Bitcoin recently took a hit--its value dropped to below 57K on November 18. This, in turn, lead many current holders to sell their holdings immediately. However, this may have been a hasty move, as some traders are saying that now is the time to buy and not sell. However, upon further inspection, this wave of panic is probably short lived and unnecessary. Delphi Digital, a cryptocurrency research firm, declared, "The initial sell-off was largely driven by a wave of liquidations rather than a fundamental shift in narrative." This means that while there is an opening caused by this wave of selling, it might be a good idea for traders looking for market exposure to buy holdings now. And even thought it is predicted that Bitcoin might even fall to $55,000, it's agreed that this drop will be short-lived. The research firm compared this occasion to the fall in price of ETH as well.
For short-term holders, this kind of a drawback is rather concerning for even experienced traders, but even those experienced traders have said that long-term holders of BTC don't need to be concerned at all. For short-term traders, however, it is important to consider the fact that this drop in price is testing the lower bound of the current support zone, and it's unlikely that that support zone will continue to hold. So although the bears might have had a field day with BTC this day, it's more than likely that it will be given over to the bulls again soon, and that's why traders should consider going into BTC while it is low for a little while. And traders/holders should also keep in mind that the overall cryptocurrency market capitalization is currently worth $2.508 trillion, and that BTC's dominance rate is at 43.4%.
Good luck, and may the market be with you!