Tuesday, June 25, 2024

Should We Take Profit Or Wait? What To Do If You Want To Make Money On Bitcoin?


The cost of the first cryptocurrency is again approaching its all-time high. Experts explained why it is not worth buying an asset now, and what will happen to its rate in the near future. On Monday, November 23rd, the bitcoin price continued to rise.

On the Binance crypto exchange, it reached $ 18.8 thousand. Over the past day, the cryptocurrency has risen in price by 3%, since the beginning of autumn – by more than 80%.

News BTC analyst Ayash Jindal warned that the cryptocurrency faced strong resistance around the $ 18.7 thousand and $ 18.8 thousand levels., 5 thousand and $ 17.35 thousand.

The expert warned that a new rally will begin in case of a successful breakout of the zone of $ 18.8 thousand. In this case, the cryptocurrency can quickly rise in price to $ 19.5 thousand.

Xena Financial Systems CEO Anton Kravchenko explained that it is expensive to buy bitcoin at current levels.

According to Kravchenko, now the rise in the price of a digital coin is due, among other things, to a shortage of an asset in the market due to increased demand. However, as soon as demand weakens, a correction will begin.



“If there is a desire to buy a crypto with a large capitalization for a long time, then it is better to buy ETH. The development of smart contracts and DeFi, the emergence of Ethereum 2.0 provide an opportunity for entry, “advised Kravchenko.



Co-founder of the EXMO exchange Ivan Petukhovsky agrees that the risks of bitcoin rate correction are high.

According to him, when a coin reaches a historical maximum of $ 20 thousand, it is difficult to predict the dynamics of the rate, since then there is a possibility that investors who bought bitcoin at the end of 2017 will start fixing profits.



“The best recommendation now looks to either look closely at profit-taking if you bought bitcoin in the first half of 2020 or even in the third quarter,

or wait for how bitcoin will react to reaching its maximum and wait for a more predictable scenario,” Petukhovsky advised.



Last week, the head of the US Securities and Exchange Commission (SEC) Jay Clayton explained the rise in bitcoin.

According to him, the existing payment mechanisms have shortcomings, which contributes to the rise in price of the cryptocurrency.

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