Daily Price Action

BTCUSD: Bitcoin Dips Should Be Temporary


Bitcoin (BTCUSD) is back to “up only” mode following its recent 26% correction.

As most of you know, I was buying Bitcoin when it was between $8,000 and $10,000 in May of last year.

I was also buying Ethereum (ETH) when it was just above $200.

Both investments have worked out incredibly well, and I’m anticipating another five or six months of a bull market based on the last two.

However, no market moves in a straight line, even one as bullish as Bitcoin.

While I’m not expecting another major correction like the one we just had, I do think there’s a good chance we see a 5-10% pullback from this week’s high.

A look at the total crypto market cap chart illustrates this.

Crypto market cap 4-hour time frame

There’s no guarantee we’ll see cryptos pullback to the $1.58T area, which implies another 6% of downside.

With that said, such a pullback would be enticing as a buying opportunity.

That could put Bitcoin back to $53,000 – $54,000.

Just keep in mind that there are no guarantees.

Every dip is being bought up in a hurry, so there’s no guarantee we see BTCUSD pullback 7% toward the $53,000 area.

Alternatively, a daily close above $58,000 would signal the market’s bullish intent and open the door to $60,000 and beyond.

As I mentioned last year, I expect Bitcoin to exceed $100,000 this year and perhaps rise to $250,000 or greater.

I’m anticipating a $70,000 – $80,000 BTC over the next four to six weeks.

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BTCUSD 4-hour time frame

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Justin Bennett says

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tom says

great work

ali says

thanks justin for the good advise.

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