After a major bloodbath on Satoshi Street earlier on Monday, Bitcoin bears seem to be taking some rest for now. The world’s largest cryptocurrency continues to trade at under $22,000 levels as of now.
One thing positive about the Bitcoin market is that retailers haven’t given up any hope despite the aggressive correction. On-chain data provider IntoTheBlock explains:
Regardless of the rampant downtrend, retail buyers have been constantly accumulating $BTC since the ATH of November 2021. The group of addresses holding <1 BTC increased their balance by 100,395 BTC since November. This is a 10.11% increase vs the 68% drawdown in price.
Analysts have been trying to predict the Bitcoin bottom, however, everyone has been clueless for now! Another crypto trader IncomeCharts notes that this could be a good time for spot buying of BTC. The crypto trader writes:
Who cares or knows what the exact bottom will be. Now is the time to be buying like crazy. These are key levels I like for support. I think $20k holds but if I’m wrong I’ll buy lower. Not selling any of this until $34,000 or $40,000 targets.
Peter Schiff Thinks Bitcoin Can Still Go Lower
With Bitcoin crashing more than 25% under its crucial support, Peter Schiff believes that Bitcoin can sell further downside from here. Sharing the below chart, Schiff writes:
How can anyone long Bitcoin look at this chart and not sell? Even if you think Bitcoin will ultimately trade higher, it’s hard to image that it doesn’t test long-term support at the lower line first. I think it will fail that test. Regardless, better to sell now and rebuy lower.
Last weekend, Peter Schiff issued a warning that as inflation continues to soar, the could be a further sell-off in Bitcoins by long-term holders. Last month, Guggenheim Chief Investment Officer Scott Minerd said that Bitcoin can fall further to $8,000. Speaking to CNBC, he said:
“When you break below 30,000 [dollars] consistently, 8,000 [dollars] is the ultimate bottom, so I think we have a lot more room to the downside, especially with the Fed being restrictive”.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
