Bitcoin took a tumble below $100,000, leaving many wondering what’s next. One analyst, “Astronomer” on X, offers some insights and potential buying strategies.
What Happens After a Bitcoin Crash?
Astronomer notes that while Bitcoin’s price fell below expectations, a further drop might be on the cards before a rebound. This could create another chance to buy low.
They predict a potential price swing: a possible dip to around $95,000, followed by a bounce towards $110,000. This leads them to suggest $97,000 as a good entry point for buyers. However, they acknowledge the price could go even lower. Weekend lows often get tested, and since the recent weekend low was above $97,000, that level might be revisited.
Sentiment, Geopolitics, and Bitcoin
Astronomer also considers market sentiment and global events in their analysis. They mention the impact of current world events on the market, suggesting that the current situation presents a buying opportunity. The ceasefire announcement between Israel and Iran, for example, triggered a Bitcoin price rally to $106,000, shifting market sentiment from fear to greed.
Avoiding Emotional Trading
Astronomer cautions against buying Bitcoin solely out of fear of missing out (FOMO). They advise against impulsive purchases during periods of high market enthusiasm, emphasizing the importance of a well-defined strategy and disciplined trading habits. Waiting for a correction before buying is recommended to avoid potential losses.
