“Is this the best time to buy Bitcoin for the long run? Probably not, even if the fundamentals are there, and it will most likely rise much further than the current levels. So, why it is not a good idea to buy it? Because, a 30%-40%-50% correction, that has been normal for Bitcoin in the past, is a huge psychological burden that makes a panic sale likely, usually just before the bottom. Because of this, it is better to wait for the correction and oversold readings, even if you will buy it at a higher price later on.”
Bitcoin has cleared a part of its overbought state since hitting a high near $3000, but usually, BTC corrects in a more complex way after a huge rally, as you can see with the example of the March correction (we noted a possible trajectory for the correction). We expect more corrective action in the coming period that might provide more great buying opportunities for long-term investors. We still think that short-term BTC is vulnerable, and a re-test of the previous short-term low is possible. A move about $2800, on the other hand, would trigger a new buy signal.