Following a week of trading below the US$60 mark, Bitcoin (BTC) has seen a recent recovery, climbing back to the $61K range in an attempt to regain momentum. With the recent market crash, many are wondering if now is the time to buy Bitcoin.
Cryptocurrency expert Ali Martinez recently conducted an analysis, suggesting that with Bitcoin’s price below $62,000 and the RSI index dipping into oversold territory, it may be a good opportunity to invest in BTC as it declines.
“Over the past two years, Bitcoin has entered oversold territory on the daily RSI three times, leading to price increases of 60%, 63%, and 198% respectively. With BTC currently below $62,000 and the RSI once again in oversold territory, this could be a great chance to buy the dip!” Martinez stated.
Additionally, Martinez pointed out in a technical analysis that the TD Sequential indicator has shown a buy signal on Bitcoin’s daily chart, predicting a potential recovery of one to four daily candles for the cryptocurrency.
Robert Kiyosaki, known for his book “Rich Dad, Poor Dad,” has also shared his Bitcoin purchasing strategy amidst the recent price drop. He emphasized his approach of “buy and hold forever,” advising against short-term trading due to tax implications.
As of now, the price of Bitcoin stands at US$61,760.61, reflecting a 0.9% increase in the last 24 hours.
It is essential to note that the opinions expressed in this article are for informational purposes only and do not constitute financial advice. Investing in cryptocurrencies carries inherent risks of financial loss.
In other news, Bitcoin and Altcoins have kicked off the week with a significant decline, with BTC falling below $61,000. Additionally, Mt. Gox is set to distribute $9 billion in Bitcoin, with payments in BTC and BCH scheduled to commence in July.