After finishing up its crash over the weekend, the Bitcoin price seems to be stabilizing as market sentiment starts to move positively once again. However, this has not done much to eliminate the bearish expectations that have erupted following the October 10 liquidation event. As opposed to the expectations that the Bitcoin price will see a recovery bounce that sends it to new all-time highs, crypto pundit MMBTrader has revealed what they call the ‘Whale Buy Zone’ to snap up some ‘cheap’ Bitcoin.
Wait For The Bitcoin Price To Crash Below $90,000
Presently, the Bitcoin price is still trending above $100,000 and has held this psychological level even through the multiple crashes that have rocked the crypto market. This constitutes an over 10% crash from the $126,000 all-time high that was recorded back in early October.
Despite the decline below $108,000, crypto analyst MMBTrader tells investors that this may not be the best time to actually buy the cryptocurrency. Instead, they advise that investors wait to buy ‘cheap’ Bitcoin at the levels when the whales will be likely to start buying the cryptocurrency again. This whale buy zone is placed below $90,000 and could be as low as $87,000 before support is established.
The reasoning behind this is that the Bitcoin price will be trending near the 0.38 and 0.5 Fibonacci levels, which is historically when the Bitcoin price corrections have usually ended. From here, the price is likely to start moving upward with all of the whale buying boosting its momentum.
Newer traders entering the market are expected to actually panic and sell their tokens for a between 15% and 40% loss before exiting the market. Then, the Bitcoin price is likely to pump after these weak hands have exited, and the analyst expects that BTC will then put in a new all-time high around $130,000-$140,000.
Once this happens, then the newer traders who exited are expecting to start FOMO buying again, with the cycle expected to repeat itself. At this point, investors who bought below $90,000 will be seeing a notable profit on their investments.
Stay Sharp And Stick To A Strategy
Amid all of this, the crypto analyst advises investors to stick to their strategy and strict risk management when trading cryptocurrencies. The Bitcoin price often moves based on market news, but it is hard to tell what direction each news would take the price in, and it is best to stick to the established strategy long before the news and to set stop loss and take profit levels.
MMBTrader also advises about panic buying and selling due to news. Instead, focus on having a good mindset regardless of how a trade goes. This is regardless of whether a trade ended in a win or a loss; it is important to maintain the right mindset.
Source: https://www.newsbtc.com/news/bitcoin/want-to-buy-cheap-bitcoin/
