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Why Bitcoin is Headed for $7700 Before the Next Rally in 2020 | LEO Podcast Clip

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@khaleelkazi
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Toward the end of the last LEO Roundtable podcast, we analyzed Bitcoin and gave our predictions about the current state of the market.

Bitcoin’s price has ebbed and flowed quite a bit since the halving. We’ve seen it spike up to 10k and draw back down quickly and recently we have seen the price climb back to $8800 (that’s when this podcast was recorded) and today we’re sitting at $9500.

We all agreed that there is likely to be a correction in Bitcoin’s price before the next major rally. We set some buy levels and I personally have been playing those levels accordingly.

Each time BTC has drawn down, I’ve bought a small amount. The last buy I had went in around ~$8500 but in the show we talked about BTC backing up to the $7700 and possible even $6700 levels.

With this viewpoint in mind, my personal strategy has been to buy lightly on the dips to $8500 and place some heavier buys between $7700 and $6700.

In this clip we give a few reasons for Bitcoin’s bearish outlook in the short-term and the opportunity to add on before the major rally that everyone is expecting post-halving.

  • Correlation between the stock market and Bitcoin
  • Buy Levels — Correction to $7700 soon?
  • Chart is looking generally bearish — opportunity to buy for the long-term
  • Laddering in
  • Halving (consolidation before the post-halving bull run) - a pullback to 7700 would work perfectly in order with that past data of consolidation before the crazy moves post-halving events

   

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