According to some analysts, the withdrawals in the market may offer a purchase opportunity …
The crypto money market has been experiencing a massacre since yesterday, and other altcoins like Bitcoin were also affected by this situation. Some altcoins have experienced declines of more than 10%. According to analysts, this selling pressure can lead to the loss of all earnings during 2020. However, in the current market position, this may be a serious buying opportunity for some altcoins, and hence there may be an increase in the prices of these altcoins.
In addition, an important investor stated that the similar price movement seen in bull runs in 2016 and 2017 provided similar buying opportunities and the crypto market is still in a tight uptrend.
Intense Sales Pressure
Bitcoin started a free fall yesterday evening and the price fell to the $ 8,500 level. This decline occurred after the $ 10,000 rise was rejected, and the leading cryptocurrency, which could not find support in the $ 9,500 region, fell to a decline and below $ 9,000.
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Naturally, this situation caused many altcoins to face selling pressure and decrease. For example, when looking at the top ten cryptocurrencies, we see that Litecoin (LTC) has decreased by 12%, Ethereum (ETH) by 8%, EOS by 9% and XRP by more than 4%.
However, Tezos, which ranks tenth in terms of market volume, and Chainlink, which ranks eleventh, shows an increase of more than 6% on the contrary of these losses. Tezos (XTZ) has seen nice increases of 6.34% and Cahinlink (LINK) of 6.66% in the last 24 hours.
LINK and XTZ
According to an analyst, it may be the last opportunity to buy these two cryptocurrencies, which are experiencing an increase today. This is because 2020’s potentially increasing momentum may indicate that cryptocurrencies that have increased in this way may increase even more.
Crypto Michaël, a popular crypto analyst and a former full-time investor on the Amsterdam Stock Exchange, said the following in his statements on the subject:
LINK and XTZ are an example of the strength of this market. Various retractions took place during 2016/17, followed by a strong leap. Even ETH / BTC is showing power now. There are some opportunities to buy lower prices in the bull markets, this may be one of them.