Bitcoin last traded above $50k in December 2021. The market analyst suggests that it is favorable this time, citing expected cuts from the Federal Reserve, the approaching fourth Bitcoin halving, and growing inflows to Bitcoin ETFs.
My BTC plans for 2024 assume that BTC will revisit and exceed its previous all time high. I listen to Raoul Pal, the global bond analyst who says that the bitcoin halving events are not the determinant. He says that the halving events just happen to coincide with (or have been factored into the BTC creation) the US election cycle. In the run up to US election dates, politicians want to “give stuff to the public” which results in reckless spending, and risk on reaction from investors. He maintains that this alignment with the political cycle, more than anything else, is the reason that BTC has reached all time highs in the last three election cycles since its inception.
there are real chances it’ll continue growing. a lot of strong resistance level were surpassed within a previous month, so i bet there are no huge volumes above that can pull the price back and drop the btc.
no one believed that btc could play out. a set of circumstances led to the picture we have, so I presume it will continue growing, but it’s better to set stop losses, cuz any situation can easily change the price direction.
In my experience a stop loss would be better named “Guarantee loss” The only times I have ever lost money investing is when a stop loss is hit, and 98% of those losing trades would have been winners had I not used a stop loss and just waited it out. I am happy to say I have not lost a dime holding Bitcoin, and I have been holding for 7yrs now, and it has been a fun ride
Buy and hold works
I forgot to mention. To date, I have never leveraged crypto trades. In that respect, I have never been stopped out. Part of my 2024 plans include a limited exposure to leverage (probably just BTC and ETH) but I have no reason to change the habits built over the past 3 years.
Thanks for sharing that! Exciting times ahead for BTC and hoping it breaks through those all-time highs!
Good for you! Inspiring to hear stories like this. It’s a reminder of the long-term potential in the crypto journey.
Nice when this happens. I keep thinking about that influencer Ian Balina who keeps playing the tune “going to the moon in a lambo”
Just wait for the retail crowd to get back in. They’re not at the moment. ATHs broken in March.
Ad a fan of Raoul, are you also invested in Solana?
And BTC is at $60k. That should wake up the masses!
Yes, but only recently, and only a small investment in preparation for meme coin gambling on the Solana chain. I do plan to increase Solana holding, but I have some serious work to do next few days planning to offramp my entire initial investment and leave the remainder as “no money down investment” for the longer term. I missed the Jan2022 peak despite having paid for advice, which I did not follow. I was advised to sell out 50% of my holdings (Weiss reports that I subscribed to). In the event, I did not move to USDT and suffered the full 75% market crash. Don’t want to be there again. At the moment, I need some fiat cash for moving home, and will try to come out of that “once in 25 years” event without a mortgage on the home I live in.
how long till bitcoin goes up?
Welcome to Babypips.
To answer your question, it’s been going up for a while now. Last March it was 20K so I make that about a 200% increase in a year. Strangely, that is what it has averaged since it was created.