BTC loosing momentum
BTC appears to be loosing momentum. I don't believe it is appropriate to say if a bear market is coming as there is simply not enough information to really make that determination. We could simple be at a brief pause before another uptrend. I personally believe that may only exasperate the impending correction and could easily drive a very steep bear market. While the market may easily go either way, now is a good time to reflect of trading strategies and possible consider a more defensive posture or rebalance multiple approaches.
The chart shows the dramatic uptrend we have recently enjoyed, but, in reality, BTC is now significantly overvalued and its strength is wavering. We are due for a correction. I personally believe a corrected value in the $45,000ish area would be healthly for the market overall. My concern is that a correction may be just as extreme as the climb, which could see BTC drop to the $30,000ish area or lower.
Hyperinflation will play a part in this correction and that really is unavoidable since most BTC is purchased with some form of fiat. How much of a role is debatedable, but renouwned investers like Dr. Michael Burry, believe there will be pain for those unprepared.
As we move forward, now is the time to re-evaluate your risks, plan your budgets and make ready any steps for a worst case scenario. It is important to plan for a worst case scenario as common place, never risk more then you can afford to loose, and be willing to loose everything you risk.
If you can't make that kind of a committment to your investing, then you will not be prepared, no matter which way the market goes in the stort term. Make no mistake, in the long term, a correction is coming.
The chart shows the dramatic uptrend we have recently enjoyed, but, in reality, BTC is now significantly overvalued and its strength is wavering. We are due for a correction. I personally believe a corrected value in the $45,000ish area would be healthly for the market overall. My concern is that a correction may be just as extreme as the climb, which could see BTC drop to the $30,000ish area or lower.
Hyperinflation will play a part in this correction and that really is unavoidable since most BTC is purchased with some form of fiat. How much of a role is debatedable, but renouwned investers like Dr. Michael Burry, believe there will be pain for those unprepared.
As we move forward, now is the time to re-evaluate your risks, plan your budgets and make ready any steps for a worst case scenario. It is important to plan for a worst case scenario as common place, never risk more then you can afford to loose, and be willing to loose everything you risk.
If you can't make that kind of a committment to your investing, then you will not be prepared, no matter which way the market goes in the stort term. Make no mistake, in the long term, a correction is coming.
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