5k BTC Target Reached - Market Crashes Immediately Afterward
During the night, BTC did touch the 5k target I was anticipating. I was not watching it, and now it has gone down to 4,500! I need to get some alerts because this cost me several thousand dollars. We might have some bounces, but pretty much until the market can prove to me it is done consolidating, I am not bullish.
Consider me patiently neutral as I am reducing my holdings as we speak. Sure, BTC could find support at 4k and be rallying to 6k a month from now. Certainly possible. It is also possible this was the end of the parabolic run higher, and we have a massive consolidation on a multi-week basis. I cannot say with any certainty which outcome will happen, so I require the market to give me some signals before I am bullish or bearish.
Being neutral when we have rallied from $200 to $5000 in Bitcoin price, comes with the understanding that if the market chooses the downside, it will be gruesome for those still holding. It also comes with the understanding that if the market chooses to continue the parabolic run higher on a weekly basis, the following trend lines this creates approach a straight line up.
Long-term, I am still obviously bullish on crypto, just that parabolic runs are a good time not to stay long indefinitely. If BTC wants to continue this parabolic run higher, I am happy to ride it higher, but this comes with no delusions on my part of such an outcome continuing indefinitely.
Any investment that goes straight up without any kind of retracement is not healthy and probably a mania. Bitcoin is on fire, for sure, but I'm afraid many of its investors are expecting 100% gains every day and that is not healthy either. I'd like to see BTC hover in the 4800's for a couple of weeks before it's next leg up. It needs to build a solid base, otherwise the swings will be lethal.
A lot of people tell you that anything less than 10.000 this year is cheap. I'm like no, no.
I'm slightly more short term bullish on ethereum but only because of the news at the ethereum summit. Unless there's a big drop I'm holding only 30% of my original Crypto. Better safe than sorry.
Yes, your post totally nailed it! Major correction is imminent in my opinion. I predict an excellent opportunity to get into BitCoin towards the end of the year. Without being an expert on chart interpretation, I think we are approaching the end of an unprecedented boom cycle that should naturally result in a 20-30% correction.
Some people over at CNBC suggest $3,600 as the ideal point to enter the market. I really hope it takes that dip.
Cheers,
Stefan
In my opinion BTC is on its way to 10K $, price that I expect the coin will hit by the end of the year. I don't know if we will see a major correction this month, or we will see BTC at 6K $. Anyways we must be ready, if price drops, to buy some "cheap" BTC. Nice work!
Thanks for your perspective. I basically agree that I am leaning that BTC will favor the upside in the coming months. 10k by next May I do not think is uncalled for in BTC price. The downside of holding cash right now, though, is minimal. I can rebuy BTC at 5k if I want to when it begins rallying again. I miss out on 10 or 20% increase, or something, and then I see huge gains afterward. I avoid a lot of risk and see almost as much gains.
Its insane!! Bitcoin is the future just invest and hold for long term!
Holding long term is fine. This makes a lot of sense when your holdings are smaller too.
Some things, like EOS I am just holding long term. With BTC, though, people who are unwilling to sell on these parabolic spikes, they can see 30% to 50% declines. In the end, I expect BTC to go a lot higher, and then have the really massive pull back of 50%+ decline, I think we have to hit a higher price point before we see the 50% decline in bitcoin.
50% may not seem so bad for people who have invested in 1 bitcoin, especially if they are holding for years. 50% decline for people with 1 mil invested, for example, they will temporarily lose 500k, and they will do this when it was predictable that they could have avoided this loss.
It's better to sell on spikes and buy on dips in a market like this. So when bitcoin hits down to 4k or below, you simply rebuy and then ride it higher. People able to do this, will do much better than people simply holding, if they are able to buy near bottoms and sell near tops. It's hard to do perfectly, but as my channel has pointed out, I have anticipated a 5k top on bitcoin for almost a month now. Predicting it was simple. Meaning, some could have sold last night, and rebought today if they wanted to, or rebuy in the future when BTC is lower. It saves on losses and results in more gains, and reduces exposure for catastrophic events.
a pretty huge drop but i am HODLING it :) long term to go
Bitcoin top
I will support you,upvoted
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So you have taken a lot of time like you did not even mind afterwards, speaking in this for the sake of doing mill work, we can earn a lot of money in one month.