Bitcoin lovers! Looks like It is time sharpen up your horns. Here are 3 reasons why you should be bullish on BTC. 👀
, when nobody is talking about Bitcoin, that’s usually the best time to be buying Bitcoin.
Bitcoin’s price is currently 72% down from its all-time high at $69,000. In the previous bear markets, BTC’s price saw a 55% correction , a 71% drop by March 2020 and an 84% correction in December 2018. While brutal to endure, the current 72% correction is not outside of the norm when compared to previous drawdowns from all-time highs.
“An effective tool because it is able to demonstrate when the market is likely overstretched within the context of Bitcoin’s adoption curve growth and market cycles.”Currently, BTC’s price is below the 350DMA and similar to the 2-year MA multiplier. Dollar-cost-averaging into extreme lows has proven to be a wise method for building a Bitcoin position.Taking a look at Bitcoin’s one-week relative strength index also shows that the asset is nearly oversold.
Of course, its price could drop much further, and the bearish factors that are battering equities markets will likely also continue to impact crypto prices, so none of the indicators mentioned above should be relied on as the solitary rationale for investing.
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