Bitcoin Discount? Peter Brandt On Why You Shouldn’t Buy The Dip

Bitcoin has been dropping consistently for the past week and the crypto market has lost over $500 billion following this dip. Like with any crash, there have been the expected calls of ‘buy the dip’ from investors who believe that the dips are only temporary and that the digital asset will soon recover all of its lost value. While this advice is sometimes sound, there is no doubt that there are some drawbacks with it, which could range from adding to a losing position that ends up losing more, to sinking more money in projects that may already be doomed to fail. Veteran trader Peter Brandt has addressed these calls of ‘buy the dip’, explaining why investors should not follow it. Related Reading | Melania Trump Congratulates Bitcoin On 13th Anniversary Of Bitcoin Genesis Block You Could Lose More Money Famed trader Peter Brandt responded to a tweet from CEO of Vailshire Capital, Jeff Ross, saying that the price dips that are being experienced by bitcoin presented an opportunity for long-term traders to increase their holdings. Brandt’s tweet was vehemently against this school of thought, proposing instead “a sacred trading rule” for investors during times like these. The veteran trader compared the current movement of bitcoin to the Silver $SI_F of 1980, which had grown to its $50 top after a massive run. It had subsequently sunk to $3.65, leading people to purchase it in the hopes of catching the dip, but the asset ended staying low for more than two decades. https://twitter.com/PeterLBrandt/status/1479433011439362048?s=20 Basically, the investor urged investors to not rush to purchase bitcoin because it is low and they think it will not go lower. BTC continues downward trend | Source: BTCUSD on TradingView.com Comparing Gold And Bitcoin In a subsequent tweet, Brandt did a similar comparison to the price of bitcoin. This time around, he focused his attention on gold, calling out the fact that just like silver in the 1980s, gold experienced a similar trend. He explained that gold had first hit its all-time high of $873 in 1980, followed by a drop in price to $255. The asset which had been the inflation hedge of choice for many decades had remained in this territory for almost three decades following this and would only beat this previous all-time high 27 years later. Related Reading | TA: Bitcoin Key Indicators Suggest A Strengthening Case For More Downsides Brandt admonished the author of the previous tweet by asking, “Is this your definition of a ‘long-term’ investor?” Naturally, Brandt’s comment regarding bitcoin had drawn the ire of bitcoin maximalists who flocked to explain to the older trader why the digital asset would not follow the footsteps of gold and silver. One user tweeted that “Difference is btc is technology, not a rock”, while another pointed out that bitcoin had more utility, saying, “Gold has been a disastrous investment. Not much utility in it. Hard to carry your gold with you in the event of political system or economic collapse. Hence #Bitcoin.” Featured image from Blogtienao, chart from TradingView.com

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Market Analysts Explain Why This Correction Is Good For Bitcoin

The recent bitcoin correction down from its all-time high has had the market in a panic in the past week. However, not everyone has seen it as a bad omen. The digital asset’s price had gone down below $60,000 causing investors to believe the bear market had arrived. Mostly, small-time investors had been hit the most by panic as sell-offs happened through the space. Nevertheless, the correction was bound to happen following the incredible run that bitcoin had. Market corrections are always normal and expected after a bull rally but market analysts have pointed out that this particular correction could have some positive implications for the digital asset going forward. Related Reading | Bitcoin Whale Wallet Containing 1,299 BTC Activates After Eight Years Be Grateful For The Slump Analysts at BOOX Research recently released their analysis of the market and shared thoughts surrounding current market conditions. The analysts explained that the correction was good for the digital asset. This type of slump is important for a “healthy” market and bulls should be grateful for it, the analysts said. The recent sell-off has not been bad for the market and although bears believe that bitcoin had already seen its top, this is not true. BOOX Research analysts further explained that the market is nowhere near the “crypto winter” despite its 20% downward retracement. Further stating that the fact that the digital asset had held above $50,000, which is an important psychological level for bitcoin, shows that it is still going strong. BTC dip continues | Source: BTCUSD on TradingView.com The analysts pointed out that a major pullback would have been witnessed if the price had broken below $50,000, leading to a $30,000 retest. However, it would take something impactful, like an “unforeseen major regulatory setback” for the asset to break below this level. Bitcoin Headed For $100,000 Analysts at BOOX Research have echoed a widely held prediction in the crypto space. That is, bitcoin at $100,000. The analysts put the digital asset at this price point in 2022 but not without a bit of a hurdle. In their report, they state that the digital asset would have to first break above $60,000, which would set it up for an all-time high retest. Additionally, the asset is expected to accelerate towards $75,000 until it touches $100,000 next year. “Bitcoin has made several key pivots around $50,000 going back to February of this year. We expect the bulls to put up a strong fight and hold that line if it gets down there, which could be a good spot to add to positions.” Related Reading | JPMorgan Lists Ethereum As A Better Investment Than Bitcoin For the pioneer digital asset, the pullback has done for good for it. Prices have stabilized somewhat – as stable as they can be for the highly volatile crypto market – setting the asset up for another bounce above $60,000. Bitcoin had recovered back up to $59,000 on Thursday and indicators point to a continuation of the bull rally. Featured image from Republic World, chart from TradingView.com

