Sudden Bitcoin sell-off. A shake or the start of a deeper trend?

Bitcoin price drops to the 58K area. It is wiping out people who bought Bitcoin with borrowed money. This is the kind of thing that makes people have opinions.
A group of people say we should buy Bitcoin when the price is low. They believe the price will rise because many people who bought Bitcoin with borrowed money were forced to sell. The other group believes the price is still falling.
I think both groups have a point. When the Bitcoin price drops because people are forced to sell, it can create an opportunity to buy more Bitcoin. Usually the price stops falling. And it may rise again when people are no longer forced to sell.
We must remember that just because the Bitcoin price stops falling does not mean it will go back up. Sometimes the Bitcoin price drops multiple times and traps people who buy when they think the price is low.
The problem now is that people are scared and don't want to take risks. This means that when the Bitcoin price rises, it won't be a quick recovery. It will be slow. It may not last.
I am watching what happens to the Bitcoin price after it stops being so volatile. If people start buying Bitcoin with confidence and the price quickly goes back up, then this price drop might just be a shake. Otherwise, the Bitcoin price may need to drop further.
The big question is not just whether the Bitcoin price has reached the bottom. It is whether people are ready to start taking risks after what happened.
For now, we don't have the answer to that question yet.
Will you buy Bitcoin when the price is low, or will you wait to see what happens before buying more? 👇
#BTC #Crypto #Market $BTC ‌