The crypto market’s been hanging tough this week, even after Bitcoin took a dip below $39,000 after the long-awaited launch of the first Bitcoin ETFs. Before that, the excitement had fueled a rally for the best crypto to buy since October. Now, things are a bit shaky, but there are signs of stability.
Experts like Michaël van de Poppe, founder of MN Trading Consultancy, are even urging investors to “buy the dip,” suggesting this correction might be the last before a big upswing before the next Bitcoin halving.
Buy the dip.
How much people scream it goes lower, just buy every 20-40% dip.
— Michaël van de Poppe (@CryptoMichNL) January 30, 2024
1. Is Bitcoin (BTC) The Best Crypto To Buy Today?
Bitcoin has been accepted in a slightly higher range relative to the sell-off below $39,000. The uptick in price into the range between $42,000 and $44,000 can greatly be attributed to enhanced investor confidence to buy the dip.
If traders ignore the oversold conditions in short time frames like the four-hour chart and continue to enter new positions, Bitcoin price could steady the uptrend targeting $50,000 next.
BTC price chart | Tradingview
With the ETF out of the way, investors are now speculating on the impact of the upcoming Bitcoin halving. Historically, BTC rallies before and after halving, with the latter often being a staggering move.
5 Phases of The Bitcoin Halving
1. Pre-Halving period
Approximately 77 days remain until the Bitcoin Halving in April 2024
Historically, any deeper retraces that occur during this orange period tend to generate fantastic Return On Investment for investors in the several… pic.twitter.com/8JC8qX2IVm
— Rekt Capital (@rektcapital) January 29, 2024
Halving shrinks the supply of Bitcoin and with demand increasing, a rally eventually erupts. It is anticipated that the post-halving rally in 2024 and 2025 could be unprecedented.
Recommended: Bitcoin Price: How Will The FOMC Meeting Impact BTC?
2. Solana (SOL)
Solana price completed a V-shaped recovery following a nerve-shattering dive to $80 in January. The smart contracts token had prior to this, in December, rallied to hit $125.
Following the V-shaped uptick, SOL holds at $105 at the time of writing. Since the uptrend is beginning to look shaky, traders will be on the lookout for a higher range support around $100.
SOL price chart | Tradingview
The Relative Strength Index (RSI) backs the uptrend but the current overbought conditions could pave the way for a temporary correction to allow Solana to collect liquidity to back the bullish thesis.
Solana has the potential to rise to a new all-time high based on the massive rally from October. At the time SOL was worth around $20. Therefore, upholding key support areas like $100 would go a long way to ensure that the uptrend stays intact.
3. Manta Network (MANTA)
Manta Network is still one of crypto’s top 3 trending projects based on data by CoinMarketCap. Although new, the token listing on Binance boosted its performance last week such that it has rebounded to trade in a narrow range between $3.4 and $3.8.
The low range support at $3.4 implies that buyers have a chance to uphold the bullish outlook. Traders can also depend on a robust forming ascending trendline support.
Manta Network has on several occasions bounced off the trendline. Hence, the a high expectation of a larger upswing targeting $4 in the coming few days.
MANTA price chart | Tradingview
For now, traders must be careful not to jump the gun and be bull-trapped. Until MANTA bounces off the grey band area, it would be wise not to trigger any buy orders.
The 200 Exponential Moving Average (EMA) (purple) is in line to absorb the selling pressure. If support at $3.4 weakens, the 200 EMA would serve as another important buy-the-dip level allowing investors to DCA and maximize returns.
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