Bitcoin is currently teetering on a delicate balance. You might be encountering various opinions suggesting that BTC is about to plummet back to $66,000 or even lower. It's wise to disregard these claims as they often lack substance. While a dip is indeed anticipated, it's unlikely to go below $68,300. Bulls have established strong support at this level, and bears seem to have eased their pressure from the current $70,500 mark. However, this doesn't imply that bears have given up entirely.
Expect a minor drop to around $68,000 before a substantial rise towards $75,000. This pattern can be likened to "peak shaving," where the market clears out some long positions, induces a temporary bearish sentiment pre-halving, and then gathers enough momentum for a rally. Initially, the price may reach $73,000, and subsequent FOMO buying could push it to $75,000.
Keep in mind that approval for Hong Kong ETFs is likely delayed until after the halving event, which may cause a retreat to around $70,000 before resuming the upward trend towards $75,000 and potentially reaching $82,000. However, hitting the $100,000 mark might not happen until December, especially considering that major US institutions haven't fully entered the BTC market yet, and ETF activity mainly reflects retail investor interest.
If you've already bought in at $67,500, your best move is to hold and wait. You entered at a favorable position, and it's improbable to revisit that price before the mid-cycle bear market. For those who haven't entered, waiting for a 1-2% pre-rally dip and entering between $68,500 and $69,300 could be a strategic move. Once in, hold until the $75,000 target. While profit-taking may occur around $73,000, a significant market dump is unlikely as most participants will hold in anticipation of reaching the $75,000 all-time high.
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