Bitcoin in “Golden Accumulation Zone” After 20% Plunge: Analyst

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It may be the best time for Bitcoin traders to refill their crypto bags now that the asset trades near its multi-week lows, according to analysts at Phi-Deltalytics. The chart analysis portal stated that Bitcoin is in a “golden accumulation zone,” citing a string of fundamental and technical catalysts that could propel the cryptocurrency’s price higher. It said BTC/USD is trading below the active trading group’s purchasing price. That means a majority of traders would be least likely to sell their Bitcoins at a loss, leading to a decrease in supply. It should increase the bids for the cryptocurrency at the demand side. Bitcoin plunges more than 20% after topping for the year near $10,500. Source: TradingView.com The comments came after BTC/USD plunged by more than 20 percent from its year-to-date high of $12,486. The downside correction followed a 200 percent price rally, hinting that traders merely locked their profits…

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