Bitcoin price climbs above $59k as dip-buyers position for a potential uptrend
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Bitcoin and the broader crypto market have seen a slight rebound in prices from Wednesday’s lows in early trading on Thursday as risk-tolerant dip buyers slowly reenter the market. Yesterday’s BTC low of $56,525 marked a 23.5% drawdown from the record high set on March 14. On-chain analyst Ali Martinez noted that one technical indicator is flashing a “buy the dip” sign. The last three times the 30-day MVRV dropped below -9% in the last two years, the price of Bitcoin surged by 64%, 63%, and 99%, respectively. Another factor emboldening traders is the fact that the average entry price for spot Bitcoin exchange-traded fund (ETF) holders is approximately $57,300, according to analysts at Matrixport. ARK Invest CEO Cathie Wood predicts that once institutions start buying en masse, Bitcoin’s price could climb to $3.8 million by 2030.
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https://www.kitco.com/news/article/2024-05-02/bitcoin-price-climbs-above-59k-dip-buyers-position-potential-uptrend
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