Amid price retracement by the majority of assets in the cryptocurrency market, Bitcoin (BTC) is also reversing the gains it attained earlier this week, but this does not necessarily mean a bad thing as it can provide an ideal opportunity to accumulate the maiden crypto before it potentially skyrockets.
Specifically, as crypto trading expert Ali Martinez pointed out, Bitcoin has retraced every time its relative strength index (RSI) hit 73.31 on the 4-hour chart since mid-April, which could present a chance to ‘buy the dip,’ as he highlighted in his X post published on September 20.
According to the cryptocurrency analyst’s observations:
“We’re seeing this again as BTC approaches a descending resistance trendline at $27,440. A correction from here might take BTC to $25,200 or below, providing a potential ‘buy the dip’ opportunity.”
That said, Martinez also warned about a 4-hour candlestick closing above $27,440 “because it could signal the return of the bull run.”
Bitcoin price analysis
Meanwhile, the price of Bitcoin at the time of publication stood at $26,513, demonstrating a 2.39% dip in the last 24 hours and a decline of 0.11% across the previous seven days while still holding onto the 1.99% gain on its monthly chart, as per the latest data obtained on September 21.
It is also worth noting that Robert Kiyosaki, the author of the best-selling personal finance book ‘Rich Dad Poor Dad,’ also believes that the flagship decentralized finance (DeFi) asset’s current price might be a bargain, urging his followers to invest in it “today, not tomorrow,” particularly in the face of a crisis he believes is just around the corner.
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Source: https://finbold.com/bitcoin-price-correction-indicators-hint-at-buy-the-dip-bonanza/