Bitcoin (CRYPTO: BTC) dipped below $100,000 over the weekend amid rising geopolitical tensions, sparking debate over whether a deeper correction is underway or if this dip presents a golden buying opportunity.
What Happened: In an X post on Monday, trader Astronomer described Bitcoin's current pullback as bullish, calling it the final dip before a strong upside reversal. He's planning to rotate profits from his previous long (closed at $110,000) back into the market with size, targeting a move to $170,000.
Astronomer highlighted a few key points in the current scenario:
- Fear is high – and that's bullish from a contrarian view.
- $97,700 is the level to watch: it could flush weak longs and form the local bottom.
- This zone is also ideal for spot buying if you're following a "final dip" accumulation strategy.
- Altcoin entries are on hold until Bitcoin confirms a reversal; the focus remains squarely on Bitcoin.
He suggests that the current mix of bearish sentiment and bullish exhaustion is exactly the kind of setup that precedes big moves.
Also Read: Bitcoin Veteran Trader Goes Long Again After $15 Million In Losses — Will Third Time Be The Charm?
What's Next: Astronomer anticipates a mean-reversion move to play out by the end of June, with Bitcoin likely to form a base between $95,000 and $110,000. He warns that since the recent low formed on a weekend, which often gets swept, a brief dip below that low is possible before momentum shifts upward.
The trader provided strategy recommendations:
- If you're on the sidelines: $97,000 is a strong level to begin accumulating.
- If already positioned: Consider averaging in or scaling up with conviction.
Despite broader macro fears, including war tensions, the trader emphasizes sticking to rational, high-conviction entries based on data, not emotions.
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