Bitcoin’s recent dip below $20,000 may have caused panic among some investors, but for others, it presents a prime opportunity to buy the dip. Top expert Michael van de Poppe agrees, noting the potential for “continuation plays” on Bitcoin driven by factors such as “QE” and “bailouts” for banks, which he sees as fuel for the cryptocurrency’s growth.
He highlights the importance of a break above $21.3K and recommends seeking long positions up to $23.7K.
Record BTC Acquisitions by Significant Investors
According to data provided by on-chain analytics company Santiment, addresses holding 10 Bitcoin or more have spent the past week purchasing a total of 40,557 Bitcoins with a value of around $821.5 million. This indicates that major Bitcoin investors continue to be bullish on the long-term prospects of the cryptocurrency, despite recent price volatility.
What about the “smaller whales”?
Whales with more than 10,000 bitcoins have maintained a relatively constant position, while smaller whales have dispersed their holdings during times of favorable market conditions. This is likely because of their magnitude, which restricts them from swiftly adapting to shifting market trends. Since the height of the Bitcoin market in November 2021, this group’s holdings have increased by almost 7%, according to the data.
Institutional Investors Remain Interested
As this article is being written, the price of Bitcoin has strengthened to $22,283, an increase of more than 9% in the preceding twenty-four hours. This indicates that institutional investors continue to have a high level of interest in purchasing cryptocurrencies despite the recent decline. The recent drop has created a “buy the dip” moment for these investors, who are scooping up BTC at record levels.