Bitcoin's Promising Outlook

We can't discount how bullish Bitcoin looks right now. The consolidation below its all-time high, the political tailwind, and the ETF narrative are all positive signs.

Bitcoin's price action is looking very promising. It's now trading well above the 60k support level, which will act as a strong support in the future. From a long-term view, Bitcoin is back trading within the 60k-70k range. The upside moves have been strong and with good volume, suggesting Bitcoin is more likely to test the upper side of the range first instead of revisiting 60k again. Of course, pullbacks are common but should not significantly endanger the long-term trend.

The range Bitcoin is in right now started in March. I'm very convinced Bitcoin will make a new all-time high this year or early next year. The latter would, of course, mean some more patience is needed. I simply don't want to lose my position at this point. You could argue 70k is a good level to sell, but I've made that trade before at 40k, and it forced me to buy back in at 48k. This has been such a powerful cycle where a buy-and-hold strategy has outperformed anyone who tried to time tops and bottoms. As you know, instead of selling, I have been buying BTC, ETH, and SOL during the major corrections. I now have 16% crypto exposure and have 1.8% left for some quick altcoin trades.

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Written by Timothy Assi, a popular investor on eToro. Follow & copy my portfolio:

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