Despite the optimism in the market, Bitcoin’s volatility could push the price up to $50,000. Investors have differing sentiments towards the buying opportunity during the dip.
Despite rumors that Bitcoin (BTC) may soon break the $70,000 mark, the current price trajectory of this leading cryptocurrency is concerning.
However, many remain indifferent. It is worth noting that Anthony Pompliano stated in a recent conversation with Fox Business Channel that, “I believe retail investors and institutions alike recognize that Bitcoin is a resilient asset, and its value will be much higher in 5 or 10 years than it is today. Therefore, when these dips occur, they see it as a buying opportunity.”
Echoing this sentiment is the X (formerly Twitter) account “Bitcoin for Freedom.” They stated, “If this dip scares you, you need to research #Bitcoin more.”
The recent market volatility has reignited the classic “buy the dip” strategy, attracting traders and investors eager for potential bargains.
Different views exist, however. Markus Thielen, CEO of 10x Research, expressed a more cautious stance in another post, suggesting that the current timing may not be suitable for such optimism.
Thielen claimed in a recent blog post, “With support being broken, sellers are scrambling for liquidity, and the price drop could accelerate. Only uninformed traders would be willing to buy here. Breaking this support could lead to a significant drop to a low of $50,000.”
Thielen had a similar viewpoint months ago, where he pointed out, “It is still too early to buy this dip. Technically, we still expect Bitcoin’s trading price to be below $60,000 before meaningful rebound attempts.”
Whether Bitcoin will challenge Thielen’s prediction or drop to $50,000 to validate this forecast remains to be seen.
Bitcoin’s Recent Market Trend
According to CoinMarketCap data, as of the time of writing, BTC’s trading price is $57,730.17, experiencing a 4% drop in the past 24 hours.
Furthermore, on July 3rd, the spot Bitcoin exchange-traded fund (ETF) recorded an outflow of $20.5 million.
However, data from both the bear and bull teams of IntoTheBlock show that neither side has a clear advantage. As of July 3rd, the long and short positions are evenly matched, indicating no significant buying or selling pressure.
In fact, when studying the flow data of BTC ETF in July, we found that the inflow exceeded the outflow within just three days of trading.
On July 1st, BTC ETF recorded an inflow of $129.5 million, significantly higher than the total outflow of $34.2 million on July 2nd and 3rd.
It is worth noting that the outflow of BTC ETF was highest in June, but there are signs of improvement as the third quarter begins.