Bitcoin has been in a bear market ever since we hit $20,000 (December, 2017).
There are two significant price points to keep an eye on for a bottom formation. One key price area which we cant rule out is the previous all time high of $1160 (November 2013) and the other is $3100 (December 2018) where bitcoin formed the foundation for the short lived rally (dead cat bounce) to $13,800. With that being said getting an order at our desired price is very unlikely, so ive drawn two price ranges where a long term buy is very low risk.
If bitcoin can hold $3100 price for more than 12 months from now i will definitely be buying a considerable amount, especially if we see a double bottom price action that spans a solid 6+ month time frame. However if bitcoin breaks $3100 expect this bear market to be prolonged and dont rule out the price touching into the $1000's. Personally i think bitcoin will bottom sometime between September 2020 and March 2021, at which price i cant be certain but my estimate says ~$3000. but if you dont want to "catch a knife" as they say you can wait until bitcoin sees monthly support on a certain price and then buy in with confirmation of an upwards trending price action preferably on a monthly time frame.
With all that said, waiting on the sidelines isnt a bad idea, patience is probably the most important thing we can practice in trading. Thanks for reading.
There are two significant price points to keep an eye on for a bottom formation. One key price area which we cant rule out is the previous all time high of $1160 (November 2013) and the other is $3100 (December 2018) where bitcoin formed the foundation for the short lived rally (dead cat bounce) to $13,800. With that being said getting an order at our desired price is very unlikely, so ive drawn two price ranges where a long term buy is very low risk.
If bitcoin can hold $3100 price for more than 12 months from now i will definitely be buying a considerable amount, especially if we see a double bottom price action that spans a solid 6+ month time frame. However if bitcoin breaks $3100 expect this bear market to be prolonged and dont rule out the price touching into the $1000's. Personally i think bitcoin will bottom sometime between September 2020 and March 2021, at which price i cant be certain but my estimate says ~$3000. but if you dont want to "catch a knife" as they say you can wait until bitcoin sees monthly support on a certain price and then buy in with confirmation of an upwards trending price action preferably on a monthly time frame.
With all that said, waiting on the sidelines isnt a bad idea, patience is probably the most important thing we can practice in trading. Thanks for reading.