Bitcoin has broken through $50,000 and it's delighting a lot of people. They didn't want to buy BTC six months ago, now they are putting their last money into the market. Well, thank you, guys. Nothing has changed since our last update. We have the same scenarios.
Making predictions is a thankless task because no one knows the goal towards which the market goes. But let's try to set some goals. Bitcoin can't rise at this rate all the time. We believe that a trend change is coming soon. We don't know when that's going to happen.
We must keep a close eye on the BTC holders and sales. As soon as we see a few things happen, we should immediately close our long positions. And what are the circumstances that have to happen?
We have two scenarios:
- We hold BTC with a minimum target of 50% profit. I think Bitcoin will get there without any problems. Our goal is $85,000. This is a realistic goal before Bitcoin "unexpectedly" crashes down.
- But if you look more carefully at the network metrics and analyze the past moves, we might see Bitcoin a little above the level of $100,000. Do you know what the small traders will do if bitcoin gets the price of $100,000? I think they will buy BTC out from the big traders and make the price reach $120,000, not less. After that what always happens is an "unexpected" Bitcoin crash.
Usually, when Bitcoin grows at the rate we're going now, the period of growth does not exceed 6 months. This is not a call to buy Bitcoin. This is just a thought and an attempt to guess the future rate based on some data. Things can change tomorrow, in any case, you have to stick to your risk management rules. We are holding Bitcoin positions now and as soon as correction happens (not trend change), we will surely increase our positions.
The main thing is not to mix up a correction and change of the trend. And do not let big players take your money. What do you think regarding the current market situation?
Making predictions is a thankless task because no one knows the goal towards which the market goes. But let's try to set some goals. Bitcoin can't rise at this rate all the time. We believe that a trend change is coming soon. We don't know when that's going to happen.
We must keep a close eye on the BTC holders and sales. As soon as we see a few things happen, we should immediately close our long positions. And what are the circumstances that have to happen?
We have two scenarios:
- We hold BTC with a minimum target of 50% profit. I think Bitcoin will get there without any problems. Our goal is $85,000. This is a realistic goal before Bitcoin "unexpectedly" crashes down.
- But if you look more carefully at the network metrics and analyze the past moves, we might see Bitcoin a little above the level of $100,000. Do you know what the small traders will do if bitcoin gets the price of $100,000? I think they will buy BTC out from the big traders and make the price reach $120,000, not less. After that what always happens is an "unexpected" Bitcoin crash.
Usually, when Bitcoin grows at the rate we're going now, the period of growth does not exceed 6 months. This is not a call to buy Bitcoin. This is just a thought and an attempt to guess the future rate based on some data. Things can change tomorrow, in any case, you have to stick to your risk management rules. We are holding Bitcoin positions now and as soon as correction happens (not trend change), we will surely increase our positions.
The main thing is not to mix up a correction and change of the trend. And do not let big players take your money. What do you think regarding the current market situation?
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.