Bitcoin Market Enters “Fear” Territory, Time to Buy the Dip?

Bitcoin Price Drops With El Salvador Legal Tender Law

Bitcoin has entered a correction after flying past previous highs at the beginning of November. BTC is currently trading at around $58,000  nearly 16% below its all-time high price of $69,000 registered on November 10, according to the Clark Moody Bitcoin Dashboard.

The current bitcoin price dip is a below-average percent drawdown for BTC this year. Source: UTXO Management.

Whenever price dips, newcomers get nervous while long-timers enjoy buying the dip and stacking cheap sats. The difficulty of newcomers lies in the short-term vision of becoming a millionaire, usually propagated by some. At the same time, Bitcoiners can keep purchasing more BTC as the price drifts downwards. This dynamic is part of human nature, as one tends to sail according to the winds. However, generally, applying emotion in your investments can hurt your strategy, and the best strategy is to “play it cool.”

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