I published my thoughts on BTC’s probable rise toward 10k on July 24th. We’re there now.
Bitcoin’s had difficulty at the 10k level since Q4 2019… Just like silver did at the 18.80 level, also since Q4 2019. You’ll see some similarities if you look closely at where recent extremes in prices have hit, specifically the last 9 months.
To be clear – I’m NOT implying these two assets are correlated, but since October 2019, they’ve been a mirror. That’s more likely attributed to risk-on in the markets & a weakening US dollar. A lot of stocks have that price action too, not just silver. Risk-on and risk-off could make everything look like the same chart.
So here’s the bottom line: For Bitcoin bears – could price come down and hit 7500 before it breaks higher? Yes. I’d be a buyer there. Could we retreat and consolidate for the next few months? Yeah, sure. As always, all possibilities are on the table.
But this post is more for the bulls. My number one suggestion is to stop being short-term oriented when you are positioned as a long term speculator. My biggest mistakes were usually associated with short term thinking. So if you are bullish long term, commit to being bullish long term. Otherwise, you’ll more likely than not find yourself left in the dust not holding a position. This speaks more to the newer traders.
I am very bullish on Bitcoin at this level, we’ll see where it goes.
Thanks for reading!