Originally published on: October 03, 2024
Bitcoin traders continue to remain positive about the market despite the recent drop in BTC price back to the $60,000 level. Analysts are confident in the bullish market structure of Bitcoin despite the fluctuations in price.
Rekt Capital, a well-known trader and analyst, reassured investors that the retesting of the $60,000 support level is a normal occurrence and not a cause for concern. He emphasized that Bitcoin has visited this level multiple times in the past few months without any long-term negative impact.
Although BTC/USD has experienced a 6% decrease over the last three days after reaching a high above $66,000, traders like Jelle believe that Bitcoin is still in the process of flipping resistance to support. Despite some bearish predictions suggesting a potential drop below $60,000, many traders remain optimistic about Bitcoin’s future performance.
Analyzing on-chain data, experts like Checkmate have identified a possible buying opportunity based on the short-term holder spent output profit ratio (STH-SOPR) metric. This data indicates that despite the recent profit-taking by Bitcoin speculators, there may be a chance for investors to “buy the dip” and benefit from a potential price increase.
While it’s important to conduct thorough research before making any investment decisions, the overall sentiment among Bitcoin traders remains positive and confident in the long-term growth potential of BTC.
