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Is Bitcoin a good buy now?

Is Bitcoin a good buy now?

While Bitcoin (BTC) has retraced to the area at $41,000 after making a bullish breakout that briefly saw it over the $44,000 price threshold, cryptocurrency traders and investors are wondering whether now would be a good time to purchase some of the flagship decentralized finance (DeFi) asset.

Specifically, in order to bounce from the $39,500 – $40,000 level and race back over $42,000, Bitcoin needs to hold its head above the range between $36,500 and $38,000 on higher timeframes, according to the observations by crypto trading expert Michaël van de Poppe shared in an X post on December 11.

Bitcoin price action analysis. Source: Michaël van de Poppe

Good buy, not ‘goodbye’

In the meantime, Bitcoin whales are not wasting their time, using the chance to grow their coffers with the largest asset in the cryptocurrency sector by market capitalization during the prevailing ‘buy the dip’ sentiment that has seen an increase in entities holding 1,000 BTC or more, as Ali Martinez observed.

Bitcoin whales with over 1,000 BTC. Source: Ali Martinez

In fact, amid the fastest drop in four months as the markets corrected, ‘buy the dip’ calls intensified. Indeed, this indicated “a bit of overeagerness and FOMO on these low prices,” according to the information shared by cryptocurrency analytics platform Santiment on December 11.

‘Buy the dip’ calls amid crypto market consolidation. Source: Santiment

Bitcoin price analysis

Meanwhile, the maiden crypto asset was at press time trading at the price of $41,874, registering a decline of 0.29% in the last 24 hours, a very modest gain of 0.02% across the previous seven days, and a slightly more significant advance of 13.11% on its monthly chart, as per data retrieved on December 12.

Bitcoin 30-day price chart. Source: Finbold

All things considered, there might still be time to take the opportunity offered by the recent dip and gather more Bitcoin before it starts its move to new heights with the approaching New Year, the anticipated approval of the first spot Bitcoin exchange-traded fund (ETF), and the halving event in April 2024.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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