Bitcoin Price Enters Range-Bound Mode After Bearish Pressure
Bears Stunt Bitcoin Growth, Pulling Price Down to $42,822.59
The price of Bitcoin (BTC) recently entered range-bound mode after bears stunted its growth overnight, pulling the price down to $42,822.59 with a 1.21% growth in the past 24 hours. According to market analyst Ali Martinez, this price level might prove significant for traders eyeing a longer-term opportunity to flip the coin.
Analyst Ali Martinez Signals “Buy-the-Dip” Opportunity
Market analyst Ali Martinez noted that the Bitcoin Market Value to Realized Value (MVRV) ratio has fallen below its 90-day average over the past 12 months, presenting a “buy-the-dip” opportunity. The accompanying chart in the post showed that previous buy-the-dip moments are typically followed by a period of intense growth that leads to a lower high, making this signal an ambitious call for investors.
Bitcoin Market Unstable Amid Buy-the-Dip Moment
The market has been largely unstable, with Bitcoin liquidating bears on some occasions and reversing growth on other days. Despite this volatility, the buy-the-dip moment might favor investors who are ready to ride the coin’s current trends until it attains stability.
Bitcoin Halving Event Expected to Impact Market
With the failure of spot Bitcoin Exchange Traded Fund (ETF) products to impact the price of BTC, investors are now turning their focus to the upcoming Bitcoin halving event, slated to be held sometime in April. This event might ultimately shrink the supply of the asset, triggering a major upshoot in the price of Bitcoin in the near future, according to industry experts.
Optimistic Outlook for Bitcoin Price Post-Halving
Industry experts are optimistic that the halving event will catalyze the Bitcoin price beyond its previous all-time high (ATH) soon, driven by supply shortage and a massive increment in demand from institutions like BlackRock and Fidelity Investments.
This article was originally published on U.Today
