Guys, this is just my opinion, not financial advice. I'm also planning to do a video on it soon.
Basically, I am reading twitter, watching youtube every day on different people's price predictions on BTC in the short term. The most popular thing that people were/ are saying is that BTC is going to 54 to 52k area. . Also, many people here on Trading View are posting similar price targets or even predicting substantially lower prices.
Although, it is a valid point, as there is a strong support zone there, I think we may not hit it in the short-term. That is because everyone is calling this target. There are so many new people to crypto this year. My guess is that many of them panic sold quickly their coins at a loss (preferably at a profit) and are completely out of the market now or are shorting down till their desired price target of 54-52k. Many of these guys (who rely majority of their trading decisions on what popular people say) are salty now that they are not in the market or lost money, so they want it to hit this target. For the past days, I have observed quite low volume on BTC down-moves, which could suggest that these downtrends cannot gain momentum and last shorty, as whales and smart money are buying up.
What I wanted to say is yes, be careful, but remember when everyone is fearful, be greedy and the other way around. I think we already might have bottomed out and will se 60k+ quicker than majority expects due to sellers getting exhausted and people starting to buy call options again, finally followed by the sheep heard who are now very bearish (they will fomo back in the markets once they think the ship is sailing away with them).
This is just my opinion, don't get upset. Please let me know what you think in the comments and have a good day!
Basically, I am reading twitter, watching youtube every day on different people's price predictions on BTC in the short term. The most popular thing that people were/ are saying is that BTC is going to 54 to 52k area. . Also, many people here on Trading View are posting similar price targets or even predicting substantially lower prices.
Although, it is a valid point, as there is a strong support zone there, I think we may not hit it in the short-term. That is because everyone is calling this target. There are so many new people to crypto this year. My guess is that many of them panic sold quickly their coins at a loss (preferably at a profit) and are completely out of the market now or are shorting down till their desired price target of 54-52k. Many of these guys (who rely majority of their trading decisions on what popular people say) are salty now that they are not in the market or lost money, so they want it to hit this target. For the past days, I have observed quite low volume on BTC down-moves, which could suggest that these downtrends cannot gain momentum and last shorty, as whales and smart money are buying up.
What I wanted to say is yes, be careful, but remember when everyone is fearful, be greedy and the other way around. I think we already might have bottomed out and will se 60k+ quicker than majority expects due to sellers getting exhausted and people starting to buy call options again, finally followed by the sheep heard who are now very bearish (they will fomo back in the markets once they think the ship is sailing away with them).
This is just my opinion, don't get upset. Please let me know what you think in the comments and have a good day!