BTC Flash Dump. Shakeout or the Beginning of a Deeper Trend?

BTC price dropped to the 58K zone. This wipes out people who bought BTC with borrowed money. This is the thing that gives people opinions.
One group of people says we should buy BTC at a low price. They think the price will rise because many people who bought BTC with borrowed money are forced to sell. The other group thinks the price will still go down.
I think both groups have a point. When the BTC price drops because people are forced to sell, it can create an opportunity to buy more BTC. The price usually stops falling. It might even rise again when people are no longer forced to sell.
We must remember that just because the BTC price stops falling doesn't mean it will rise again. Sometimes the BTC price falls multiple times and that traps people who buy when they think the price is low.
The problem now is that people are getting more fearful and unwilling to take risks. This means that when the BTC price rises, it won't be a quick recovery. It will be slow. It might not last long.
I observe what happens to the BTC price after it stops being very volatile. If people start buying BTC with confidence and the price rises back quickly, then this price drop might just be a shakeout. If not, the BTC price may still need to drop further.
The big question is not just whether the BTC price has reached its lowest point. But whether people are ready to start taking risks after what happened.
At this moment we don't have an answer to that question.
Will you buy BTC at a low price or will you wait and see what happens before buying more? 👇
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