The post Bitcoin Drops Below $111K, But Expert Sees Rally Toward $120K Soon appeared first on Coinpedia Fintech News
Over the past 24 hours, the global crypto market fell 2.8%, sliding to $3.92 trillion. Bitcoin also dipped below $111,000, showing weakness across the market. Despite the red, veteran trader Matthew Dixon sees opportunity, suggesting this dip could be a prime “buy-the-dip” zone, setting Bitcoin up for its next upward move.
Bitcoin at Buy-the-Dip Zone
According to Dixon’s chart analysis, the current Bitcoin price could offer a good chance to buy and accumulate positions. The largest cryptocurrency has dropped by 3.08%, reaching $110,735.02. Its market dominance has also fallen slightly to 58.2%.
As of now, it is trading in a key “buy-the-dip” range between $108,000 and $110,000. Dixon notes that as long as Bitcoin stays in this zone, the overall bullish trend remains intact.
Supporting this view, Veteran crypto trader Michael van de Poppe also believes that the current dip is a potential opportunity to accumulate BTC. Additionally, trading volume patterns on the charts strengthen this outlook, suggesting that buyers could step in at these levels.
Bitcoin To Revist $120K Again!
What makes Dixon’s analysis different is his calm approach. He doesn’t panic over short-term drops and sees the pullback as a normal part of the market cycle. According to him, “Bitcoin is still bullish,” and the chart shows that after this correction, the next move could take it toward $120K.
For traders, this dip could be a good chance to buy before the next rise.
Altcoins Follow Bitcoin, But Opportunities Arise
Furthermore, Dixon points out that Ethereum and other major altcoins have dropped along with Bitcoin. However, in the past 24 hours, 166,122 traders were liquidated, totaling $837.79 million.
Meanwhile, this kind of broad weakness can create rotation opportunities for traders. Dixon highlights that lower liquidity in altcoins can make their price moves sharper when buyers return.
