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Bitcoin, buy on the decline before the new all-time highs

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Experts suggest that soon Bitcoin (CRYPTO: BTC) will offer investors the opportunity to buy on the downside before the cryptocurrency heads to new all-time highs; the suggestion comes following a recent Bloomberg report which indicates that Bitcoin is headed towards a level between 80,000 and 85,000 dollars.

What happened

In a tweet released Tuesday, the cryptocurrency data expert Material Scientist stated that resistance at $ 60,000, with selling prices exceeding buy prices by 20% of the price (for the first time since August), could translate into a buying opportunity; according to the analyst, if Bitcoin is rejected at this resistance, “it will provide a nice opportunity to buy the downside on the way to” the all-time high.

Data cited by Material Scientist indicates that as Bitcoin’s price approaches $ 60,000, more sellers start demanding higher prices for BTC within 20% of its price; another Twitter user has suggested that “a strong divergence between highs and purchase prices” is a good indicator of local price highs and lows.

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BTC price movement

According to data from CoinMarketCap, Bitcoin was down 3.12% daily to $ 55,691.70 at the time of publication.

Photo: Jeremy Zero via Unsplash

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