The Bitcoin price has recently dipped below the psychologically important level of $10,000 with the whole cryptocurrency market turning into all-out bloodshed.
However, Alex Krüger, one of the most popular crypto traders, remained unfazed by that drop, and it has to do with more than just resilience.
A major buying opportunity
As Krüger points out, the Bitcoin price registered a local bottom above its 100-day moving average (100DMA) of $9881.5 with a razor-thin edge. He further claims that the fact that Bitcoin “dropped like a rock” without any news that would justify this dramatic move could be a good indicator to buy more.
Bitcoin annihilates altcoins
Despite the recent drop, Bitcoin’s market share continues to increase. According to another trading expert Jacob Canfield, this is most certainly bad news for altcoins that have been largely struggling throughout the year.
Notably, Canfield also believes that Bitcoin’s ideal “buy zone” is at $8900-$9100, but tanking BTC to that price level might be too big of a feat for the bears.