government is thinking the same. During a live stream event of The Crypto Gathering, Robert Gutmann, the CEO of NYDIG, a Bitcoin investment firm confirmed that Sovereign wealth funds have approached them with enquires to buy bitcoin.
After big institutions entering the bitcoin space and bring accelerating mass adoption by attracting new retail traders, the government’s inclusion may get a large expansion for the crypto space. And if the Governments start accumulating, the fear of Bitcoin becoming centralized cannot be ruled out. Hence the retail traders and Whales need to initiate the HODL strategy!
Collectively, the bitcoin price rally at the time of writing regained the lost green candles to trend around $53,000. The jump from the lows of $51,500 to the current levels signifies the bullish momentum being intensified for the BTC price rally.
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