Please curb your enthusiasm in Bitcoin.

At the moment there are a lot of internet "gurus" spouting nonsense.

The guy in the picture is just one example.

Over 500,000 subscribers being told that BTCUSD will be $50,000 in the next 3-4 months and to buy it up here after this rally.

They are all telling you EXACTLY WHAT YOU WANT TO HEAR.

When the price was $18,000 they were saying it was all over for Bitcoin.

They are basically marketers not traders. They market for Buybit or Bitget or whoever. They make a lot of money when someone like you puts money into an exchange account.

Now, turning to logic:

Look at the chart, especially at the volume, which tells us a story, which I have marked. There is also the psychological story. Lots of you are nursing nasty red bags from the last consolidation around $30,000. You would love it to get there so you can get out. PSA: That's why it won't get there this time. Maybe next time, possibly after you have given up and sold your position after the next drop. All the price has done is pierce a succession of stop-loss levels to ping out the shorts who sold lower down, believing the negative press and the chat from exactly the same people who are now saying it is going up.

I reckon one more pop up to the next level just north of $25,000, then a slow melting away, with you buying every dip.

Patience is a virtue. It's hard to be patient I know. Hang on, this is a MONTHLY structure and this is still the beginning of the accumulation, not the end. We will tell you when we think it is the end.


The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.