The Bitcoin and altcoin news yesterday took the world by storm. As we reported, the market lost more than $20 billion in one day, but analysts still see this as a good buying opportunity for those who want to make the most of BTC as an investment.
In fact, 36 hours ago, we saw Bitcoin being hammered. From a low of $10,200, BTC corrected and is now sitting snug at $9,500. The dramatic sell off which was triggered yesterday has made a lot of investors talking across the board with a newfound sense of fear.
However, the latest cryptocurrency news show that analysts are still optimistic. The analyst Dave the Wave, who has been calling for BTC to fall to $6,000 for weeks, doubled down on his prediction during the crash. Even though Dave the Wave would not agree that Bitcoin is a good buying opportunity or not, he said that the cryptocurrency is in a descending triangle with a breakdown target of $6,200.
Still, there are some analysts that are optimistic. Featured on many best cryptocurrency news sites, analysts like Willy Woo think that BTC’s recent downfall presents a good buying opportunity.
Famous for his on-chain analysis, Woo argued that now is the best time to accumulate BTC and not sell it. As he said in his tweet, Bitcoin is not as bearish as some may expect, pointing its escape from the 128-day moving average.
Kissing the 128d MA is a very good sign. It was overheated till this. People familiar with BTC’s historic personality know that the 128d line needs to be touched many times during a bull market to stay grounded. They present good buying opportunities. pic.twitter.com/1QBo3QjtgD— Willy Woo (@woonomic) August 29, 2019
From one look at the Bitcoin charts now, we can certainly say that Woo is not wrong. As a reminder, the price of Bitcoin in 2017 bounced off its 128-day moving average at least four times – and not only once Bitcoin closed a daily or weekly candle under the technical level.
So, it is worth noting that BTC is still strong and a good buying opportunity, according to analysts. In the coming altcoin news, it appears that the cryptocurrencies are linked to the Bitcoin momentum.
An analyst named PlanB also said that “Bitcoin is still looking strong” according to his Relative Strength Index (RSI) reading, agreeing that the current trend feels like mid-2016.
There has been an uptick in the BTC price today which is quite minimal (0.59%) but still managed to keep the Bitcoin dominance at 69.1% and the Bitcoin market cap at $170 billion.
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“On-chain momentum is crossing into bullish [territory]… The bottom is most likely in, any [move] lower will be just a wick in the macro view,” Woo said.There is also Glassnode, which is a crypto centric on-chain intelligence firm which recently noted that their metrics suggest that Bitcoin is bottoming and is slated to revert higher in a "strong" fashion. It is the Market Value to Realized Value (MVRV) which is implying the above mentioned, as well as showing that the crypto asset investors are believing in the topic. A reading of this would mark a bottom for the cryptocurrency market soon, too. At press time, Bitcoin is trading at $7,563 while the total market cap is $204 billion and the trading volume sits at $49 billion.
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“Bitcoin is winning the adoption race among crypto assets and is becoming increasingly scarce, which favors price appreciation. Plenty can go wrong with a nascent asset, but unless the basic premises reverse, there’s a higher probability to sustain price appreciation vs. Depreciation.He also tried to support the main idea that the halving event will act as a negative supply shock for the marketplace on the simple supply and demand economics.
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