- Bitcoin has factored in an additional price drop of 0.72% in the last 24 hours.
- Resulting from recent price drops, BTC has entered a selling market situation as per reports.
The crypto market has retreated into a bearish trend with Bitcoin spearheading the freefall. Other altcoins are also continuously losing their recent price surges as trading levels fall lower and lower. However, the ever-optimistic community has entered a ‘buy the dip’ phase as per recent reports.
Notably, Bitcoin has factored in a five-day streak of descent with an additional 0.72% drop in the past 24 hours. Bearish streaks drove the cryptocurrency to an intra-day low of $93,700 causing some concern among members. However, one particular analyst has used the ‘Mayer Multiple’ indicator to predict a price rebound.
Particularly, this indicator has proven to be quite reliable in crypto history thus acting as an anchor of reassurance amid FUD. This indicator, as per market analyst Ali’s predictions, will result in a Bitcoin price of $168,500 during its rebounding times.
Meanwhile, zooming out over the past week, Bitcoin shows an 8.97% price drop due to the past few days’ activities. At the beginning of the week, BTC was trading at a high of $105,329 just a day before hitting its current all-time high. As per CMC data, at the time of writing, the digital asset was trading at $95,633.
How is Bitcoin Price Responding to ‘Buy the Dip’?
Analysing its basic indicators, Bitcoin shows a selling spree in the token. This can be observed from the cryptocurrency’s RSI, which stands at 46.02. Additionally, Coinglass data shows BTC experiencing $62.03 million in liquidations in the last 24 hours.
BTC/USDT Daily Price Chart (Source: TradingView)
Additionally, its Chaikin Money Flow (CMF) indicator stands at a low of 0.08 further highlighting the low influx of capital into Bitcoin. However, if Ali’s predicted price resurgence occurs these market situations might resolve.
On the other hand, the sector saw community members trending the ‘buy the dip’ talk over the past day. This occurred immediately after Bitcoin began its descent into the $90K zone. Finally, this price action also saw Ethereum hit the $3.3K level.
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