Crypto Analysts Try To Time A Bitcoin Bottom As Prices Crash

Crypto Analysts Try To Time A Bitcoin Bottom As Prices Crash

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At a time when the crypto market is under severe pressure as several crypto giants face liquidation risks, several crypto analysts believe that Bitcoin (BTC) at the current level is the perfect opportunity to purchase.

Bitcoin (BTC) price is currently trading below the $20,000 level, falling to the low of $19,148 on Saturday. Meanwhile, DCG CEO Barry Silbert, Global Macro Investor CEO Raoul Pal, investor Scott Melker (The Wolf Of All Streets) and others have confirmed they are buying Bitcoin.

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Bitcoin (BTC) looks attractive at current levels

Crypto analyst Will Clement says that Bitcoin is trading below the 200-week moving average (WMA) now and appears oversold at current levels. This already happened during the March 2020 liquidity crisis. Additionally, Bitcoin is at the lowest cost of production for the first time since the March 2020 liquidity crisis.

Bitcoin (BTC) price below 200-WMA
Bitcoin (BTC) price below 200-WMA. Source: Will Clemente

Additionally, Bitcoin futures open interest hit its lowest level since December 2020. It came after recent selloffs that pushed Bitcoin price below the $20,000 level. He also mentioned buying BTC spot for his long-term holdings at these levels.

Meanwhile, Rekt Capital reported that Bitcoin’s monthly RSI is forming the first low that would lead to macro-bullish divergence at current levels. Additionally, he instructed his followers to look for a big sell candle with massive volume, which would usually be a bottom. BTC prices are expected to recover from the level.

    Monthly RSI of Bitcoin
Monthly RSI of Bitcoin. Source: RektCapital

Barry Silvert, CEO of DCG, in a tweet confirmed that they are buying BTC. He said:

“It feels like we’ve reached the peak of pain and uncertainty in the crypto market. We buy BTC here. Let’s go!”

Other investors such as The wolf of all the streetsJames Lavish and others have confirmed buying Bitcoin at current levels.

Has the price of BTC bottomed out?

At the time of writing, Bitcoin (BTC) has fallen nearly 9% in the past 24 hours, with the current price trading at $19,148. While many crypto analysts believe this is the best opportunity to “buy the dip”, veteran trader Peter Brandt previously said that the price of Bitcoin (BTC) could actually fall to $13,000 as there is no support below $19,798.

Varinder is a technical writer and editor, technology enthusiast, and analytical thinker. Fascinated by disruptive technologies, he shared his knowledge on blockchain, crypto-currencies, artificial intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period of time and currently covers all the latest updates and developments in the crypto industry.

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.

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