Stephanie Douse 
Bitcoin is trying to recover from a major dip it had in the past weeks as the coin price rose by 8% in the last 24 hours with its exchange supply dropping steadily.
Bitcoin, the world’s largest cryptocurrency, has experienced a significant rebound in the last 24 hours. As of press time, Bitcoin is trading 8% higher at $22,108, with a market valuation of $422 billion.
While Bitcoin has been under intense selling pressure over the previous three months, the amount of BTC available on exchanges has been decreasing. According to Santiment, an on-chain data provider:
“Bitcoin dominance is back on the menu on a healthy Thursday price surge. We’ve seen $BTC continue to move from exchanges for nearly 4 years, and this trend hasn’t stopped even with the 8-month price retrace. Meanwhile, $USDT buying power is rising.”
While the on-chain indicators point to positive momentum, we’ll have to wait and see what the technicals say. BTC has been rejected at the 200 EMA on the four-hour technical chart, and this could very well be a dead cat bounce.
Could This A Good Time To Buy Bitcoin?
Analysts argue that for long-term investors, now is the moment to add BTC to their portfolio. If you are willing to keep it for four years or more, you can continue to do dollar-cost-averaging (DCA) in BTC.
Jordan Belfort, also known as the Wolf of Wall Street, has expressed his optimism about Bitcoin. He stated:
“If you take a three or maybe five-year horizon, I would be shocked if you didn’t make money because the underlying fundamentals of Bitcoin are really strong.”
Bloomberg’s senior commodity strategist Mike McGlone, on the other side, believes BTC will begin one of the greatest bull runs in history in the second half of 2022. He also stated that Bitcoin adoption is likely to increase further.
The Bloomberg strategist also stated that the downside for Bitcoin and cryptocurrency appears to be limited at the current levels. “The roughly 80% drop in the Bloomberg Galaxy Crypto Index is indicative of limited future decline and the growth of cryptocurrency,” he said.