Bitcoin has recently struggled to move back to the $60,000 range; however, it is having a nice bounce off of the 50 moving average. There is a good chance that institutions are loading heavily on these dips in my opinion. Looking at the chart in the last 7 days, we have observed multiple dips. These dips seem to be creating a pattern which clearly shows that the size of each dip is smaller than the previous one. While this is happening, bitcoin move presents higher highs and higher lows every time which is a good indication that the bitcoin trend is healthy regardless of the recent fall after reaching its new all-time-high around $60,000. As long as bitcoin could hold somewhere around/above $53,000, there is expected to be some significant move in the near future. To be more specific, if bitcoin could reach past $55,000 in the next few days, it could send the price well over $60,000, to around $65,000 to be more specific. I just personally think this recent 20% drop in bitcoin price opened up a great opportunity for both new and existing investors.

Tesla's recent acceptance of bitcoin for its car purchase is considered a huge news that will bring around substantial impact. They added bitcoin to their balance sheet months ago and now started allowing purchases directly with bitcoin. How convenient it would be not to have to sell your bitcoin for what is currently considered a currency in order to buy goods including cars? This is only the beginning of the trend. More and more large institutions will start accepting bitcoin which will change the world's perception of the digital currency. Imagine buying a house with bitcoin! It is no longer someone's imagination but rather becoming the reality! I humbly say it is only a matter of time. Smart ones are loading up on these dips besides the institutional investment.