Bitcoin sell-off over? Strong ‘buy the dip’ signal flashes for the first time

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Quote from: Theb on March 05, 2021, 06:30:27 AM

Other sources supported that miners did sold some of their Bitcoins even before the point where Bitcoin surpassed the 50,000$ mark now the data suggest that they have started accumulating again which I think the miners are looking for more gains in the future. With the miners out of the way in terms of offloading their position we only have to think about the whales and institutional investors which we haven't seen or heard any news about them doing a massive selling which they can do just to short Bitcoin out.

Probably the most recent correction is not due to miners. We are currently at a correction right now. Bitcoin already recovered and even reached $52,000 days ago. That was after its price plunged down to $44,000. I think a lot of institutional investors bought during that dip and they liquidated their Bitcoin when it went back to more than $50,000 causing what is happening right now.

But every dip is a buying opportunity. We still thank the investors who buy and sell all the time.

Theb

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Quote from: https://www.financemagnates.com/cryptocurrency/news/bitcoin-miners-reduce-btc-selling-amid-price-crash/

The recent data shows that the Chinese Bitcoin miners have decided to accumulate BTC instead of selling during the price crash.

Other sources supported that miners did sold some of their Bitcoins even before the point where Bitcoin surpassed the 50,000$ mark now the data suggest that they have started accumulating again which I think the miners are looking for more gains in the future. With the miners out of the way in terms of offloading their position we only have to think about the whales and institutional investors which we haven't seen or heard any news about them doing a massive selling which they can do just to short Bitcoin out.

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Kittygalore

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Quote from: mapsfly on March 02, 2021, 09:43:46 AM

Every dip is a 'buy the dip' signal

Can't help but agree and at the same time disagree because we have to be careful which part of the dip we are going to buy, the point you might be buying will the start of something deeper so anyone who sees this advice should be careful with what they are doing. I would like to change this to something better, "If you aim for long term, everyday is a good day to buy".

cryptomaniac_xxx

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Quote from: mapsfly on March 02, 2021, 09:43:46 AM

Every dip is a 'buy the dip' signal

I agree with this. But unfortunately, we can not always get the right time to buy at the dip as we can miss the time. But as long as we can buy at the dip, we do not have to worry unless the price is still going down. But if we have more money, we can buy back again at the other lower price to reduce the average price of buying bitcoin. However, if we feel that it is hard to find the dip, we need to learn more to find that time, so we will be able to buy bitcoin at a low price.

Buying the dip means that for every drop in the price, you should get yourself inside the market. If the price goes up, then good for you, if the price continue to go down more, then you can continue your buying spree. You don't need to time the market because it is very difficult, but be a wise trader. DCA an other strategy that has been proven overtime is the key to continue to stack sats in our wallet.

adaseb

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Like the guy above said "every dip is a buy signal" however keep in mind that we had all these signals also in Dec 2017 and $20K was the top back then. Now it could be no different.

Yes its a buy the dip signal as long as we are still in a bull market. If we are in a bear market then the signal will still say buy however obviously its a correction instead of a dip. No way too tell for sure. I think that since the funding and futures premiums are down that the low was at $43K which makes sense since $42K was major support that everyone wanted to buy and it was front-run. So I don't think this is the top but maybe there is one or two more ATH breaks before a long term correction.

Kemarit

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Old news, we have heard this reasoning many months ago, specially if there is a big dump. In any case, perhaps miners just wanted to take profit at the top to pay for maintenance, etc.

As for the buy the dip signal, obviously, at every drop, we should buy because that is another perfect opportunity. You don't need to be a rocket scientist to read the signal, specially if you are here for the long term.

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Quote from: Gozie51 on March 03, 2021, 04:50:30 PM

I picked an experience with the 2017 bull and bear. After the bull then I saw a lot of sell and the reason was because of fear. Fear because price got to a level of doubt and hodlers starting pushing investment to altcoins and that drop bitcoin. Similarly, it happened this time that price hit a high and many were scared. We have bitcoin still selling above $40k because of institutional buyers.

You are right, but we are in a year in which it is very difficult to make a comparison, because for 2017 neither Elon Musk nor Paypal had talked about buying bitcoin, nor Microstrategy, the circumstances in 2017 are very different.

Sometimes the patterns in the markets tend to repeat themselves, but in this case I don't think that the price will go down like in 2017, this time the market is stronger, also if it is added that the rumors that Netflix is interested in buying Bitcoin, at the same time as Apple, and possibly Amazon, all this resonates in the ears of the people and they do not want to be left behind, nor miss movements where they can make money, currently the same social networks helped to drive the market, also some other famous stars such as O'leary from the Shark Tank show stated that he wants to invest 3% of his portfolio in Bitcoin, having said previously that "Bitcoin was like an empty giant hamburger."

If this is not a purchase notice, I do not know what else it could be, there is nothing better than buying when the rich buy, it is like going in the same direction that the minnows go with a whale.

Gozie51

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I picked an experience with the 2017 bull and bear. After the bull then I saw a lot of sell and the reason was because of fear. Fear because price got to a level of doubt and hodlers starting pushing investment to altcoins and that drop bitcoin. Similarly, it happened this time that price hit a high and many were scared. We have bitcoin still selling above $40k because of institutional buyers.

thecodebear

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Quote from: mapsfly on March 02, 2021, 09:43:46 AM

Every dip is a 'buy the dip' signal

^^ This

el kaka22

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I do agree that miners could be selling, after all they are profiting by the buckets and they can sell tens of millions of dollars worth of bitcoin every single day, that is a problem for us. Calculate how many bitcoins can be mined per day and you will see how much they could sell all at once as well.

Even at 44k per bitcoin calculation that is 40 million dollars worth of bitcoin mined every day, and at 50k that is 45 million dollars per day, if they hold half of it for 10 days that is going to be 200 million dollars so that shows you how they could destroy the price all suddenly. Now we all know there are some miners who can mine soooo much all by themselves, and if they sell all their coins once every month let's say on first like a "salary" they could actually do sell 100+ million dollars just as a one big whale miner, and that could destroy the price. Basically miners could be the reason, not saying they were since I have no proof but they can be.

mapsfly

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Every dip is a 'buy the dip' signal

Oshosondy

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According to news I read on last week Saturday was that miners are now holding and that institutions are holding too, which is indicating that the week will be bullish, and the market became bullish starting from Monday, a very good fundamental analyses. The price of bitcoin that dropped from $58000 to as low as $44900 was due to traders, people that are only looking for profit. Aster Tesla bought $1.5 worth of bitcoin, these traders fomo and buy, this increased the price of bitcoin so high at that time, and later the short term traders sell off which is likely the cause of the bear market.

mamamu111

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Some analysts have pointed out an uptick in miners’ selling as the reason behind the latest drop in price. READ THE COMPLETE ARTICLE HERE: https://worldpublicityblog.com/index.php/2021/03/01/bitcoin-sell-off-over-strong-buy-the-dip-signal-flashes-for-the-first-time-in-5-months/

Topic: Bitcoin sell-off over? Strong ‘buy the dip’ signal flashes for the first time (Read 181 times)