BITCOIN $77,400 target?.
It takes a brave man to predict where BTC is headed other than up.
I've traded FX since 2005 and I'm on safe ground because I have history on my side.
My charts go back to before I started trading and this means I can look at history.
There is no history looking at a BTC/USD chart and as a result I don't trade BTC.
This is not the only reason.
The volatility of BTC make it a dangerous (and expensive) pair to trade. Wide spreads of $80!!!
You're down $80 the minute you hit the BUY or SELL button.
My advice would always be stick to FX if you are a trader.
However - that's if you are trading.
If you have cash sat about doing nothing then buying BTC makes sense.
When ex Goldman Sachs fund managers are predicting that BTC will hit $1m per coin in less than 5 years you need to listen.
"The price of bitcoin could hit $1 million in five years, up from about $11,000 now, thanks to an "enormous wall of money," a former Goldman Sachs hedge-fund chief said in a recent interview".
"Raoul Pal, who has allocated more than 50% of his capital to bitcoin, said a wave of institutional funds would adopt the digital currency as they realize the economy will take a long time to recover from the COVID-19 pandemic".
This interview was in October of 2020 so if , as the article states Raoul Pal put half his capital into BTC when it was $11,000 then he's 5x wealthier just 6 months later.
Although BTC has no history its still possible to predict where the price might be headed in the mid term.
If BTC/USD is behaving to Fibonacci principles then its possible a full chart extension of the Fibonacci could take the price to $77,420.
There is no doubt that this the golden age for financial investment.
Take the opportunities presented by cryptocurrency investment.
Check out my website for advice on my cryptocurrency recommendations.
Edited 08 Apr 2021, 18:48
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