After completing a crash over the weekend, Bitcoin price seems to be stabilizing As market sentiment begins to move positively again. However, this did little to eliminate the bearish expectations that erupted after the October 10 liquidation event. Contrary to expectations that the price of Bitcoin will witness a recovery that will send it to all-time highs, cryptocurrency expert MMBTrader said… open What they call a “whale buying zone” to snap up some “cheap” Bitcoin.
Wait for Bitcoin price to collapse below $90,000
Currently, Bitcoin price is still trending above $100,000 and has maintained this psychological level even during the multiple collapses that have rocked the cryptocurrency market. This represents a collapse of more than 10% from the all-time high of $126,000 recorded in early October.
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Despite the drop below $108,000, cryptocurrency analyst MMBTrader is telling investors that this may not be the best time to actually buy the cryptocurrency. Instead, they advise investors to wait to buy “cheap” Bitcoin at levels where whales are likely to start buying the cryptocurrency again. This whale buying zone is below the $90,000 level and could reach $87,000 before support is established.
The reason behind this is that Bitcoin price will trend near the 0.38 and 0.5 Fibonacci levels, which is historically when Bitcoin price corrections usually end. From here, the price is likely to start moving higher with its momentum boosted by whale buying.
New traders entering the market are It is expected that they will actually panic and sell Their codes take a loss of between 15% and 40% before exiting the market. After that, the price of Bitcoin is likely to rise after these weak hands are out, and the analyst predicts that BTC will then achieve a new all-time high at around $130,000-$140,000.
Once this happens, new traders who exited expect to start buying FOMO again, and the cycle is expected to repeat itself. At this point, investors who bought for less than $90,000 will see noticeable gains on their investment.
Be sharp and stick to the strategy
Amidst all this, the cryptocurrency analyst advises investors to stick to their strategy and strict risk management when trading cryptocurrencies. the Bitcoin price often moves based on market newsHowever, it is difficult to know which direction each piece of news will take the price, and it is best to stick to the strategy in place long before the news appears and set stop-loss and take-profit levels.
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MMBTrader also advises on panic buying and selling due to the news. Instead, focus on having a good mindset no matter how your trading goes. This is regardless of whether the deal ended in victory or loss; It is important to maintain the right mindset.
Featured image from Dall.E, chart from TradingView.com
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