Accumulating Bitcoin Below $30,000 Could Be Rewarding
If you’re looking to accumulate Bitcoin, one trader named “CryptoJelleNL” believes that buying below $30,000 can be a rewarding strategy. According to the trader, Bitcoin prices are expected to not only reach the all-time highs of around $69,000 seen in 2021 but also break above $100,000 in the near future.
Although the trader did not provide a specific timeline, the plan remains the same: to exit the market once BTC surpasses $100,000. However, it may be a tough mental battle to stay invested until then, as the potential gains would be nearly four times the current spot rates. The trader did not disclose their entry price.
Avoid Buying Between $30,000 and $70,000
In response to a tweet, CryptoJelleNL explained that their strategy does not involve buying between $30,000 and $70,000. This is because doing so would increase their average entry level. Instead, they follow a dollar cost averaging (DCA) approach with lower capital.
DCA involves making periodic purchases of an asset at low costs to mitigate volatility and reduce the overall entry price. This strategy can work well for long-term holders like CryptoJelleNL and for traders who struggle with timing the market.
Will Bitcoin Surpass $30,000?
Only time will tell if Bitcoin will recover from its current levels and exceed $30,000 along with its previous high in July 2023. Looking at price charts, there is a possibility of bullish movement in the short to medium term.
A breakout above $32,000 could trigger further activity and push prices towards the all-time high. On the weekly chart, Bitcoin has been consolidating between $32,000 and $25,000 since June 2023.
Former BitMEX CEO’s Bullish Prediction
Arthur Hayes, the co-founder and former CEO of BitMEX, has a bullish outlook for Bitcoin. He believes that BTC could reach levels between $750,000 and $1 million by 2026.
Hayes attributes this potential surge to the Bitcoin halving event in 2024, which will reduce miner rewards, as well as the possible approval of a spot Bitcoin exchange-traded fund (ETF) by the SEC. Despite the SEC’s hesitation, similar products are already available in other jurisdictions such as Canada and Europe.
Hot Take: Bitcoin’s Future Potential
While there are differing opinions on Bitcoin’s future price trajectory, traders like CryptoJelleNL remain optimistic about its potential to surpass previous highs and reach new milestones. The market is filled with uncertainty, but for those who believe in the long-term value of Bitcoin, accumulating at opportune moments can lead to rewarding outcomes.
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