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Prominent cryptocurrency traders advise not to “buy the dip” yet
Bitcoin price dropped from $33,600 to a low of $28,130 within hours and managed to recover to $31,000. Several analysts have warned other investors to be careful about buying the dip blindly. Buying the dip is a common expression among cryptocurrency investors. However, in practice, it is far harder than it seems. The idea of buying the dip only works if the asset rises higher afterward. Back in 2017 when Bitcoin hit $20,000, buying the dip on the way down was certainly not the best strategy as the digital asset continued declining hitting $3,000. Of course, if you held your positions all the way until now, you would ... (full story)
