Bitcoin is hovering around the $23,000 mark on Tuesday after facing resistance at $24,100 levels. Its price briefly slipped to $22,600 but the king coin is looking to claw back in price. A handful of investors are looking to short BTC after it jumped from $16,500 to $23,000 in a month. Investor’s who short Bitcoin believe that its price has topped and a downward spiral could begin. If a downward spiral begins, when are the safety and best defensive long entry point for BTC? Let’s find out!
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When is the Best Defensive Long Entry For Bitcoin?
Leading cryptocurrency analyst Michael Poppe claimed that investors are eager to short Bitcoin at $23,000 levels. He predicted that in the worst-case scenario, BTC could reach a low of $21,500 this month. According to the analyst, taking an entry position into Bitcoin at the $21,500 level could be the best defensive long entry for BTC.
Poppe predicted that BTC has an upside this month and could reach levels of around $26,000 to $28,000 after falling to $21.5K. He claims that the king cryptocurrency will see an increase in buyers at these levels making its price propel further.
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Bitcoin is seeing a rise in mini buyers who purchased 0.1 BTC hoping to test the waters. Around 620,000 addresses popped up since January 2023 after BTC shot up in price. You can read more details about it here.
“Bitcoin is currently on range low and could be bouncing from here. People properly eagerly start to short, so cracking $23.2K is inevitably continuation towards $26-28K on the charts,” and added, “Best and defensive long entry; $21.5K”.
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At press time, Bitcoin was trading at $23,057 and is down 1% in the 24-hour day trade. SHIB is down 66.6% from its all-time high of $69,044which it reached in November 2021.