Re: What do you think about the price of Bitcoin now? Take profit or greed?
What do you think about the price of Bitcoin now? Take profit or continue to greed? I understand how you feel about Bitcoin's price crash in the past. And many people are thinking about taking their profit when Bitcoin go back its old top around 20k USD. If you look at the chart of Bitcoin recent days, you can see Bitcoin continuously sold down at the price 18.2k USD, it shows that many people had already taken their profit but it was immediately bought around the price 17.5k USD and be supported very well at here
https://i.imgur.com/qqeUqqs.jpg
Let's think about what happened next when they had already taken profit? the break of its old top and keep going up? In my opinion, I see the price movement of Bitcoin this time compared to 2017, there is a difference significant when we see the monthly chart of Bitcoin.
1. The first period is from Jan-2017 to Jan-2018
https://i.imgur.com/mWTXntO.jpg
-->There are almost no adjustments, and the price went straight from 1200$ to 20.000$
2. The second period is from Jun-2019 to Nov-2020
https://i.imgur.com/56j4oQK.jpg
--> The price moves in its correct trajectory (maybe Elliott's wave) with some significant corrections.
Beside that, I want to show an interesting information about the difference between BTC flowing into and out of all exchanges.
https://i.imgur.com/tIIyrAN.jpg
(Source: https://cryptoquant.com/overview/full/474?window=day)
We can see the red candles represents for a drop in Bitcoin deposits on exchanges and that could be a sign that there is little taking profit here on exchanges (there may be trading on OTC exchanges)
Finally, this is just another view of the market from me. And with long-term investors, you also shouldn't have too much headache about profit taking or not
https://i.imgur.com/qqeUqqs.jpg
Let's think about what happened next when they had already taken profit? the break of its old top and keep going up? In my opinion, I see the price movement of Bitcoin this time compared to 2017, there is a difference significant when we see the monthly chart of Bitcoin.
1. The first period is from Jan-2017 to Jan-2018
https://i.imgur.com/mWTXntO.jpg
-->There are almost no adjustments, and the price went straight from 1200$ to 20.000$
2. The second period is from Jun-2019 to Nov-2020
https://i.imgur.com/56j4oQK.jpg
--> The price moves in its correct trajectory (maybe Elliott's wave) with some significant corrections.
Beside that, I want to show an interesting information about the difference between BTC flowing into and out of all exchanges.
https://i.imgur.com/tIIyrAN.jpg
(Source: https://cryptoquant.com/overview/full/474?window=day)
We can see the red candles represents for a drop in Bitcoin deposits on exchanges and that could be a sign that there is little taking profit here on exchanges (there may be trading on OTC exchanges)
Finally, this is just another view of the market from me. And with long-term investors, you also shouldn't have too much headache about profit taking or not
I personally think there is a lot more upside to gain before we start to peak. Most testing points have been broke through relatively easily so far so IMO I don't see any reason why it can't go further to test ATH. I think if it goes to 25k+ then I might liquidate some BTC into stablecoin for the time being until a pullback occurs. Other than that I am wanting to hold onto my sweet sweet BTC.
