Post
Topic
Board Speculation
Re: Why Is Bitcoin Price Increasing?
by
Oasisman
on 11/10/2023, 06:34:07 UTC
My prediction is that there will still be some correction and the price could return to $25k before the halving, but I also disagree with the idea of selling now and waiting to buy back when the price drops. After all, we are all just making predictions and nothing is certain because we all know bitcoin is unpredictable.

I believe we have bottomed out for this bear and the halving is approaching so we won't have another big drop. So buying bitcoin at $28k or $30k or $25k won't make much of a difference if our goal is to only sell when bitcoin makes a new ATH. Don't trade too much risk for a little profit, think about what will happen if we sell now and the price doesn't drop as we expected?

I agree with your observation about the market. There can be a small correction before the halving which can take us to the 25k level again. This correction won't be significant so selling at this level and buying back when there is a dip won't make much difference. However there isn't any guarantee that there will be a dip before halving. If our prediction proves invalid we will miss the chance to buy at this level either.

You might see a difference when you sell at $27k and then buy back when it dips around $25k, only if you have huge amount of bitcoin being sold and that means when the price dips, a huge amount of bitcoin can be added to your holding when you buy back. However, the risk associated with such strategy is very high considering that we are approaching the next bitcoin halving. If bitcoin won't come down at the $25k level again, you'll gonna end up not being able to maximize the opportunity to make good profit for the most anticipated bullrun next year.
It's not gonna be a good strategy for someone who is DCAing, as the goal for it is to hodl as much as you can and wait for bitcoin to hit that specific target.