Bitcoin’s price crunch has been the major highlight of 2019, and the bullish expectations that people had seen to have dimmed down. Many proponents who started the year by claiming Bitcoin will hit all-time highs have switched their opinions and have asked people to ‘buy the dip.’ Tone Vays, one of the popular cryptocurrency proponents in the space recently tweeted:
“No need to assume, I’ll just say it –> Bear!, $7k should break down, saying it now cause it might do it while I’m asleep, if you prepared for this $BTC low, it should be the best time to “Buy the Dip” for years to come.”
The dip comes at a time when some other cryptocurrencies have started their climb up towards mainstream partnerships and tie-ups. Despite the slow interest from regulatory bodies, many had hoped that 2019 would be the turning point for the world’s largest cryptocurrency.
At press time, Bitcoin was trading for $7056.35, with a total market cap of $128.381 billion. The cryptocurrency held a 24-hour market volume of $17.076 billion after a 0.95 percent fall in prices during the 24-hour spectrum.
Earlier, data from Coin360 showed that Bitcoin had traded up for just 1.2 percent, where the price touched the $7265 mark. Some proponents of the coin even added that the current market atmosphere is boring and fragile, coupled with warnings for users who wanted to excite the industry for no reason. The concept of buying the dip has been prevalent in the industry, a phenomenon popularized by supporters who made money off the following peak.
Analysts across the board have made similar opinions to that of Vays, with Josh Olszewicz, an industry research analyst at Brave New Coin pointing to a bear market too. According to him, the last time the one-day Bollinger bands on the Bitcoin chart were as close as they are right now, the prices went up later. The upper Bollinger band and the lower Bollinger band were both parallel to each other, a sign of the sustained bear trend in the market.
The Relative Strength Index was also bearish. On the RSI reader, the graph was near the oversold zone, which meant that the selling pressure for the cryptocurrency was much higher than the buying pressure. Although the call was positive, the upswing is expected to hit only after a couple of weeks.
Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.