Bitcoin, take a bow! Up more than 400 million times since 2009, that is impressive to say the least. If you are one of the early Bitcoin investors, then take a bow too.
However, it appears that it is time for Bitcoin to take a break, by having a healthy correction, and thereby, setting up for the next massive rally.
Why does it appears so? One of the reasons: On the Bitcoin chart, an important milestone was reached:
Price recently hit a rising resistance line. When this kind of thing happens, then normally a big correction ensues, especially when a price is relatively high (400 000 million times up in 8 years is certainly relatively high). A correction here will be very good for the long-term bull market.
Price is likely to hover a few more days, sucking in more people to take down with the crash. There is even a possibility that we see another attack of the line.
Personally, I think that Bitcoin will correct into the coming market crash and banking crisis (more about this in another post). However, as we go into the phases of the coming crisis, Bitcoin will find its feet and start rising again. That is where I want to accumulate some Bitcoin.
If you do decide to sell, then you don't have to necessarily trade out of cryptos, back to government currency. There are other options like gold, silver or even buy assets (like bitsilver, bitgold or bitusd, for example) on the bitshares platform.
This is not financial advice, do your own due diligence. I am not responsible for your trading decisions.
