$20,000 seems like a lifetime ago doesn't it?
We've seen nothing but despair since Bitcoin reached $20k eight months ago, with the cryptocurrency losing 70% of its value and forcing a mass exodus out of it on its way down. Sentiment is at the worst it has been, as each rally attempt has seen quick sell-offs and there hasn't been much of a recovery. Timing the market has been difficult.
But here we sit at $6,000, and here we sit perched at a window of opportunity. The crowd, who has been so euphoric that they have been dangerous to bet with, is gone for the most part. Institutional interest has begun to grow. Jamie Dimon even mentioned that he regretted calling cryptocurrency a fraud. Smart money didn't get involved in the buying on the way to $20,000, but they surely are interested now, and as companies begin to decide how much to invest in Bitcoin, it would behoove the individual investor to think about it themselves.
But should you buy Bitcoin? I want to be clear that I'm not one of those people who thinks this thing is going to $1,000,000. I don't even think we see a return to $20,000 for awhile, but I am someone who wants to take advantage of a trade of this magnitude. I do think it is realistic that we hit $10-$12k by year end, and I think the move will be swift.
I took a large chunk of Bitcoin at $6,000, and I don't expect it to get much lower. I would decide to add another half or sell at $5,700.
As for the other popular cryptocurrencies, I don't really think they're ready yet. Sure, there are still altcoins that can 10x, but there are just as many that put your trading money in a coffin. Ethereum is in a decent spot and fairly close to my target price, but I want to see some support before I decide to put money into it.
How can you buy it? Sign up for a Robinhood account and get started with crypto right away. You can also buy stock in RIOT, OSTK, and other crypto-exposed equities.
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- The Minotaur Team