Earlier Sunday, Bitcoin (BTC) suddenly fell off a cliff after its latest bout of bullish price action. Within a few minutes’ time \u2014 yes, literally a few minutes \u2014 the leading cryptocurrency slipped by 7%, plunging from $9,150 to $8,600 (as low as $8,450 on some crypto exchanges). Altcoins followed suit, posting equally as harrowing losses, with Ethereum and XRP tumbling 6% themselves.<\/p>\n
Despite this strong drop, which comes as BTC was trying to flip the key $9,000 psychological and technical resistance into a support level on a macro basis, analysts have remained bullish on Bitcoin. Here’s why.<\/p>\n
Prominent cryptocurrency trader The Boot, who famously turned 0.6 Bitcoin into millions of dollars worth of the cryptocurrency in just over a year, noted<\/a> that the selling volume seen after the 6% drop seemed “low AF.”<\/p>\n With this in mind, the trader asserted that it may be wise to “scale into buying the dip until proven wrong,” further explaining that a bearish setup, constituting a lower high and breaking support, has yet to form on the short-term charts.<\/p>\n sell volume after that 5m candle is low af. Imo – scale into buying the dip until proven wrong (via making a lower high and then breaking support established in between)<\/p>\n — TheBoot (@TheBootMex) January 19, 2020<\/a><\/p><\/blockquote>\n\n