On Monday, the Bitcoin network was in a challenging period as another bloodbath enveloped the Satoshi space. However, the bears appear to be resting as Bitcoin attempts some recovery. The largest cryptocurrency is still trading below $22,000 at the time of writing.
Meanwhile, an interesting thing to note about the market correction is that the price decline did not deter retailers. And they seem to be confident about Bitcoin’s revival, not minding the aggressive market rout.
According to the on-chain data tracker, IntoTheBlock, retailers constantly accumulate BTC tokens during the downtrend. In addition, this has been going on for a long time since attaining its highest peak price in November last year.
This year has been challenging for BTC and, by extension, the crypto industry as market corrections reign.
Is this the Best Time for Spot Buying?
Some analysts were attempting to predict the flagship cryptocurrency’s lowest value. That is the Bitcoin bottom. However, no one has accurately predicted the lowest price the BTC will drop to.
With the way things are, it seems likely that the time for more spot buying is now. A crypto trading platform, IncomeChart, echoes this.
According to the trading platform, no one knows when the bottom will happen. The time to be buying in bulk is now. The trading platform further cites two key support for Bitcoin.
If the support is $20,000, it might be right to buy BTC. If, on the other hand, the key support is low, then buyers could be low.
According to IncomeChart, selling the tokens at the $34,000 or $40,000 price level would be fair after buying the dip.
For all the talk about Bitcoin’s bottom, no single expert can clearly state when and how it will happen. In the meantime, the price of Bitcoin is still hovering below $30,000 as the market decline continues.
Peter Schiff Says Bitcoin May go Lower
As the value of the flagship digital token continues to plunge downward, Pete Schiff revealed that the value may still crash further. According to the experienced analyst, the price of Bitcoin can still decline from its current value.
Schiff believes that Bitcoin has reached a stage where investors will jump at the opportunity to sell without delaying for a second. It won’t be easy to imagine that the token’s value will not test the long-term support.
He further added that the general sentiment is that traders should sell now than rebuy the tokens at a lower price.
Over the past week, Schiff has previously warned that the ongoing Inflation will trigger more sell-off for Bitcoin. As Inflation continues to soar, long-term holders of the token would be forced to part ways with their assets.
In May, Scott Minerd, chief investment officer at Guggenheim, disclosed that Bitcoin might plunge to $8,000. The CIO believes that persistent market correction can make it happen.
While speaking to CNBC, Minerd notes that with a steady and consistent break below $30,000, attaining $8,000 is possible.