Sudden Bitcoin dump. A shakeout 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 due to people being 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 have to remember that just because the Bitcoin price stops falling doesn't 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. That means 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 goes back up quickly, then this price drop might just be a shakeout. Otherwise, the Bitcoin price may need to drop further.
The big question is not just whether the Bitcoin price has bottomed. It is whether people are ready to start taking risks after what happened.
Right 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 ‌