Bitcoin dropped close to 20% yesterday, did you buy the dip?
If you have followed my blog at all over the last few weeks, you will know that the much talked about and anticipated "dip" is finally here...
After bitcoin ran up and briefly traded over $10k, it fell roughly 20% in a matter of minutes and traded all the way down to about $8k.
Since that time it has bounced off those lows and mostly traded sideways...
(Source: https://www.coinbase.com/price/bitcoin)
Now the question becomes was that THE DIP?
Was that the dip we have been waiting for to get in before the next parabolic move north that takes prices well beyond previous all time highs?
That is tough to say...
During the last halving, bitcoin saw roughly a 25% pullback about 3 weeks post halving.
Though, that dip was measured from the time of the halving to the lows, and as mentioned, it happened AFTER the halving.
Which is more or less what I was expecting to happen this time around...
That being said, we did already drop 20% and got a lot of the weak hands out.
So, there is a possibility this is all the dip we will get...
My personal thoughts...
Personally, I think there is more dip to come post halving.
I think bitcoin will likely get caught up in some selling along with the broader stock markets, and it will coincide with a few days/weeks post halving.
The fast money guys who just got into bitcoin for this halving event will throw in the towel thinking this halving is going to be different than the others and the price isn't going to moon...
They will be wrong of course, but when that dip happens, that's the one I am looking to load up on.
Where that dip ultimately takes the price I can't say for sure, but I suspect that at some point within the next couple weeks we will see a $7,500 print... at a minimum.
That is where I will start dipping my toes back in.
What do you think, was this THE DIP or is still to come?
Stay informed my friends.
-Doc