Crypto space especially Bitcoin is becoming impulsive day by day as the asset is also undergoing steep pumps and dumps. The dominant crypto yet again barged through the barriers to hit a new ATH at $69K which was pretty out of the blue. More surprising was the dip that followed the ATH that dragged the price close to $62800. The long liquidations may be the major reason, yet again many retail traders entered the deal at the wrong time.
BTC price is manifesting huge volatility nowadays that paved way for many investors and traders to jump on the moving train. Despite knowing the fact that the price may retrace hitting a milestone, yet some opened new positions at the tip. However, ‘Buy At Tip’ is always not a bad idea as history says Bitcoin is always profitable.
In the present bull run since the beginning of 2021, BTC price has hit ATH nearly 6 times. Interestingly, each time the price has retraced more than 25%. And further, the asset jumps more than 40% and sometimes 70% to hit another ATH. However, the current plunge is less than 10% where the asset managed to consolidate quickly after recovering nearly 4%. And hence, the price is likely to resume its uptrend to hit another ATH above $70K very soon.
Currently, the BTC price as mentioned has recovered from bearish divergence and currently consolidating very close to $65,000. The plunge is just a correction, not a bear market. And as said by a popular analyst Micheal de van Poppe, as long as Bitcoin prices s above $57K to $59K, all is fine, even if it includes some period of consolidation.