While a market correction can be worrying for some investors, it can also be viewed as a good buying opportunity. With the recent slump in the market, prices have fallen significantly. Bitcoin, for example, is trading around $ 34,781 at press time, down nearly 50% from its all-time high of around $ 64,000 in April.

Some investors are waiting for Bitcoin to drop to what they think is a reasonable price to buy the dip. However, the timing of the purchase depends on the trading plan. Trader and economist Alex Kruger said:

“BTC at USD 60,000: rise to USD 100,000, strong buyers, time to buy.

BTC at $ 50,000: the downside I want to buy more

BTC at $ 40,000: Once in a lifetime opportunity to buy more

BTC at $ 30,000: Just sell everything, buy back at a lower price or if an uptrend above $ 42,000 is confirmed. “

Continued in the same thread, bro Ask a question:

“Is this the trading plan that you would create in advance for a no-fault medium to long-term position if the underlying thesis remained relatively unchanged?”

Regarding strategy formulation, analyst Kaleo given His plan of action is to sell bitcoin when it reaches a certain level.

“Basically, my plan is for Uber to keep increasing until Bitcoin exceeds $ 150,000. I’ll start getting out of there and moving on to Uber discounts when it’s back below $ 150,000. “

Besides, you have suspect Bitcoin will rise around 532% (cap) from its current value by the end of the year.

“I still think BTC will be at the top with a good price of around $ 185,000-215,000, but my goal is not the top.”

He said he will start scaling if Bitcoin falls below the above price target.

Kaleo has also taken a stance on the largest cryptocurrency. Regardless of Bitcoin’s sideways movement, he remains optimistic about his future, which is also shown in the graphic below.

Bitcoin and Technology (NASDAQ 100) | Source: Kaleo

The analyst added:

“Pay attention to the two red boxes. Bitcoin will catch up and fill the gap on the growth we have seen in the tech sector and if it is successful it will be very quick. “

Observing the Fear and Greed Index (currently at 28/100) shows that fear is the predominant emotion at the time of writing. Kaleo speaks about the fear that pervades the investor world comment:

“A few months ago people said they would sell their house, use all of their savings and children as collateral, to buy more bitcoin under $ 40,000 if they got the chance. These people were given the opportunity, but today they refuse to touch BTC. “

On the flip side, Bitcoin user growth has hit an all-time high for 2021, according to Glassnode data. Traders say this is definitely a sign of a bear market.

Bitcoin Company Net Growth (30-Day MA) | Source: Willy Woo

Minh Anh

According to AMBCrypto

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page