The post ‘Bitcoin Dip is a Gift’- BTC Price Continues to Remain Under Bullish Leadership! appeared first on Coinpedia Fintech News

The Bitcoin network has been witnessing massive congestion in the past few hours, which has compelled the fees to skyrocket and accumulated nearly 500K unconfirmed transactions. This may have impacted the BTC price, which has now slashed below $28,000, dragging the global crypto market cap by nearly 3% to stand at $1.15 trillion and decreasing its dominance by nearly 0.26%. 

As mentioned earlier in previous reporting, Bitcoin has been displaying a huge correlation with its past rallies. The price movements have been taking the same divergence at each point, regardless of whether it is a 2011-14 rally, 2014-17 rally, or 2017-21 rally. Considering the past price movements, it appears that the 2022-25 rally is closer to getting triggered, which may lift the price beyond $100K. 

Therefore, one of the popular analysts, Mostache, here explains why the current Bitcoin Dip is nothing but a gift. 

The analyst here considers the 2019-20 rally, where the price has dropped below the descending trend line and, after a parabolic recovery, kicked off a fine upswing. A similar trend is observed presently, as the BTC price is trying to withstand the crucial levels by triggering a bounce on every contact. The BTC price is done with the correction phase and is preparing to lift. after a minor retest. 

Hence, a firm upswing appears to be fast approaching as the price soared from levels around $5000 to mark the current ATH of around $69,000. 

“One gets the feeling that people panic more after a 5% dip in BTC than in the entire correction in 2022,

Zoom out. Dips are still gifts. Nothing has changed,” he says. 

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Filed under: Bitcoin - @ May 8, 2023 1:17 pm