Bitcoin is bottoming, expect a possible 70 percent surge: Trader on CNBC

in #investing4 years ago

credit: CNBC/Bill Baruch

The old saying goes, "buy when there's blood in the streets," and that's what I'm doing with the recent bitcoin price action.

Bitcoin traded to a low of $7,700, this level is a loss of 25 percent on the week and 40 percent on the year. That $7,700 low is ironic because it is the same level that it broke above and began a parabolic ascent in mid-November.

I am watching a key level at $8,650 and a continued close above that could signal immediate upside potential. The next level of resistance is $10,000, and a break back above that should bring further buying to the table, suggesting near-term upside to $14,500, a 70 percent jump from its current price.

On the other side of the coin, I believe we are witnessing a market-cap rebalancing. Many disregard bitcoin but most do not disregard blockchain technology.

While I expect bitcoin to recover from this low, I believe that there are cheaper and better technologies within the complex that are positioned for stronger gains. The five that I am focused on are ethereum, NEO, ripple, stellar and last but surely not least, VeChain. The crytpocurrency market cap reached a height above $800 billion, a number that is now cut in half. Bitcoin's piece of the this market cap has slowly shrunk and is now only one third.

As buyers step back in I believe this trend will continue and I'm watching for these five to gain further ground.

(Note: This is not financial advice ..
This material has been posted for informational purposes only, and is not intended to provide, and should not be relied on for, investment or legal advice. You should consult your own legal and financial advisors before engaging in any transaction. Invest at your own risk)


Wow!!! I can't believe that someone could be this good @techicalwealth. After giving an important information still go ahead to counsel on the reason and when to invest. Your kind is really scares to find.

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Possibilities are numerous we cannot be for sure what will happen tommorow or the day after but I would pretty much agree to buy some Bitcoin now and just HODL for a while.

Best strategy id seen so far in this past crash was this -
-BTC- always keep some handy ,actually now that its cheap is the best to pick up small amounts

Always look at the 1st tier of alt coins as well
-ETH/NEO/BCH/LTC...these held up pretty well in this downturn.

What i've learned is as long as you have BTC & some of those 1st tier isn't as painful as others when crashes occur

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