Cryptocurrency traders say the price drop in BTC to below $57,000 on November 18 is a good buying opportunity for long-term investors.
Bitcoin’s bearish momentum caused Ether and other altcoins to come under selling pressure. BTC breached support at $60,000, opening more weaknesses to the downside.
Analysts from Delphi Digital have termed the downward movement as temporary, and the sell-off is due to a wave of liquidations and not a change in the market sentiment. Delphi believes that there is a high possibility for a trend reversal.
There has been a notable deleveraging across the market in the past week but has not prevented the increase in liquidations in major exchanges corresponding with the price dips.
Analysts say that $55,000 could be the next destination for BTC but maintain that the level could be even more attractive to investors seeking to hold. Ether dropped below $4000 temporarily on November 18, but Delphi also sees it as a temporary correction.