- Bitcoin’s current dip and sideways movement draws parallel with an event 4 years ago.
- One analyst says this is similar to the Thanksgiving Day massacre of 2020.
- He says those who bought the dip then were up by a 5x pump in the months ahead.
Bitcoin (BTC) continues its slow sideways movement between the $92,000 and $95,000 price range after setting an ATH of $99,655.50 four days ago. During the ATH days, the market sentiment was at ‘Extreme Greed’ with scores in the 90s. Presently, according to the Crypto Fear & Greed Index, the sentiment has fallen to a score of 75 marking a ‘Greed’ sentiment.
Bitcoin Dip Continues as Correction Stage Persists
Despite the dip and the falling sentiment, seasoned analysts remain resolute and strong in the face of growing FUD. For instance, many analysts are calling this market dip phase a healthy correction for the crypto market and deem it important to take place before the arrival of the long-awaited 6-digit ATH for Bitcoin at $100,000 and above.
In fact, many analysts expect the $100,000 price mark to occur in a short time and blaze through to set the next ATH target at $106,000 or in that range. As for the slow sideways movement now, one analyst has marked it as the market makers being very sly to draw in more trades near the $100,000 price mark.
Analyst Draws Parallel to Thanksgiving Day Massacre of 2020
Meanwhile, other popular crypto analysts are drawing parallels with Bitcoin’s current dip to that of the dip in the bull cycle four years ago when BTC price crashed 17% from $19,000 to $16,200, an event known as the Thanksgiving Day massacre.
As we can see from the post above, the analyst says that those who bought the dip were up by a 5x pump in the months that followed. According to CoinMarketCap data, the current dip hasn’t dropped by much compared to the 17% dip last cycle suggesting a greater dip may be ahead for BTC before a major pump to 6-digit ATHs.
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