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July 18, 2024
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Bitcoin Bulls Trying to Regain Momentum, But Is Now the Time to Hurry and Accumulate Bitcoin?

The post Bitcoin Bulls Trying to Regain Momentum, But Is Now the Time to Hurry and Accumulate Bitcoin? appeared first on Coinpedia Fintech News

The crypto markets are on a roller coaster ride, with Bitcoin’s price changing daily. The token has become more volatile since the beginning of the month, as it marked lows at $56,552 on the very first day and managed to recover beyond $65,000 in no time. This price variation has attracted many whales who have begun to accumulate, recording new highs in the past couple of weeks. 

Having said that, is now a good time to accumulate Bitcoin, or will the token provide a good buying opportunity for traders?

In a larger perspective, the BTC price continues to trade within a declining pattern, forming consecutive lower highs and lows. This shows the growing dominance of bearish influence over the rally, which may end up reversing the trend in the direction of the volume induced. This could appear as a huge buying opportunity, as the BTC price is close to triggering a rebound anytime from now. However, one of the popular analysts, George, says that there is no need to rush here!

The analyst refers to the short-term chart of Bitcoin and believes that the price may offer another opportunity by plunging below $60,000 very soon. He says, 

“No need to rush here. Let it come to your levels. 

Probably ranges a bit down here with some wicks into OTE area, then the reclaim and continuation higher,”

As per the analyst, the BTC price has tested the OTE or Open Trade Equity area which is nothing but the net of unrealized gain or loss on pen derivative positions. This is represented by the present market value and the price paid for the position. Once the position is closed, then the gains or losses will be realised. Therefore, the analyst believes that the BTC OTE holds some realised profits or losses depending on the initial trade price and hence may be released once the position is closed. 

Therefore, the Bitcoin (BTC) price is pre-programmed to undergo a massive upswing but only after taking a final dip below $60,000. 

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