Even after seeing a drop of up to $ 26 billion in market capitalization in 24 hours, the cryptocurrency market still has bright spots to consider. The number of searches for the keyword “buy the dip” on Google is skyrocketing.
The search for 'Buy the dip' on Google has skyrocketed
The stock market was free-falling when both London and Frankfurt opened with an 8% decline yesterday. Oil market also recorded the biggest loss in the past 3 decades. And the cryptocurrency industry is no exception with a loss of $ 26 billion in 24 hours.
Despite the loss, the number of searches for the term 'buy the dip' on Google is growing rapidly. In fact, if you look back over the last 5 years, you will see a huge level of interest rising in a straight line in the context of global 'carnage'.
'Buy the dip' means buying the asset right after the price plummets. However, how to know the exact time of bottoming out is a completely different question.
Many traders call for 'buy the dip' when they believe that underlying assets are in a strong long-term uptrend. And the global stock market is a good example.
Most analysts believe that the worst has yet to happen due to the fear of Corona virus and inflation bubble causing more damage. However, that will not be true with Bitcoin (BTC).
As the halving of Bitcoin is approaching, many analysts confirm that the number one cryptocurrency is firmly back in the bull market.
Moreover, some traders use technical analysis to indicate that the price is ready for the “next big mark.” Bitcoin Jack commented on March 5 that:
Buy the dip on everything in the next 2 weeks
March 20 equinox has perfect confluence with the Gann projections made where price should find balance the previous bull run (6400-10500) and ready itself for the next big mark-up
– // Bitcoin 𝕵ack (@BTC_JackSparrow) March 5, 2020
"Buy the dip on everything over the next 2 weeks.
Equinox on March 20 has a perfect confluence with Gann's predictions made when the price found the equilibrium of the previous bull run ($ 6,400-10,500) and is ready for the next big mark.
The red diag heading down is leading the trend until March 20 ".
If the price of BTC is indeed set to see a huge increase by the end of this year and 2021, it would be more reasonable for people to buy the dip at the moment, even though it is not known exactly where the “dip” is.
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According to Tapchibitcoin / Bitcoinist