Bitcoin price will bottom out at $13,000! Here is when and why? – Coinpedia – Fintech & Cryptocurrency News Media
Most crypto watchers predict that Bitcoin (BTC) at its current level is the perfect option to buy at once. They believe this is when the crypto industry is struggling under heavy pressure as several crypto companies face liquidation issues.
Bitcoin (BTC) price is currently hovering below the $20,000 mark as the currency fell to a low of $19,148 on Saturday. Additionally, DCG CEO Barry Silbert, Global Macro Investor CEO Raoul Pal, investor Scott Melker (The Wolf Of All Streets), and many others have verified their Bitcoin purchases.
Bitcoin price currently seems oversold
Will Clemente, a cryptocurrency expert, believes that Bitcoin is currently selling below its 200-week moving average (WMA) and looks depressed. There was a similar process at the time of the March 2020 liquidity crisis. Also, for the first time since the March 2020 liquidity crisis, Bitcoin has the cheapest manufacturing cost.
Additionally, since December 2020, open interest on Bitcoin futures has fallen to its lowest level. This comes after previous selloffs that caused Bitcoin’s price to drop below $20,000. At these levels, he also recommended buying some BTC spot for his long-term investments.
Conversely, Rekt Capital claimed that Bitcoin’s monthly RSI is creating its first-ever low, which will lead to a macro-bullish split in the current areas. Besides, he also instructed his followers to watch for a giant sell candle with huge volume, which will indicate a decline. The price of Bitcoin should rebound from this range.
Several other investor investors, like The Wolf of Wall Street, James Lavish, have acknowledged that they are buying Bitcoin at the current price.
Bitcoin price at $13,000?
The price of Bitcoin (BTC) has fallen around 9% in the past 24 hours, trading around $17,148, as of the release. On the other hand, many crypto analysts believe that this is the best chance to “buy the dip”. Renowned trader Peter Brandt previously claimed that the price of Bitcoin (BTC) may fall below $13,000 as there is no support below $19,798.