Bitcoin Drops Below $111,000, But Expert Predicts It Will Soon Rise to $120,000

The global cryptocurrency market has fallen 2.8% in the past 24 hours   to $3.92 trillion. Bitcoin also fell below $111,000, signaling weakness across the market. Despite the red, veteran trader Matthew Dixon sees opportunity, saying that this dip could be a “buy the dip” zone that could set the stage for Bitcoin’s next rally.

Bitcoin in buy zone as price falls
According to Dixon's chart analysis, the current Bitcoin price could present a good opportunity to buy and accumulate positions. The largest cryptocurrency fell 3.08% to $110,735.02. Its market dominance also fell slightly to 58.2%.

Currently, Bitcoin price is trading within the important “buy the dip” range of $108,000 to $110,000. Dixon noted that as long as Bitcoin remains within this range, the overall bullish trend remains intact.

Supporting this view, veteran cryptocurrency trader  Michael van de Poppe also believes  that the current dip is a potential opportunity to accumulate BTC. Furthermore, the volume patterns on the chart reinforce this outlook, suggesting that buyers may step in at these prices.

Bitcoin Will Hit $120,000 Again!
What sets Dixon’s analysis apart is his calm approach. He doesn’t panic over short-term price drops and sees pullbacks as a normal part of the market cycle. “Bitcoin is still bullish,” he says, and the chart shows that after this correction, the next move could take the price to $120,000.

For traders, this dip could be a good opportunity to buy before the price rises again.

Altcoins follow Bitcoin, but opportunities still arise
Furthermore, Dixon pointed out that Ethereum and other major altcoins fell along with Bitcoin. However, in the past 24 hours, 166,122 traders were liquidated,  totaling $ 837.79 million.

Meanwhile, this broad weakness could create rotation opportunities for traders. Dixon emphasized that the lower liquidity of altcoins could cause their prices to fluctuate more when buyers return.