Despite the decline below $108,000, crypto analyst MMBTrader tells investors that this may not be the best time to actually buy the cryptocurrency. Instead, they advise that investors wait to buy ‘cheap’ Bitcoin at the levels when the whales will be likely to start buying the cryptocurrency again. This whale buy zone is placed below $90,000 and could be as low as $87,000 before support is established.
The reasoning behind this is that the Bitcoin price will be trending near the 0.38 and 0.5 Fibonacci levels, which is historically when the Bitcoin price corrections have usually ended. From here, the price is likely to start moving upward with all of the whale buying boosting its momentum.
Once this happens, then the newer traders who exited are expecting to start FOMO buying again, with the cycle expected to repeat itself. At this point, investors who bought below $90,000 will be seeing a notable profit on their investments.
