Take the opportunity to “buy bitcoin at a bargain price” or wait for 30,000?

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The bulky falls of bitcoin and the so-called ‘altcoins’, the alternative digital currencies to the queen of cryptocurrencies this Friday, which have taken the price of the cryptoactive to $38,500, five-month lows, leave a marked air of uncertainty in the market. Investors are wondering if now is a good time to jump in or if the correction will continue to at least $30,000.

“Pessimism continues to grow among investors and traders when it comes to riskier assets and this is mainly influencing the price of equities and bitcoin,” comments Naeem Aslam, head of research at Avatrade. And with conditions worsening for Wall Street tech stocks, “the deep correlation with the stock market only indicates less usefulness (for bitcoin) as an investment class,” adds Markets.com analyst Neil Wilson.

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From a technical analysis point of view, the price of bitcoin has breached the key support level of $40,000, which has already been tested a few times before. Now all eyes are on the next two important price levels: $35,000 and the $30,000 capital mark. “Bitcoin price is very likely to visit this price which will make the current sentiment even worse, but the smart money will know that it is the deal of a lifetime,” Aslam opines.

For the time being, Clement Paulin, a technical analyst at Market Times, calls to wait until the close of this Friday, since a rebound could occur. “But it is true that if it ends like this, and when it gets worse, we will have an important sign of weakness in the future of bitcoin.” “Let’s see what the closing of the weekly candle is. Now the 40,000 dollars become a resistance zone, of course,” says the analyst.

In any case, for Aslam, bitcoin remains the currency of the future, and if one was willing to buy bitcoins at $68,000, “then you should be excited to see a bargain like today’s.” “The smart money and other institutions are certainly going to take advantage of the current price action, and are likely to pocket some big bargains,” the analyst emphasizes.