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Nayib Bukele Buys The Bitcoin Dip Again

Nayib Bukele did as Nayib Bukele does.  Covered: Nayib Bukele Bitcoin Purchase Peter Schiff Got Involved Nayib Bukele Bitcoin Purchase El Salvador just bought the dip. 100 extra coins acquired with a discount ??#Bitcoin ???? — Nayib Bukele ???? (@nayibbukele) November 26, 2021 The president of El Salvador Nayib Bukele took to Twitter to announce that […]

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Bitcoin Whales Buying The Dip: $1.28 Billion Added Below $90,000

On-chain data shows the large Bitcoin holders are capitalizing on the lower prices as they have switched to accumulating again. Bitcoin Whales Are Now In Net Buying Mode According to data from the market intelligence platform IntoTheBlock, the Large Holders are buying BTC right now. The on-chain indicator of relevance here is the “Large Holders Netflow,” which keeps track of the net amount of the asset that’s entering into or exiting out of the wallets associated with Large Holders. The analytics firm defines ‘Large Holders’ as the entities that are carrying at least 0.1% of the cryptocurrency’s entire supply in their balance. At the current exchange rate, this amount is worth a whopping $1.67 billion, so the only addresses who would qualify for the group would be those owned by the largest of investors in the space. Related Reading: Dont Call Bitcoin Bottom Just Yet, CryptoQuant Head Says: Heres Why When the value of the Large Holders Netflow is positive, it means these humongous entities are receiving net inflows into their wallets. Such net buying from this cohort can naturally be a bullish sign for BTC’s price. On the other hand, the indicator being negative can lead to a bearish outcome for the cryptocurrency, as it implies the largest of holders have decided to participate in some selling. Now, here is the chart shared by the analytics firm, that shows the trend in the Bitcoin Large Holders Netflow over the past week: As displayed in the above graph, the BTC Large Holders Netflow had turned negative earlier in the week, meaning these mega whales had taken to net distribution. The cryptocurrency’s price had followed up with its crash when this selling had emerged, so it would appear likely that this cohort had a role to play in the bearish price action. While these influential beings may have been at least in part responsible for the market decline, they have now turned around and started buying instead, as the indicator’s value has broken back into the positive region. According to the analytics firm, the Large Holders have added almost 15,000 tokens of the asset to their wallets since BTC has gone under the $90,000 level. Thus, it would appear that this cohort believes the current low prices to be offering a worthy accumulation opportunity for Bitcoin. Related Reading: XRP Indicator Reliable Since 2022 Now Gives This Signal It’s possible that this buying spree from the whales would end up having a bullish effect on BTC, similar to what the earlier selloff did, but so far, the coin has only continued to slide down. BTC Price Bitcoin has furthered its drawdown with another 2% drop during the last 24 hours, which has taken its price to the $84,500 level. Featured image from Dall-E, IntoTheBlock.com, chart from TradingView.com

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Bitcoin price dip to $92.5K caused by Fed interest rate concerns: Analyst

Rising concerns about Federal Reserve monetary policy and rising bond rates are having a negative impact on Bitcoins price.

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KULR Technology predicts $200K Bitcoin price after buying $97K dip

Emerging crypto regulation and the US Federal Reserves monetary policy path will be the main drivers of Bitcoins price trajectory in 2025, Binance Research told Cointelegraph.

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MicroStrategy buys Bitcoin dip, holdings surpass 450K BTC

Global crypto hedge funds have also been buying the dip, signaling a potential Bitcoin supply shock as BTC exchange reserves sink to levels last seen in 2018.

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