Bitcoin’s recent turbulence is remicisent of other times it has “retraced” multiple percentage points before racing off.
Bitcoin Potentially Headed Over $13,000
Analysts, according to multiple outlets, feel that things might be looking in that direction.
They note that the past few days of Bitcoin trading have been significant.
#Bitcoin 3D chart setup: bullish engulfing candle, broken descending trend line, move confirmed by great volume, confirmed bullish MACD divergence, Willy was over-sold and is now charging higher pic.twitter.com/9awRetMKWA
— jb (@blackswan0815) October 27, 2019
Just to be clear, while this is not trading advice, this means a $100 investment in BTC (or most top 10 cryptos) now could, if chart wizardry is to be trusted, yield a profit of around $30 in a matter of hours or days.
The volatility of Bitcoin certainly puts this within the realm of possibility, but for quite some time now Bitcoin has failed to test $11,000 much at all.
However, any time we consider the thoughts of a crypto analyst, we must consider that simply calling for another bull run is not a scientific endeavor. The nature of Bitcoin is to spike when interest, also known as demand, spikes.
Bitcoin Beyond Price Action
The real value of blockchain tokens, depending on what they are, is elusive. You’ll never know what you lose if you spend some BTC today, as you won’t have it down the road. You might miss greater rewards to reap.
You might, more importantly, miss other interesting ways that tokens will be employed in society.
Thus, for better or worse, the nature of many traders when it comes to Bitcoin is to accumulate as much as possible.
This makes the liquid minority of coins all the more valuable, as they continually change hands across exchanges, occasionally exiting via theft or technical loss.
Bullish Divergence on 12h MACD.
— wolf (@ImNotTheWolf) October 25, 2019
Whatever your take, Bitcoin is the type of asset that you frequently regret selling as well as not buying enough of it.
While this article isn’t intended as trading advice and the opinions belong solely to the author, the best time to get on board an investment bandwagon, if you think you ever will, is always sooner than later.
Although this philosophy eventually leads to FOMO (“fear of missing out”), it also yields profits for those who time their trades properly.