Every day I get messages asking me if it’s the right time to sell or buy Bitcoin and Ethereum. Although I do not give financial advice, I try to best explain my current position on the top cryptocurrencies through my newsletter (bi-weekly) and my Crypto Corner video podcast on Youtube. I have been calling a correction in Bitcoin for the past two weeks and despite breaking the crucial $16k resistance level, I have doubts that we can jump any higher without a well-deserved “breather” – in other words, I expect a correction and I gave my arguments in favour of this in my latest episode of Crypto Corner yesterday.
As explained, I feel that 10% or even 20% correction will be totally normal and healthy for the continuation of the bull run that will eventually take us into new ATH.
As predicted, a correction is inevitable and even imminent. In fact, just hours after I aired this episode, Bitcoin started correcting. A few hours later, Ethereum followed suit, so no surprises really. The question right now is really:
How much will we correct? Are we going to the mid-15k price range (that’s for sure)… are we going to be stopped there for consolidation and will that support hold or are we diving deeper to the lower support levels of $14k and $13.5… I feel it’s possible, though right now it seems unlikely. If this correction was happening any other time than Nov/Dec, I would be more confident about it. However, we are now in the best time of the year for a Bitcoin rally, so it’s very possible that we only correct to the mid-$15k range and opt for another leg up. Beginning of 2021 however, could bring the much-awaited drop to $13k – a price level that has many hungry buyers and one that will most likely be bought in no time.
Only time will tell how this will play out, I am hedging into fiat and I’ve exited all alts in the mean time.
OTHER POSTS YOU MIGHT LIKE:
CRYPTO CORNER EPISODE 249 Market Analysis, Updates, News & Reviews In today’s episode I look at latest statistics by GlassNode and discuss the likelihood of a trend reversal in the longer timeframes – Are We Entering A Bitcoin Bear Market? ☝These are my opinions, not financial advice, always DYOR. 👆Sign Up for the Crypto Corner … Continue reading Is Bitcoin Entering A Bear Cycle?
CRYPTO CORNER EPISODE 248 Market Analysis, Updates, News & Reviews El Salvador Announced Bitcoin as a legal tender in the country + 100% renewable energy mining operations to begin soon. This is very bullish for Bitcoin and sets the tone for more upside price action in the coming weeks. ☝These are my opinions, not financial … Continue reading What Pushed Bitcoin Up Today?