BITCOIN OUTLOOK
Bitcoin! Bitcoin! Bitcoin! Let's study the facts, shall we...
Bitcoin has tumbled and fell 53900 points - that is 77%. While we can all agree that 2022 was a financially straneous year to the bulls and a rewarding one to the bears, I thinks it's about the time the tables turn.
The BTC has found support at price levels @15498.33 reacting with sharp volatile moves to the price level @25194.19 in less than 2 months, recovering atleast 60.75% from the Low. The Bitcoin has reached what we could say is the infinite low. If you are a crypto geek, you would've known that the value of crypto is only psychological and is weighed by what people believe is worth, which makes it one of the most riskiest instruments yet very rewarding - that's if you get the direction right.
Now we can say the majority perceived the value of Bitcoin to be too low, attracting big investors pumping in billions of billions into the markets. Now you may be wondering how is the Bitcoin doing well amidst the FTX scandal? Isn't that negatively impacting the markets and the investors? Well, the shortest answer to that would be No.
Bitcoin is only a digital asset valued at what people believe it to be worth. If people believe it to be worth nothing - It will dump. If people (majority) believe it to be worth 100 dollars then it's worth 100 dollars and will pump higher. It's all perceptual value.
Now the could be could be critiques to this and arguments and I'm open to learning from other people's point of view.
Direction:
1. INTRADAY - SELL
2. LONG TERM - BUY
Tip to investors: Don't buy Bitcoin just yet, wait atleast for the Bitcoin to reach the price @18322.54
Bitcoin has tumbled and fell 53900 points - that is 77%. While we can all agree that 2022 was a financially straneous year to the bulls and a rewarding one to the bears, I thinks it's about the time the tables turn.
The BTC has found support at price levels @15498.33 reacting with sharp volatile moves to the price level @25194.19 in less than 2 months, recovering atleast 60.75% from the Low. The Bitcoin has reached what we could say is the infinite low. If you are a crypto geek, you would've known that the value of crypto is only psychological and is weighed by what people believe is worth, which makes it one of the most riskiest instruments yet very rewarding - that's if you get the direction right.
Now we can say the majority perceived the value of Bitcoin to be too low, attracting big investors pumping in billions of billions into the markets. Now you may be wondering how is the Bitcoin doing well amidst the FTX scandal? Isn't that negatively impacting the markets and the investors? Well, the shortest answer to that would be No.
Bitcoin is only a digital asset valued at what people believe it to be worth. If people believe it to be worth nothing - It will dump. If people (majority) believe it to be worth 100 dollars then it's worth 100 dollars and will pump higher. It's all perceptual value.
Now the could be could be critiques to this and arguments and I'm open to learning from other people's point of view.
Direction:
1. INTRADAY - SELL
2. LONG TERM - BUY
Tip to investors: Don't buy Bitcoin just yet, wait atleast for the Bitcoin to reach the price @18322.54
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