My Bitcoin Sell Target
Hey everyone,
As long as Bitcoin trades below $100K, I need to remain short term cautious as there might always be a final sell-off ahead. I do like the fact that the market sentiment is leaning towards caution, with my feed calling for a cycle top. The good news about that is that I have never experienced a top where everyone was calling for one.
However, if Bitcoin were to head to the lower part of its range again at $90K, this would present opportunities given the resilience shown in recent price swings where dips have been met with buying interest.
This resilience indicates there's still strong support beneath the current price levels, suggesting that any drop might be a chance to accumulate more Bitcoin (or your favorite altcoin) at a discount. Considering the wreckage on altcoins, Bitcoin still appears to be the asset with the best risk-adjusted return potential. When it comes to altcoins, you've got to be selective, focusing on those that have bottomed out against Bitcoin.
If Bitcoin manages to break above $100K, we could be looking at the start of a new leg higher. If the price then trades towards or even beyond $105,000 to $106,000, it would give us a clear signal that the market is ready to rally again. But this is all speculative until we see those moves; without that, patience and caution are our best tools.
So where will the price be headed if Bitcoin follows the price action we've seen in past? If we project a similar more like in November, then possibly around $160,000. At that point, I would consider to sell at least a part of my crypto stack. This isn't just about cashing in on gains; it's also about risk management. An 100% rise from current lows would be a conservative target to aim for, allowing us to lock in profits and prepare for any potential market correction that might follow such a run-up. The rest of my crypto portfolio will remain invested, ment to capitalize on any further upward move.
What do you think, is my target too low? Too high?
Thanks for reading.
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Written by Timothy Assi, an Elite Popular Investor on eToro.
Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk. Past Performance is not an indication of future results’
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You just inspired me to do my own " Bitcoin Sell Target" article :)
I believe your target is fair, mine is a bit lower.