The growing crypto volatility has significantly impacted Bitcoin’s ($BTC) price, resulting in a notable correction. As per a CryptoQuant Analyst going by the name ‘IT Tech’, now is not the time to buy Bitcoin ($BTC). He went on to say that he will buy BTC when it is down at least 16% from its present all-time high. Currently, Bitcoin is trading slightly above $113k (down only 8.13% from recent ATH). The latest pullback if goes further down may deliver a golden accumulation opportunity for the long-term traders.Â
Likely Bitcoin Correction May Presents Potential Accumulation Phase Soon
The on-chain analytics signify that Bitcoin’s 8.13% dip from its ATH is not a potential accumulation opportunity at the moment. In this respect, the analyst has also shared a snapshot of Bitcoin’s price performance from May last year to this July. This snapshot presents the price downtrends, suggesting that the current 8% correction is clearly not significant as compared to the previous corrections.
The ongoing downturn reveals that Bitcoin is still experiencing a bull cycle behavior. In addition to this, the 1-year mean drawdown as well as the 30-day Simple Moving Average (SMA) of Bitcoin further support this idea. Thus, a noteworthy price upturn is anticipated following the current price correction of the flagship cryptocurrency.
Long-Term Investors Need to Stay Patient Amid Ongoing Drawdown
According to IT Tech, Bitcoin’s ($BTC) current decline underscores the concept that the long-term traders need to resist the temptation of premature actions. Hence, they should reportedly wait for more retracements that could occur while increasing portfolios with accumulation. Following this phase, they may detect a huge price spike.
