BITCOIN SURGING RIGHT NOW: TIME TO SELL? [NOT SO FAST]
Bitcoin is on track to set a new all-time high before the year is over, according to eToro analysts Simon Peters and David Derhy.
So why are so many people selling? Even with some of Bitcoin's richest investors selling, the price continues to surge.
Bitcoin is currently priced at $13,440 as of 10/29/20. Many technical analysts are anticipating a pullback between $12,000 and $13,000.
However, that doesn't mean to panic or sell. Pullbacks or corrections are normal for growth in a bull market.
Future projections far outweigh the minor setback we may experience.
Let's review why you should actually be holding or buying more BTC if you're looking for significant long-term gains.
The Effects of COVID-19
The pandemic has accelerated the way we think and do things. For instance, companies are going virtual and saving huge overhead expenses.
They are now able to recruit remote employees which drastically opens up the candidate pool. This will result in increased innovation, creativity and revenue!
I mean who would have thought virtual happy hours was a real thing?!
Additionally, the pandemic is changing investor attitudes and perspectives.
In fact, 55% of investors said they are interested in adding Bitcoin to their portfolio! It's become an adapt or die world.
Major companies & individual investors are both realizing this and evolving. Things like cash aren't going to disappear, but there will be alternatives such as BTC to consumers.
Eventually, this was going to happen, but COVID-19 moved us forward about 5 years.
The key here is that virtual is the new normal and Bitcoin will reap the benefits.
It seems that everyday Bitcoin is in the news for something. However, there is legitimate breaking news this time around.
About a week ago, PayPal announced it would enable its users to:
- Buy, hold, and sell cryptocurrency (initially Bitcoin, Ethereum, Bitcoin Cash, and Litecoin) directly within the PayPal digital wallet.
- Use the cryptocurrencies as a funding source for purchases at its 26 million merchants.
This means 346 million people now have a new way to buy and spend Bitcoin, along with some other major cryptocurrencies.
Circle CEO Jeremy Allaire seems to already be using PayPal to buy Bitcoin.
However, as of now you can only hold the cryptocurrencies you buy on PayPal in your account.
PayPal won't let users transfer their cryptocurrency into or out of PayPal.
This puts a little damper on the news, but is still a huge deal for Bitcoin. The exposure and credibility from PayPal brings endless possibilities down the road.
Bitcoin in 2021
According to Forbes, there is a significant level of institutional demand which has caused the appetite for the dominant cryptocurrency to rise.
Especially, with the reduced volatility.
What does this mean?
It means that BTC has potential to grow MUCH HIGHER even with some of the whales currently selling.
Companies are now interested in adding Bitcoin to balance sheets. It's no longer a shady investment that your friends make fun of you for investing in.
Even Bitcoin mining is becoming more popular.
Things are changing FAST!
If you want one, you need to create a free Coinbase account.
Then join the waiting list for the card.
Even the banking world is changing.
India announced they will soon have Crypto ‘Banking’ at 22 physical locations.
If you weren't a believer in Bitcoin, there's still time to jump on the bandwagon. You're a little late to the party, but still ahead of the curve.
You're essentially a Tik Tok user in late 2019.
Bold Prediction for 2025
Bloomberg analyst Mike McGlone has predicted that the price of bitcoin will hit $100,000 by 2025.
Do I think that's a possibility?
Do I think it's likely to happen?
But, what fun would it be to give a bold price prediction of $20,000 for 2025? Not very bold, which is why I'm going out on a limb and agreeing that Bitcoin will reach $100,000 by 2025.
Although, it will be like flying over Denver because there will be turbulence along the way.
According to TradingView, "all the hype about 100k or 1 million dollar Bitcoin is being overshadowed by the fact it is unlikely to be a straight path. With Bitcoin setting up to break higher, it is likely to attract a lot of Bitcoin band wagoners, you know those that only a month ago were calling for 6k."
Bobby Lee, CEO of Bitcoin wallet Ballet, believes $500,000 is a likely price for 2028.
Maybe I'm not so crazy after all!
What Should You Do?
We finally made it to the question you've been looking for.
Is Bitcoin a good investment?
The Bitcoin surge has us all wondering if it's the perfect time to buy low and sell high.
If the whales are doing it, then we should too, right?
Not. So. Fast.
The current run could simply push through all the way to $14,000. If that is the case, then the next level from a technical and fundamental perspective would be $20,000.
You have to ask yourself why you're investing in Bitcoin. Are you timing the volatility or is this a long-term investment such as an index fund?
If you're timing, keep an eye on the resistance level around $13,875. If it breaks through, we could see the price shoot up. Until then, don't be surprised to see the BTC price bounce between $12,000 and $13,500.
If you're investing for the long haul, crack open a cold one and enjoy the ride!
I think I made it pretty clear that I believe Bitcoin is the best cryptocurrency on the market.
The possibilities are endless and we're just beginning to see the potential of BTC. My bold price prediction of $100,000 in 2025 may sound crazy to some, but I'm sticking with it.
In a recent article, an investment CIO stated $1 trillion is a conservative market cap for Bitcoin.
We're seeing a movement right now, but the entire game changes when mainstream companies put a mere 1% of their holdings into Bitcoin.
While I don't envision BTC being accepted everywhere like cash or a credit card in the next 5 years, I do expect big things.
It's going to be a bumpy ride, but it will be worth the wait.
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