Its safe to say that the bears dominated the past few days in the cryptocurrency markets, as bitcoins price dumped to a new multi-month low of $82,000 on Wednesday evening.

Such a massive price move in either direction hints at further volatility for the underlying asset, but one particular analyst believes the bear market might have started. Yet, there could be good buying opportunities right around the corner.

The last time #Bitcoin $BTC showed a bearish divergence against the RSI on the weekly chart, it triggered a bear market! pic.twitter.com/JUcLw0CPdc

Martinez indicated that the RSI on the weekly chart has shown a bearish divergence, which could be the factor signaling the start of a bear market, at least according to historical movements.

This drop to the bearish divergence occurred after BTCs massive crash since last Friday. Recall that the asset went close to $100,000 but a series of events, including the largest hack in the industry as well as Trumps controversial economic policies, didnt allow a breakthrough and the asset started to crumble.

This culminated yesterday evening with a drop to $82,100 (on Bitstamp), which represented a new three-month low. Moreover, it meant that BTC had lost over $17,000 in less than a week.

This substantial correction led to many speculations whether traders should use it as a opportunity to buy the dip. However, that might not be the case just yet, said Martinez.

Although many investors positions are now underwater, their realized loss margin stands at just over 8%. The best buying-the-dip opportunities arrive after that metric exceeds 12% since 2022, which means there could be even more trouble for BTCs price moves in the next days and weeks.

Since 2022, the best #Bitcoin $BTC buying opportunities have occurred when traders realized loss margin hits -12%. Right now, it stands at -8.25%! pic.twitter.com/ftJ0xQn2qz