Buy Bitcoin's Dip Before New All-Time Highs, Analysts Suggest

Experts suggest Bitcoin BTC/USD will soon offer market participants an opportunity to buy the dip before it heads towards new all-time highs. The report follows a recent Bloomberg report suggesting Bitcoin is headed for $80,000 to $85,000.

What Happened: In a Tuesday tweet, crypto data expert Material Scientist said resistance at $60,000 resulting in asks outweighing the bids within 20% of the price — for the first time since August — may result in a buying opportunity. According to him, if Bitcoin gets rejected at this resistance "it would provide a nice dip-buying opportunity on the path to" all-time high.

See Also: IS BITCOIN A GOOD INVESTMENT? 

Data cited by Material Scientist suggests when Bitcoin's price neared $60,000, more sellers start demanding higher prices for the coins within 20% of its price. Another Twitter user suggested "heavy divergence between tops and bids" is a good indicator of local price tops and bottoms.

BTC Price Action: According to CoinMarketCap data, as of press time Bitcoin is trading at $55,691.70, down 3.12% over 24 hours.

Photo: Jeremy Zero via Unsplash