Bitcoin, the largest cryptocurrency, has again fallen today along with Dogecoin. The price was dipping uncontrollably the whole day. Meanwhile, a very common belief in the world of investment got viral on Twitter. #buythedip. The belief says that buying dips can actually be good for investors as it is expected that it will bounce back more highly than ever.
Bitcoin dropped to the lowest $36,263 at 3 in the afternoon. Buying the dips has several contexts and different odds of working out profitably, depending on the situation. But just like any other strategy, this strategy doesn’t really guarantee a great profit.
As always, Twitter reactions are worth-noting.
15 minute #Bitcoin chart gave us a beautiful long entry this morning. Higher time frames still ugly and obviously down so just a little scalp. #btc #BTCUSDT #BitcoinCrash pic.twitter.com/ac04zR6TqP
— Sam Mti (@MTI_Trading) February 22, 2022
Bitcoin falling wedge. Could this be pump we needed?#BitcoinCrash #BTCdump pic.twitter.com/YanzQrrYmG
— BitValentine (@BitValentine) February 21, 2022
The human tendency of expecting. Many are expecting that the dip will bounce back really soon in the future that is why people are not willing to sell their cryptocurrency tokens. HODL is a phrase that is used as a mantra among investors. It means “hold on for dear life”. It is a term derived from a misspelling of “hold,” in the context of buying and holding Bitcoin and other cryptocurrencies.
Is it a #BitcoinCrash or is it a #buythedip opportunity?
I guess that's up to you to decide??#bitcoin pic.twitter.com/VJ03j5OuEe
— Rhys King (@RhysKingBTC) February 22, 2022
Me waiting to #buythedip ??#marketcrash #BitcoinCrash #Bitcoin pic.twitter.com/DU5BlgZ9Nl
— Melawan (@melawanshwa) February 22, 2022
When you see other people buying dips ?#StockMarketindia #PutinsPuppet#Ukarine #BitcoinCrash #bitcoin
You be like- pic.twitter.com/yr9MXm9WrF
— Crypto Candy?? (@cryptocandy24x) February 22, 2022
Russia giving the whole crypto market a mega discount #Crypto #BitcoinCrash #cryptocurrencies #cryptocrash pic.twitter.com/1PLBVjUUjl
— The Node Manager (@thenodemanager) February 22, 2022
Bitcoin dropped for a sixth straight day, touching a low of $36,372 on Tuesday. According to experts, it might fall more in the upcoming days. Investors have to prepare themselves for the future. A good investor always arranges things for market uncertainties and makes decisions accordingly.
Bitcoin price depends on several grounds, for now, it is assumed that the tension between Ukraine and Russia is causing the price ups and downs. The top-most countries have the power to influence bitcoin and any other cryptocurrency. Other cryptocurrencies also declined, with Ether off as much as 2.9% and Ripple (XRP) down as much as 6.7%. If the situation worsens between Ukraine and Russia, the whole market has to suffer. however, history shows that while geopolitical crises such as the one between Russia and Ukraine can temporarily roil markets, they don’t typically have long-term consequences for investors.
Bitcoin is extremely volatile so the trick is not to panic and crystallize your losses by selling when its value inevitably falls.
