Bitcoin Retail Accumulation Continues, Why It’s the Right Time to Add BTC?

Bitcoin bears are now resting after a bloody Monday on Satoshi Street. As of now, the world’s most popular cryptocurrency trades at below $22,000 levels.

One positive aspect of the Bitcoin market is the fact that retailers aren’t giving up on hope, despite the aggressive correction. On-chain data provider IntoTheBlock explains:

Despite the downtrend, retail buyers continue to accumulate $BTC every day since November 2021. Since November, the balance of addresses with 1 BTC has increased by 100.395 BTC. This represents a 10.11% rise in value compared to the 68% price drop.

Analysts have tried to predict Bitcoin’s bottom but so far, they are all wrong! IncomeCharts also notes that spot buying of Bitcoin could be possible at this time. This is what the crypto trader wrote:

Nobody knows the bottom line. This is the right time to buy like mad. These are the key levels that I prefer for support. While I believe $20k is a good price, if I am wrong I will buy lower. This will not be sold until I reach my $34,000 or $40,000 goals.

Peter Schiff Believes Bitcoin Can Still Go Lower

Peter Schiff is convinced that Bitcoin will continue to slide, despite its support. Schiff shares the following chart:

Is it possible to look at this chart and sell Bitcoin long? Although you may believe that Bitcoin will trade higher in the future, it is difficult to imagine it not testing long-term support at its lower line first. It will fail this test, I believe. It is better to sell it now and rebuy at a lower price.

Peter Schiff warned that long-term Bitcoin holders could see a sell-off as inflation continues its upward spiral. Scott Minerd, Chief Investment Officer at Guggenheim, stated last month that Bitcoin could fall further to $8,000. He spoke to CNBC and said:

“When you consistently break below 30,000 [dollars], 8,000 [dollars] is your ultimate bottom. I believe we have more room for the downside, especially since the Fed is restrictive.”