Bitcoin [BTC]: Is this really the right dip to cash in on

ambcrypto.com:

Bitcoin, again, went on a steep downtrend on 18 August after seeing steady uptick following its massive decline in June. In fact, for a brief while, the king coin also managed to cross the $24,000-mark, which gave hope to investors for a further surge before moving south. 

At the time of writing, BTC was trading at $21,119.65 with a market capitalization of $403,966,011,914. However, before panic selling, investors might look at some metrics. Especially since some data sets might suggest this is a good time to accumulate BTC.

A look at the Hash Ribbon’s data suggested that there may be a great buying opportunity for buyers as the 30-day MA crossed the 60-day MA. When the 30d MA passes over the 60d MA, the Hash Ribbon signals that the worst of the miners’ surrender is over. This is a positive market indicator, one encouraging investors to buy more. 

The crossover in question began last week after the green line gained enough momentum to overtake the blue line. 

Source: Glassnode

Ghoddusifar, a CryptoQuant analyst, recently expanded on the possibility of BTC falling by a further 30%. In light of what the Hash Ribbon tells us, it’s worth looking at some metrics to assess whether the prediction can be true.

Consider this – Bitcoin depreciated by 15% over the last seven days. On the contrary, a massive spike in volume was noted, indicating liquidations. The Total Transfer Volume to Exchanges of Bitcoin also fell along with the price, further underlining the operation of a bearish market. 

Source: Glassnode

The total supply in loss also moved north as it hiked from 6,825,471 on 15 August to nearly 8,720,069, marking this month’s highest on 19 August. 

Source: Glassnode

Finally, BTC’s 4-hour chart too flashed a similar picture as the