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While the Bitcoin market’s correction phase may be frightening for some investors, it may also be regarded as a favourable purchasing opportunity. Cryptocurrency prices have plummeted as a result of the recent market failures. Bitcoin, for example, was worth around $34,364 at the time of writing. This is a decrease from its peak of about $64,000 in April.
Several Bitcoin investors are waiting for the price of Bitcoin to fall in order to purchase the dip. However, depending on the trading plan upon which these activities are based, this can be called into question. Alex Kruger, a trader and economist, believes that
BTC at 60K: “this is going to 100K, strong people buy strength, time to buy”
BTC at 50K: “the pullback I wanted, buying more”
BTC at 40K: “once in a lifetime opportunity, buying more”
BTC at 30K: “just sold everything, will rebuy lower or once uptrend confirmed above 42K”
— Alex Krüger (@krugermacro) July 3, 2021
Continuing the same thread, he further questioned,
“Is that a trading plan you would make before the fact for an unlevered mid to long term position if the underlying thesis remains relatively unchanged?”
Well, in relation to having a strategy, trader and analyst Kaleo dished out his plan of action that incorporated selling Bitcoin once it hit a certain level.
Basically my game plan is to be Uber bullish until Bitcoin breaks above $150K. I’ll start exiting there and flip Uber bearish when it breaks back below $150K.
— K A L E O (@CryptoKaleo) July 2, 2021
Further, he projected a massive surge of about 532% (upper limit) for Bitcoin from its current value by the end of the year.
“Still think it tops out w/a nice wick around $185K – $215K but my goal isn’t to snipe the top,” he said.
He stated that he will begin scaling back whenever Bitcoin falls below his price objective.
In the past, Kaleo has been outspoken about his feelings about the major cryptocurrency. Regardless of the fact that Bitcoin was trading sideways, he remained optimistic about its future, as is seen in this chart.
Bitcoin against the IT industry (NASDAQ 100),
The analyst further added,
“Pay attention to the two red boxes. Bitcoin will catch up and close the gap to the growth we’ve seen in tech, and when it does – it’ll happen rapidly.”
A look at the Fear and Greed index revealed that fear was the predominant sentiment at the time of writing. Addressing the fear prevailing among investors Kaleo stated,
People a couple of months ago literally said they would sell their homes, exhaust their savings, and use their children as collateral to buy more #Bitcoin under $40K if they got the chance.
Those same people have been given their opportunity, but today they refuse to touch it.
— K A L E O (@CryptoKaleo) July 4, 2021