World’s largest cryptocurrency, Bitcoin, slipped below $108,500 in the past 24 hours, its lowest point in nearly two months. While many traders fear that this decline signals the start of a deeper correction.
Yet, veteran crypto trader VirtualBacon believes the move is less about the bitcoin sharp dip and more about an opportunity to buy the dip.
Why This Dip Feels Different
According to VirtualBacon analysis, Bitcoin’s current level aligns with its 20-week simple moving average (SMA), a line that has consistently acted as a reliable “dip-buy zone” in past cycles like in 2017, 2021, and now 2025.
He adds that as long as BTC holds above the 50-week SMA near $95K, the bull market remains safe.
Despite the noise about a market top, he argues that true cycle-top signals haven’t appeared yet. “We’re far from euphoria,” he said, highlighting how panic is driven more by fear than by real data.
Breaking Down the Bearish Signals
The drop has sparked waves of bearish calls, with warnings about bearish divergences, slowing momentum, and even comparisons with the 2021 cycle. But VirtualBacon dismisses these signals as misleading.
Daily RSI divergences usually hint at short-term consolidation, not a market top. Similarly, weekly slowdowns indicate weaker rallies but not necessarily a peak.
As for chart overlays with 2021, he reminds traders that Bitcoin has never topped the same way twice. From the 2013 double pump to the 2017 blow-off top to the 2021 rounded double, each cycle has been unique.
Fundamentals Support the Bulls
What strengthens his view is the macro backdrop. The Federal Reserve is expected to cut rates on September 17th, with odds at 87%. Easier monetary conditions could push fresh liquidity into risk assets like Bitcoin.
Further, VirtualBacon points to tools that historically signal cycle tops, such as the Pi Cycle Top indicator, the Mayer Multiple, and the Fear & Greed Index. None of them, he emphasized, suggests Bitcoin is anywhere close to overheating.
Buy The Dip
Combined with BTC holding at a major support zone, VirtualBacon views the dip as an accumulation opportunity, rather than a sell signal. Even Binance founder CZ weighed in, urging traders to “stop selling dips.”
He sets a clear line in the sand at $95K. As long as Bitcoin stays above it, the bull run is alive.
As of now, BTC is trading around $108,453, reflecting a 1.5% drop in the last 24 hours, with a market cap of $2.16 trillion.
