Bitcoin Is At Risk Of A Major Decline In Price
Until the day before, Bitcoin continued to trade above $7,000, which was an excellent sign for the crypto market.
But the most important coin in the crypto market dropped in price, and at the moment of writing this article, BTC is trading in the red, and it’s priced at
Bitcoin is at risk of a major decline
The crypto market as a whole is at risk of a major decline up ahead.
The CryptoDaily notes, “These next few days are going to be very critical. We might see the price trade sideways for a while, and then the major decline would kick in the same as last time, only this time it would be far more aggressive and would take out the previous low.”
The online publication notes that trading is all about probabilities, and there are no certainties in any market, but this is straightforward.
It’s not advisable to blindly long or short the market without confirmation.
The mistake that most novice traders make is that they believe that they have to catch the entire move. This is not always the case, according to the online publication.
We really don’t need to necessarily catch the top and the bottom, and most traders really know by now that this could be a very flawed approach and could lead to more losses than gains.
This defeats the whole purpose of trading a market. This means that it’s better to buy with a dollar-cost averaging approach.
Investors bought the dip
Earlier today, it’s been revealed that analysts from the crypto intelligence company Coin Metrics said that they have been witnessing all kinds of behaviors from retail investors and institutional traders ever since March 12th sell-off.
Retail investors reportedly bought the dip back then, jumping in the crypto wagon. This will turn out more than useful for the mainstream crypto adoption, which is one of the crypto industry’s primary goals.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.