πŸš€ What is going to happen with the Bitcoin price?

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Hello!

I have been wondering what is going to be the next move for Bitcoin in the short term. While the halving event is ultra bullish, there are a lot of other things that could effect the price of our favorite asset.

I think that people are underestimating the influence that stock markets and macroeconomic events have to Bitcoin. When the stock market crashed due to COVID-19, the price of Bitcoin tanked, and after the quick "V shaped" recovery the price went up to 10,000$ levels. Now is moving sideways for more than 1 month, and all the traders are waiting patiently for the next move.

In my opinion, stock markets are not looking healthy to me. I don't think they are reflecting correctly the price and if I am expecting a bearish cycle there, I should expect it to happen to Bitcoin.

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If I learnt one thing in the last 2017/18 bull run is to "slowly take profits", and I can promise you that I will not forget this life lesson. On the meantime I am sitting with some cash and waiting for the next dip, if there is one.

Another thing that I learned during my cryptocurrency journey is that patience is key, there is no successful trader without this quality. Waiting for the perfect spot can give you massive profits, and this is what I am doing now.

What is this graph suggesting you?

While I would be fine if I spent the cash that I am willing to invest right now and surf the waves, I think that the most intelligent decision is to wait and start buying in the next dip.

If there isn't another dip and this is the last time you can buy a Bitcoin for 9,000$, I am fine with the amount that I have invested. However if I am able to buy during the next dip I will be in the green sooner than later.

I love to Zoom out when I am analyzing the price of an asset, this gives you a broader perspective about how things evolved during time. If I take a look at the chart below, it is screaming that there is a HUGE resistance at the 10,000$ level.
Another important point is that if we take a look at the first 2014 peak, it took almost 4 years to reach that price again. If we compare it with the January 2018 bull run, it has just passed 2 years and a half; in the past it took longer than this to get the same price levels of the bull run.

When it happened the price was mooning like crazy, and I expect this to happen again when we reach 20,000$.

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Enjoy! 😊
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4 comments
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Well, we agree on this so at least we will be both either wrong or right πŸ€“

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hahahahaha! We can share success or failure. Both are better if shared.

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