Is This a Good Time to Buy Bitcoin (BTC) Dip? Watch FTM, SOL, DOGE, and These Altcoins for Strong Recoveries

VirtualBacon shared insights regarding the current situation of Bitcoin (BTC), noting that while the cryptocurrency is experiencing a sharp correction, there is no reason to panic.

As Bitcoin (BTC) experiences a sharp correction, many are wondering whether it’s time to buy the dip. I’m not panicking because we’re still above the critical Bull Market Support Band, which lies between $61K and $62.5K on the weekly timeframe.

This band has acted as both support and resistance throughout 2022, presenting two primary buy zones: $62.5K and the lower range between $58.8K and $60K. These levels align with previous highs, liquidity sweeps, and the 200-Day EMA, which is considered a critical long-term support level.

I’m waiting for two consecutive weekly closes above $63K to confirm a robust bounce. The Bull Market Support Band serves as a crucial level to monitor. The 200-Day EMA, currently around $60K on the daily timeframe, has also acted as both support and resistance over the past six months. A bounce from $60K would signify strength, whereas a daily close below $58K could indicate a bearish trend reversal.

In terms of buying targets during this dip, I’m accumulating in the $58K-$60K range, viewing it as a high-risk-to-reward zone. However, a close below $57K would raise concerns, prompting me to reassess my positions. The expectation is that as long as Bitcoin holds above $58K, it could establish a higher low, setting the stage for a new high above $66K.

Some altcoins are exhibiting remarkable strength during this dip. I categorize my portfolio into five key sectors: AI, Gaming, Meme Coins, RWAs, and Layer 1s. Using resources like TradingView’s Coin Screener and CoinGecko’s Category Tracker, I identified strong performers in the previous month, particularly in the Meme Coins, Gaming, and Layer 1 sectors.

AI coins remain resilient, with high-quality projects such as Fetch.ai (FTM), Render Network (RNDR), and SingularityNET (AGIX) showing positive gains. I recommend dip-buying opportunities in this sector.

Meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), Pepe, and Wojak are also holding up well. I suggest focusing on established names to mitigate volatility risks.

On the other hand, gaming altcoins are facing struggles. Projects such as The Sandbox (SAND), Axie Infinity (AXS), and Gala (GALA) have not demonstrated the same strength, and I advise patience, suggesting that only a few gaming coins are currently showing true potential.

A standout performer in the gaming sector is SuperVerse (SVS), which has maintained its uptrend despite market corrections. My buy range for this coin is between $0.78 and $0.92, with a stop-loss set below $0.58. Another gaming coin showing momentum is Prime (PRIM), but it is considered riskier due to its trading position. A dip to $7-$8 could provide a better entry point.

I’m also keeping an eye on XBorg (XBG), a low-cap gaming play, targeting $0.63 as a short-term stop-loss. The logic behind this trade is that all tokens are 100% unlocked, reducing early selling pressure and making it a more attractive long-term hold compared to other small caps.

As for coins to avoid, I’m expressing caution towards SUI, given the unfavorable risk-to-reward ratio. The next support level is at $0.76, making it too risky for entry. In contrast, Solana (SOL) is viewed more favorably, with strong support at $125. I plan to build a position from this level down to $125 with a stop-loss at $100.

Another Layer 1 coin to watch closely is Fantom (FTM), especially with the upcoming Sonic Chain release, which could position it as a competitive player in the space. My target entry for Fantom is between $0.58 and $0.60, with a stop-loss at the previous low.

Additionally, Axelar (AXL) is a promising project pivoting toward RWA infrastructure, with partnerships with major financial institutions. The target entry for Axelar is set at $0.47, with a stop-loss below $0.42, as I anticipate significant developments in 2025.