Crypto trader Mags (@thescalpingpro) makes the case for remaining bullish on bitcoin and continuing to buy the dip, despite its recent 17% correction.
Bitcoin Remains in Long-Term Uptrend
Mags notes that bitcoin recently got rejected near $48,500, which has acted as an area of resistance or “first area of problem” in previous market cycles before price surges to new all-time highs.
He observes that in every market cycle there have been several short-term corrections after every leg up, while the overall long-term trend remains strongly bullish. Mags urges to not get caught up in the short-term volatility.
Despite bitcoin’s 17% correction from its recent swing high, Mags states it remains in a bullish long-term uptrend. He views the current dip as a buying opportunity, tweeting: “Dips are for buying.”
In summary, although bitcoin has seen a sharp correction in the short-term, this crypto trader believes its long-term bullish trajectory remains intact. He recommends maintaining a bullish outlook and continuing to buy the dip at current levels despite the volatility.
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