Bitcoin bearish sentiment rules the market – buy more?

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Bitcoins are finding it tough to maintain their value above the $60,000 mark due to the current market turmoil. Pervasive anxiety and pessimistic views are spreading rapidly among traders. Should investors take advantage of this situation by purchasing more bitcoins?

Armageddon approaching

There are numerous warnings of impending doom. Conflict seems imminent, and economic systems may crumble. The countdown to Armageddon has begun, and if you’re holding onto bitcoin, consider selling it promptly to avoid significant losses in value.

Currently, there’s a prevalent feeling in the market that Bitcoin is on its last legs and about to experience a significant crash. The impending fall could result in extensive damage and chaos for those invested.

The market is currently undergoing a healthy adjustment, which will prepare it for another price increase. However, markets don’t always go up smoothly; they can cause anxiety and uncertainty among traders and investors, leading some to sell despite the potential for further gains.

Bitcoin has lost none of its fundamentals

Prosperity can be gained during challenging periods. Bitcoin continues to serve its essential purpose. It remains a beacon for people seeking an escape from the rotting and unjust traditional monetary system, which is based on fiat currency and resembles a Ponzi scheme that we are all forced to rely on.

Currently, we have more chances to purchase bitcoin at lower prices since the next halving is approaching. The halving event will take place in two days, and the daily production of new bitcoins will decrease from 900 to 450. Some entities are already buying up this reduced amount.

Mr 100 keeps buying

A person or entity referred to as Mr. 100 has been purchasing approximately 100 bitcoins each time since last Sunday up until Tuesday, accumulating a total of 1,733 BTC. Max Kaiser, a well-known figure in the Bitcoin community, conjectures that this large wallet might be linked to the Government of Abu Dhabi.

A single entity purchasing nearly the entire bitcoin market, in addition to the buying power of Spot Bitcoin ETFs, various funds, and institutions, means that the daily availability of 450 Bitcoins for sale won’t be enough to prevent a price increase.

$BTC at strong support, but chance of a lifetime if it breaks

The weekly graph indicates that Bitcoin ($BTC) is currently maintaining robust support, established during the peak of the previous bull market. A potential break in this support could lead to a quick drop towards approximately $51,000. If this occurs, would it be an excellent buying chance? Maybe even a once-in-a-lifetime deal.

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2024-04-18 13:08