It's been a rough ride for Bitcoin with the world in upheaval from the virus. With the stock market poised to open lower (at the moment) and with recession everything but imminent, it would seem that we could get a sharp correction here in BTC once/if we get a heavy sell off in the stock market as people are demanding fiat or USD. On the flip side it's also very possible that we could burst up from here if BTC manages to decouple from the market. Whether this is going to happen or not remains to be seen.
At this juncture, we can gauge that if we do indeed decouple from the market we could very well hit 10k. But if we don't and move back to the downside we could easily see a retest of $5,000 if not lower.
Tread lightly friends. No one has a crystal ball and there is little telling what will happen next. We have a 50/50 chance of decoupling or dumping down again. If you are unsure of what to do and are holding, you can always trim some of your positions down. This way you can still capture upside but also mitigate your downside exposure if something were to happen. anything you decide to do is not an easy choice right now
Happy hodling/trading,
-Sherem
At this juncture, we can gauge that if we do indeed decouple from the market we could very well hit 10k. But if we don't and move back to the downside we could easily see a retest of $5,000 if not lower.
Tread lightly friends. No one has a crystal ball and there is little telling what will happen next. We have a 50/50 chance of decoupling or dumping down again. If you are unsure of what to do and are holding, you can always trim some of your positions down. This way you can still capture upside but also mitigate your downside exposure if something were to happen. anything you decide to do is not an easy choice right now
Happy hodling/trading,
-Sherem
Comment:
It appears our answer is going to be $5,000.
