Is now the time to sell altcoins?
The parabolic rally has brought joy to investors who have been ravaged by a prolonged bear market for months. Many cryptocurrencies are up more than 100%. Some people reach these income levels in a shorter period of time. BCH was one of them, continuing to drop nearly 5% throughout the day. So is now the time to sell BCH?
Bitcoin Cash (BCH) In a bear market, one must have both the risk appetite of buying at low prices and the willingness to sell at an appropriate level. Otherwise, when investors watch their profit-earning wallets being emptied, they will fall into an irresistible mentality. One of the best things that cryptocurrency investors with enough experience do is say goodbye to their altcoins at some point and buy them at a lower price if necessary.
At $665, BCH suffered huge losses during the last bear market. However, there were also those who assessed the bottom and participated in the final rise at the appropriate time. Now, investors are taking profits after prices reached a new annual peak.
The drop in average coin age tells us that BCH investors are now starting to sell. The 30-day MVRV rate is around 30%. This indicates that the end buyer has reached a satisfactory profit zone. 🦄qun+v：zmy181816🍺Normally, such high profitability (for short-term buyers) will naturally lead to price adjustments.
BCH has historically experienced price corrections with MVRV numbers around 14%. With interest rates currently around 27%, we may see a rapid sell-off as the negative impact on BTC prices continues for some time.
BCH price prediction:
We say prices are likely to drop, but how many dollars can the target drop to? The altcoin rallied to $665, reflecting excitement over Thursday’s upcoming halving. Another major positive is that the U.S. Commodity Futures Trading Commission considers it a commodity.
The price may drop to $625 in the next few hours, and if this support cannot be maintained, it may drop to $572. The daily moving average is a strong support area, and if Bitcoin does not sell off excessively, this pullback is expected to balance out highly profitable investors. However, if the $650 and $625 support levels hold and BTC reverses direction again
