Tuesday, November 17, 2020

Bitcoin Hits $17,000: Is There Still Time to Take Positions?

The price of bitcoin is up over 4% in the last 24 hours, trading at over $17,000 and hitting its highest point since Jan. 7, 2018.

In May in the EPJ Daily Alert, I wrote:

Over the weekend, the price of  Bitcoin fell by about 13% and is trading around $8,675.  The decline took place ahead of a closely watched technical event known as its halving, when the rewards miners receive for processing transactions will be cut in half as soon as later today.  Usually  Bitcoin investors/traders look forward to its halving, which happens about every four years and slows down the rate at which new tokens are created -- but not this time.

I have identified two previous  Bitcoin trading opportunities here in the ALERT and we are probably near a third.  Bitcoin will probably eventually break to new record highs...I consider the cryptocurrency a buy in here.  Almost any asset that is not a paper currency will likely do well in the near future...

Bitcoin buyers are more closely affiliated with the tech sector and more of them will lose jobs because of the lockdown and may have to liquidate coins even if they don't want to. So, in the very short-term, there might be some downward pressure on the price but in the medium-term, I expect it to be strong like most assets will be.  So to my  Bitcoin trading friends, now is the time to trade from the long side and hold for strong upward spikes.     

How much upside remains in Bitcoin from here? What are the best alternative investments now to Bitcoin?

I cover these questions and much more in today's ALERT.

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Note: Past spectacular advice does not necessarily mean future spectacular advice. 


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