If Bitcoin’s Price Falls 20% Tomorrow, Most Retail Traders Are Ready To Buy The Dip

According to an ongoing poll of Stocktwits, only 17% said they are likely to hang onto their Bitcoin holdings.

• Bitcoin’s price has been range-bound over the last two weeks, consistently trading below $70,000.
• The apex cryptocurrency edged lower in the last 24 hours and has fallen 12% over the past week.
• In an ongoing Stocktwits poll, two-thirds of traders said they are ready to buy the dip if BTC’s price falls another 20%, while 24% said they would either panic sell or trim their holdings.

Bitcoin (BTC) is not the hottest asset to invest in right now, with its price taking another hit in the last 24 hours to hover around $67,600 after a 12% weekly slide from recent highs, yet retail investors signal a strong resolve to buy the dip.

Bitcoin’s price edged 0.8% over the past day to around to around $67,600. Retail sentiment around the apex cryptocurrency moved lower to ‘neutral’ from ‘bullish’ over the past day, but remained above the ‘bearish’ sentiment seen a week ago.

Retail Ready To Buy Bitcoin 

According to an ongoing poll on Stocktwits, nearly 60% of retail traders are prepared to buy more Bitcoin even if the price falls another 20% tomorrow. Around 24% said they would either panic-sell or trim their holdings, while 17% said they are most likely to hold onto their stash. A 20% drop from the current price would bring Bitcoin under $54,000.

The cryptocurrency is trading 50% below its record high in October and has fallen nearly 23% so far this year.

One user on the platform said that not only would they buy more Bitcoin, they would also expand their “capability to buy dramatically.”

Another said that Bitcoin’s price is more likely to drop another 50%, and doesn’t plan on doing anything until that bottom hits. 

Crypto Market Sentiment Takes A Hit

The crypto market entered a new phase of pessimism after some said Bitcoin could have been at $150,000 if Jane Street had not manipulated prices and allegedly contributed to the 2020 crypto crash. 

Meanwhile, the Office of the Comptroller of Currency (OCC) issued a new proposal of rules to implement the GENIUS Act, which put restrictions on stablecoin rewards. 

The issue is also currently under debate in Washington, with the CLARITY Act caught in limbo and a month-end deadline fast approaching. According to JPMorgan, crypto markets could get a boost if the CLARITY Act gets approved because it will “reshape market restructure.”

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