Bitcoin plunged below $39,000 on Monday, April 25, 2022. The dip in BTC price recorded a six-week low as the global cryptocurrency market traded in red with another major coin Ethereum (ETH) also slumping.
The number 1 crypto slid to $38,236, which is the lowest since March 15, and was down more than -20% from last month's high while Ether plunged to $2,799, as it went down by - 4.8%.
However, despite the slump, crypto analysts are bullish about BTC, which is the world's largest crypto with a market cap of $740,279,913,438.
"This is looking ultra bullish for #Bitcoin" wrote a crypto analyst who goes by the name 'Crypto Rover' on Twitter. Sharing a crypto trading graph he added, "In times of uncertainty with war and interest rate hikes, you should look to a risk-off asset, and #Bitcoin is precisely that. It has moved up against the #SPX, and it is again forming similar consolidation patterns like 2017-2020!
Moreover, a tweet shared by Bitcoin has revealed that the 12th largest US city Fort Worth is all set to vote on whether to start mining Bitcoin, the world's largest cryptocurrency. On the other hand, the Central African Republic has unanimously passed a bill to adopt Bitcoin as a legal tender, as per reports.
Comparing the decentralised digital currency with other currencies, the crypto analysts further stated, "Many people say #Bitcoin is a risk-on asset. But if we compare the #BTC price to the #SPX, we can clearly see that Bitcoin has been acting as a risk-off asset for the last 13 years, especially the last few weeks."
Bitcoin Price Dip: Should You Buy?
While the slump looks like a nightmare to investors willing to sell, those looking to buy BTC may take this opportunity at their own risk.
At the time of publishing, Bitcoin was trading at $38,842.75, down by -1.98% in a day's trade while Ethereum, the second largest cryptocurrency was trading at $2,862.27, which is down by -2.52% as per CoinMarketCap data.