Post
Topic
Board Speculation
Merits 2 from 1 user
Re: Buy the DIP, and HODL!
by
EarnOnVictor
on 06/08/2023, 16:31:18 UTC
⭐ Merited by Doan9269 (2)
Actually, something like that is not wrong but the way it is said cryptocurrency for now actually refers to the mass (many) so it will sound ambiguous and not specific if you say crypto in reference to bitcoin.
It would be better if the pronunciation is more specific to "bitcoin" if it is talking about bitcoin because crypto is broad in scope and this certainly includes bitcoin and altcoins including shitcoin.
It is also not wrong to say crypto because it is true but the scope becomes wider if you say crypto in contrast to bitcoin which is already specific.
What you say is also specific enough that it makes me have to agree because in fact it is clear that the term crypto is so broad that it does not only include Bitcoin, but also includes others as you mentioned. And if everyone refers to the reference sources that are in this topic, it is more directed to the discussion of Bitcoin so that it would be very correct if each of us mentioned Bitcoin directly without linking other cryptocurrencies into this. By the way, for now Bitcoin is still under $30K, is there anything out there that makes it difficult for Bitcoin to move past $30K this month?
As far as I am concerned also, this is typically about Bitcoin, so everyone should stick their view to it to avoid irrelevance. Besides, Bitcoin has been well overestimated this year, particularly at the time that the market hit its first ATH of the year, that was when I knew it might not move above $35-37K this year and it has not disappointed me, not even for the fact that it was threatening to move more bullishly at that time of my first speculation. This is because there have not been so significant bullish movements before halving in the BTC's 4-year cycles, I don't believe this is the first time such a narrative would change. And as a matter of fact, much bearish impact might be felt before the strong bull run slated for 2024, which is why I know that BTC will comfortably be below $37K by the end of this year but might reach more than $150k in 2024-2025.

Now directly to your question about 30K, that is what we call a psychological level in the trading term and it often has its barriers even though the level is not the professional level that has stronger barriers now as I see now, it's just an approximation. The level that has the stronger resistance is $31450, and I also implore traders to watch out for $32,000 which is also psychological. And if you would agree with me, BTC has been so sluggish in movement immediately it crosses $30,000 upwards, and the only logical explanation for it is that there is a lack of willingness to buy further at that level (drop in demand/increase in supply). I'm afraid it might sustain this till the end of 2023.