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Btc Flash Dump. Shakeout or the Start of a Deeper Trend?
The price of BTC is going down to the 58K zone. It is wiping out people who bought BTC with borrowed money. This is the kind of thing that makes people have opinions.
One group of people say we should buy BTC when the price is low. They think the price will go up because a lot of people who bought BTC with borrowed money were forced to sell. The other group of people think that the price is still going down.
I think both groups have a point. When the price of BTC goes down because people are forced to sell it can create a chance to buy more BTC. The price usually stops going down. Might even go back up when people are not forced to sell anymore.
We have to remember that just because the price of BTC stopped going down it does not mean it will go back up. Sometimes the price of BTC goes down times and it traps people who buy when they think the price is low.
The problem now is that people are getting scared and they do not want to take risks. This means that when the price of BTC goes up it will not be a quick recovery. It will be slow. It might not last.
I am watching what happens to the price of BTC after it stops being so volatile. If people start buying BTC with confidence and the price goes back up quickly then this drop in price might just be a shakeout. If not the price of BTC might still need to go some more.
The big question is not just if the price of BTC has reached the bottom. It is if people are ready to start taking risks after what happened.
Right now we do not have the answer, to that question yet.
Are you going to buy BTC when the price is low or are you going to wait and see what happens before you buy more? 👇
#BTC #Crypto #Market $BTC
📉 BTC briefly dropped to 58,333 USDT
📉 Massive long liquidations swept through the market
📉 Risk-off sentiment is rising
📉 The battle between bulls and bears is heating up
Everyone’s discussing:
🔥 Is this just a shakeout or the start of a bigger downtrend?
🔥 Buy the dip now or wait for further downside?
🔥 Will BTC stage a strong rebound after the liquidations?
🔥 How low do you think this correction will go?
🎁 Join the discussion
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👉 Join Gate Hot Chat👇
https://gate.onelink.me/Hls0/group?chatroom=group&ref=VVhBVA9a&ref_type=105
So is the crypto market.
Many eyes are still focused on BTC and ETH, but quietly SUI has started entering many traders' watchlists.