when should you buy on the dip?

BTC still in a weak position

The price of Bitcoin is struggling to reach $100,000 and, as experts feared, the little orange coin has entered a new correction period. While it touched $99,000 a few days ago, BTC fell below $93,000 last night. Unfortunately, the phenomenon is likely to happen again.

This tumble indeed marks the start of profit takingafter several eminently bullish weeks. Sales peaked again in the last 24 hours with as much as $550 million worth of Bitcoin collected. Enough to confirm that numerous crypto liquidations have been scheduled near $100,000, mainly on the side of long positions.

What can we expect next? To find out, analysts Joe Consorti and Joseph Scioscia invite us to observe the world money supply M2. This is 70 days behind Bitcoin, signaling a potential correction due to tight liquidity. A possible fall of 20 to 25% is therefore possible, which would bring the price of BTC between $80,000 and $75,000.

One thing is certain, the descent below $90,000 seems almost confirmed. Crypto traders are equipping themselves with put options, the demand for Bitcoin on the American market is falling as well as its RSI.

Two entries to buy on the dip

Knowing this, how can you best protect your assets? Michaël van de Poppe recommends buying the dips at $90,000 and $85,000, as it seems almost certain that Bitcoin’s price will fall there.

But it could also be that the current Bitcoin correction will not last! Santiment notes that crypto whales continue to accumulate and maintain bullish momentum. Nothing scary, especially since Bitcoin usually consolidates before the Thanksgiving long weekend as well as at the end of the month.

The fall would therefore definitely be temporary, especially since The token’s RSI is still at the top of its descending resistance line. As long as it does not fall back below 45, the chances of reaching $100,000 in the coming days persist resolutely.

The moral of the story: it’s better to buy on the downside than to borrow.