Bitcoin price drop provides very good buying opportunity.

Hi everyone,

Bitcoin price plunged below 59000 breaking support line and now is aiming 53000-50800 support area.

I personally don't think that BTC price can drop below 53000-50800 support area but I admit that there might be wicks below the area.

I would like to note that 30% price drop from all time high is very common for Bitcoin and there is nothing new happening. The only difference in this cycle is that halving happened near previous all time high but still under it. So now there is a cooling down happening on the market.

I remind that explosive rise of the Bitcoin to the new all time high happened after breaking resistance at 53000. Now this area works as support and it is highly possible that Bitcoin stops its drop around it. It doesn't mean that Bitcon price won't drop any lower than that on short term but I'm pretty sure that this area will work as a support.

Also, average cost of mining of the Bitcoin is around 53000 after the halving and historically BTC price never stayed below that price for too long. I'm pretty sure that this time will be the same and even if price drops below 53000 it won't stay there for too long.

Please, do not forget to boost this idea & share it with your friends; thanks.

Comment:

Bitcoin price bounced back above 64k level but this doesn't mean that downtrend is over.
There is still possibilty that price can go down unless it holds above 61k and higher.