Bitcoin has fallen to 947,000: Is this a good time to buy the dip, or is trouble coming?
Recently, Bitcoin has slid from $98,000 all the way down to $94,700, leaving the market feeling anxious. Traders and investors are pondering: is this just a correction, or a sign of a significant drop? Let's take a look at what might happen with Bitcoin next, as the key price levels and indicators are here.
Key price levels to watch
Bitcoin is currently hovering around 947,000, just a breath away from the 980,000 barrier. 960,000 is an important support level; if it holds, the upward momentum might return. But if it doesn’t hold, caution is advised.
Potential for an upward move:
If Bitcoin can break through 98,000, it may reach 100,000 or even 101,000 in the short term. If buyers continue to show strength, it could potentially reach 120,000 by early 2025.
Downward risk:
If 93,000 cannot hold, it could continue to fall, with key support levels below at 91,500 and 88,000.
Short-term trading strategy:
• Buying opportunity:
If Bitcoin can steadily remain above 93,000, it would be a good time to buy, with a rebound possible to 96,000 or even higher. Don’t forget to set a stop-loss around 91,500 to keep risks manageable.
• Breakout chase:
If Bitcoin can break above 98,000 with significant volume, it could signal a big rise, with 100,000 or 101,000 possible. Once confirmed, enter quickly, setting a stop-loss below 96,000.
• Trailing stop to lock in profits:
If Bitcoin rises, remember to use a trailing stop to secure profits. For example, if Bitcoin rises to 98,000, set a stop-loss at 97,000, ensuring that your gains won’t easily vanish.
Long-term investment strategy:
• Dollar-cost averaging (DCA):
Long-term holders can take this opportunity to buy in batches at key levels of 93,000, 96,000, and 98,000. This way, even if short-term volatility is high, there’s no need to worry.
• Stay calm, don’t let noise distract you:
If you often miss the timing, feeling confused about what to do, you need to meet one condition to keep up and learn: you must have strong initiative; when you decide to act, act decisively. Like and comment, and I’ll help you make big money!
