‘Buy The Dip’ Time for Bitcoin? BTC Falls Below 90k, Experts Predict Further Price Hikes 

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Crypto Writer

Arslan Butt

Crypto Writer

Arslan Butt

Part of the Team Since

Sep 2022

About Author

Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More

Last updated: 

November 17, 2024

Prominent analyst Michael van de Poppe highlights this as a pivotal “buy the dip” opportunity, suggesting Bitcoin’s rebound potential could fuel long-term gains. Currently consolidating near $90,519, Bitcoin (BTC/USD) is drawing attention from analysts monitoring key price levels for potential breakout movements.

Let’s dive into the technical analysis.

Bitcoin Consolidates Near $90,500: Key Levels to Watch

Bitcoin (BTC/USD) is consolidating around $90,519 after breaking out of a symmetrical triangle pattern. Key support lies at $89,275, aligned with the 50-day Exponential Moving Average (EMA), while resistance is at $91,850, where a double-top pattern indicates potential selling pressure.

The cryptocurrency’s range-bound movement suggests reduced volatility as traders monitor for a breakout. A push above $91,850 could attract bullish momentum, driving BTC toward $93,450 and $95,120.

However, a failure to hold the $89,275 support may lead to further declines, with downside targets at $87,940 and $86,687.

The Relative Strength Index (RSI), currently at 54, reflects neutral momentum, offering little direction but signaling the potential for upward movement if it surpasses 50.

Van de Poppe Highlights Key Buying Zones

Prominent analyst Michael van de Poppe sees Bitcoin’s current dip as a prime entry point for long-term investors. Currently trading at $89,250, BTC is nearing its first major point of interest for dip-buying opportunities.

Similarly, Ethereum (ETH), trading near $3,040, is approaching its own critical entry levels, making it an attractive option for strategic investments.

Van de Poppe notes, “The general plan for the upcoming period is to buy the dip,” suggesting that both BTC and ETH are nearing optimal levels for traders looking to capitalize on market retracements.

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