The Bitcoin price experienced a sharp decline recently fell below $67,000, raising concerns among investors. However, a crypto analyst has encouraged the crypto community to do so buy more Bitcoin This suggests that the decline presents an opportunity to acquire BTC at a lower price.
Bitcoin’s decline signals an excellent buying opportunity
Michael van de Poppea popular crypto analyst and enthusiast, has remained optimistic about Bitcoin’s future prospects, insist the broader crypto community to view the cryptocurrency’s recent dip as a purchasing opportunity.
In a recent X-post (formerly Twitter), the analyst shared insights on the crypto market, noting that both bullish and bearish activities, which contribute to the balance and stability of the market. Him too revealed that price corrections were normal in the crypto market, regardless of market performance or conditions.
Poppe has encouraged investors and crypto enthusiasts to do so buy more Bitcoin with the price currently trading at $66,528 according to CoinMarketCap. Over the past week, the cryptocurrency has witnessed significant price declines, down 4.64%.
This unexpected price drop attributed to the crackdown Silk Road Bitcoinan online black market that allows users to anonymously purchase illegal and unethical goods with Bitcoin.
According to crypto community member ZachXBT, the United States government transferred 30,175 BTC worth $2.1 billion in Silk Road hacking funds to Coinbase. This huge one Bitcoin transaction may have led to the cryptocurrency’s current decline, fueled by bearish news and market volatility.
“At the peak of bullish momentum, you will see a huge impact from any bearish story. This time it is the Silk Road Bitcoin that is being transferred. Either way, buy the dip,” Poppe said.
BTC Peak Expected Before Halving
In another X post, Poppe revealed discouraging news, noting that a crucial price zone had been lost Bitcoin. The crypto analyst claimed that the cryptocurrency will not see a surge to new all-time highs during this pre-halving phase unless it breaks through the $69,000 resistance levels.
The analyst provides one consolidation period for BTCThis highlights that altcoins are expected to gain strength during this period, while Bitcoin is undergoing a correction phase. He further announced that a price correction for Bitcoin indicates a healthy and organic market cycle.
Poppe has stated that Bitcoin’s range of interest is between $56,000 and $60,000. Concluding his post, the analyst further encouraged investors to do the same Acquire Bitcoinemphasizing that “dips are for buying in these markets.”
BTC price recovers from dip | Source: BTCUSD on Tradingview.com
Featured image from CNBC, chart from Tradingview.com
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