This Trader Thinks Bitcoin Is Undervalued Below $30,000: Time To Buy More BTC?
05 Octubre 2023 - 6:00PM
NEWSBTC
On X, one trader going by the handle “CryptoJelleNL”
is convinced that accumulating Bitcoin below $30,000 can
be rewarding. The trader expects prices to not only expand towards
all-time highs printed in 2021 at around $69,000 but break above
$100,000 in the coming sessions. Although the analyst didn’t
give timelines, the “game plan remains the same,” acknowledging
that it will be a “tough mental battle” before exiting the market
when BTC soars above $100,000, nearly 4X at spot rates. It is not
immediately clear precisely at what price the analyst entered.
Responding to a tweet, CryptoJelleNL said the strategy is not to
buy between $30,000 and around $70,000 because doing so will only
increase the average “entry-level.” This strategy was proposed by
an X user who preferred dollar cost averaging (DCA) using lower
capital. Related Reading: Bitcoin Cash Price Won’t Go Down
Quietly – Risk of Bounce Grows In DCA, an investor makes periodic
purchases of a target asset at low costs to dampen the effect of
volatility and reduce the overall entry price. This system can be
effective for HODLers, like in the case of CryptoJelleNL, and for
traders who can’t time the market. Will Bitcoin Break Above
$30,000? Even so, time will tell whether Bitcoin will eventually
recover from spot rates, soaring above $30,000 and July 2023 highs.
Looking at price charts, bulls have a chance, at least in the short
to medium term. Prices remain tight, trading above the
$25,200 primary support and $28,000 and $30,000 resistance zone.
Moreover, trading volumes are lower, suggesting that activity is
generally low, with most market participants not keen to engage at
spot levels. Related Reading: XRP Price Breakout: This
Resistance Level Holds The Key Even so, a breakout above $32,000
might spark activity, pushing prices toward the all-time high in a
welcomed buy trend continuation formation in H1 2023. Looking at
the weekly chart, prices have mostly been consolidating from June
2023, oscillating between $32,000 on the upper end and $25,000 on
the lower end. Former BitMEX CEO Says BTC Will Roar To $750,000
Arthur Hayes, co-founder and former CEO of
BitMEX, believes BTC will explode to around the $750,000
and $1 million level by 2026. In his view, the Bitcoin halving
event, a supply shock that will halve the rewards distributed to
miners, and the potential approval of a spot Bitcoin
exchange-traded fund (ETF) by the Securities and Exchange
Commission (SEC) will be the primary drivers of demand. Bitcoin
will halve miner rewards in 2024. The SEC has hesitated to
greenlight a spot Bitcoin ETF, though the complex derivatives
product is already available in other jurisdictions, including
Canada and Europe. Feature image from Canva, chart from TradingView
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