Post
Topic
Board Speculation
Re: Bitcoin Closing in on 60k, Again!
by
Iranus
on 24/03/2024, 08:40:09 UTC
-snip-
We never know the exact prediction for the ATH that can be reached before or after the halving, the current market scenario has the potential to see a rise higher to reach the actual ATH and we will not know when it will be realized, but I am sure we will soon see a price of $100k for ATH next. However, the current market scenario is not very suitable for short-term trading strategies because the movement patterns in 2021 can occur at any time, so consider all aspects of market movements before investing at prices above 60k unless you decide for long-term investments, if the next correction occurs it will last 50k before the bull market is ready to set its next record ATH.
While some traders take advantage of short-term volatility to take profits, you say this is not the right time for short-term trading. Market patterns are difficult to predict, but some people who are truly capable of analyzing them manage to profit from price volatility. I agree that long term investment is better than trading, but not everyone agrees on this especially if they are a trader.

So far I don't think $100k can be reached before the halving, unless there is a huge influx of funds flooding the market ahead of the halving. Such a scenario is starting to become hard to hope for, so now it may be time to focus on the long term in the hope that $100k can be touched a few months after the halving.
The $100K  price can be reached before the halving and what we are seeing now in the market is the last market correction before another pre-halving bull happens. The major concept of the correction is to strengthen the market but that doesn't mean the correction is not good for short-term trading/investment it only depends on the trader's/investor's capacity about the market.

Aafter the approval of Bitcoin ETF, the price of Bitcoin has increased significantly and touched an all-time high. With just over a month to go before the Bitcoin halving, we have seen the highest Bitcoin price in the Bitcoin market. The market has now corrected from there after the price of Bitcoin hit its all-time high, bringing the price of Bitcoin to $64,000.You said bitcoin price correction doesn't mean it is good for short term trade or investment I think you are wrong. Normally we wait to invest when the market dips then we buy but now the market is correcting so now may be our time.

I also think this correction is not good for traders and short-term investors because bitcoin dropped suddenly, and I bet no one can react in time when bitcoin drops. Don't forget that bitcoin is unpredictable and also since we cannot predict when bitcoin will rise and when bitcoin will correct, holding for the long term is always the best strategy. When bitcoin rose to $73k, everyone expected it to continue at $75k or higher, but it eventually corrected. How many traders predicted this and opened a short position? I dare to confidently tell you that no one dares to do that.