The Bitcoin price index is currently in a big bull move. The cryptocurrency’s worth has increased more than 50% in the last one month alone and currently it is being traded at around the $18k level at press time. While HODLers would love the rally to continue on, the market may be in for a correction, but nothing big and it might not happen before the $20k level is breached.
The $20k figure was a longstanding price target for the bulls. For long, the cryptocurrency languished in the $5000-$10000 range for almost 2.5 years. It seemed like the $20k could never be achieved once again. So now the Bitcoin in deep bullish phase and closing in on the all-time high figure of $20k seems surreal. Now we are within 10% of the historic $20k high. However, the meteoric rise of the cryptocurrency’s value has resulted in some overbought conditions. Analysis show that there are lines of sell orders between $18k and $19k. But, buyers can’t get their hopes up yet as there is also a long list of buy orders in between $17-$17.5k.
So, that brings us to the all-important question; when will be the next big dip? There are two scenarios:
So, buyers who are looking to “buy the dip” might need to wait a bit before a recorrection can actually be witnessed. Right now, the cryptocurrency is still well within its power to continue on with the exciting bull run.
Image by Markus Winkler from Pixabay
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