Is this a bull trap?

Everyone's been pretty excited with the sudden rise up in Bitcoin lately.

With the price of $3,950 we are nearly at the $4,000 mark.

Pixabay

Breaking 4000 could mean that we start rising up into the stratosphere. Of course we could also be headed for a big dump.

Like most people that are involved on Steem, I am 100% convinced that Bitcoin is here to stay.

Is it like digital gold? I think it is.

Having said that, it seems as if no one is satisfied in letting things rise these days. The moment there is even a few dollars to be made, people are ready to jump on it and take profit.

Many of our favorite coins are up. Bitcoin, ETH, EOS.

Steem is up a little bit too.

It's possible that once we break $4,000 we will just keep heading up. I really think we are going to hit $10,000 by the end of the year.

I know some people are calling out numbers like $100,000 but I think $10,000 is a little bit more reasonable. It might be 2021 before we actually reach the point we were at before.

If you're like me then you've lost a significant amount of money, and you're a little frustrated about it.

So you might be wondering.... is this the time to put money in or are we looking at a bull trap?

Well, most people say you shouldn't buy when we are up.... but the question is whether or not we are going even further up. I always recommend dollar cost averaging. I say buy a bit now, and whichever way things go in a couple of weeks, buy a bit then too.

The real answer is that it's impossible to know if this is a bull trap or not. You can look at all kinds of charts and say this is definitely going to happen but no one really knows.

However, if you dollar cost average and buy a little bit here, and a little bit there, you can at the very least be assured that you are in the game and no matter which direction it goes you are accumulating crypto.

This is not Financial advice.

Don't invest more than you can afford to lose.