Bitcoin (BTC) may be downward 20% from all-time highs, simply this is a golden opportunity to "buy the dip," analysts debate.

Black Fri is living up to its name in crypto this year as both Bitcoin and many altcoins are trading at their lowest in half dozen weeks.

Misgivings over $53,000 flooring

Later an overnight sell-off sparked by a declining Us dollar and macro markets rattled by a new coronavirus variant, BTC/USD is trading nigh $54,000.

As mainstream media highlight the autumn, others are far from concerned, all the same — current prices arguably offer a aureate entry opportunity.

Others poked fun at a knee-jerk article from Bloomberg in which the publication initially alleged that Bitcoin had "entered a bear market."

On brusk-term targets, pop trader and podcast host Scott Melker warned over going with the herd, expecting even lower levels to buy.

"We all seemingly desire to see 53K, which usually means we get front run at 53.5K or price nukes directly through and we HFSP," he tweeted.

"The crowd rarely gets what information technology wants."

In a sign that selling is likely non all the same over, funding rates across exchanges remain elevated despite 24-hour liquidations nearing $700 meg.

Bitcoin funding rates nautical chart. Source: Coinglass

Remember last Black Fri?

Melker, meanwhile, additionally pointed to the unusual correlation between the U.S. dollar and Bitcoin thanks notionally to the virus jolt.

Related: Bitcoin hits 6-week lows in hours equally 24-hour crypto liquidations near $650M

As Cointelegraph often notes, Bitcoin tends to showroom inverse correlation with USD, the latter having snapped a long winning streak Fri.

Far from fuelling Bitcoin's strength, however, the largest cryptocurrency has fallen in footstep with both macro markets and the U.S. dollar currency index (DXY).

Standing in the mode of further losses on Bitcoin is a heavy block of buyer back up at $53,000 — roughly the area that corresponds to Bitcoin'due south $1-trillion market capitalization.

Meanwhile, historical information serves as a timely reminder that Black Fri bargains are something of a common theme for Bitcoin.

In belatedly November 2022, BTC/USD dipped to effectually $sixteen,400 — only to so go along to tackle and vanquish $20,000 for the offset time in three years.

BTC/USD 1-day candle from November 2022. Source: TradingView