This Analyst Explains When to Sell Bitcoin
Cryptoharian – The main cryptocurrency Bitcoin (BTC) on Thursday (6/6/2024) morning, has reached a position of US$ 71,028
In this regard, one of the analysts under the pseudonym Jelle on the X platform stated that Bitcoin seems poised for a significant upward move after nearly 100 days of consolidation. This analysis, accompanied by a detailed chart shows that Bitcoin is ready to push to a higher price range.
“After nearly 100 days of consolidation, it looks like Bitcoin is ready to start going into the red,” said Jelle.
According to the chart Jelle shared, the Bitcoin market can be divided into three different zones:
1. Buy Bitcoin: When the price is low, ranging between US$ 10,000 and US$ 25,000.
2. Do Nothing: Middle zone where prices range from US$ 25,000 to US$ 70,000.
3. Sell Bitcoin: When the price enters the upper zone where the price exceeds US$ 70,000, which has the potential to reach up to US$ 150,000.
Also Read: June Is Expected to Be an Interesting Month for Bitcoin, Here are 3 Reasons! As Bitcoin approaches the red zone, Jelle advises traders to follow a well-defined strategy to manage risk effectively. His personal plan involves reducing his Bitcoin holdings by about 1 percent each week as the price increases.
“I will reduce my position by about 1 percent each week, to reduce risk as the cycle progresses,” he said.
Meanwhile, in another recent post, Jelle shared an analysis showing the potential for Bitcoin to rise to US$ 85,000 in the near future.
While confident that Bitcoin will soon enter a new price discovery phase, Jelle also warned of the possibility of significant volatility before reaching that target.
“While I believe Bitcoin will enter a new price discovery soon, I'm pretty sure it won't happen without major volatility,” Jelle said.
