Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency Trading => Cryptocurrency Price Speculations => Topic started by: Vispilio on December 06, 2020, 04:03:09 PM
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Through the last 1-2 weeks we've observed that selling pressure increased as BTC approached 20k, very likely that most people who have been waiting for years for these levels want to sell gradually at least part of their holdings...
If / when BTC stabilizes around 20k in the new year or even if it's rejected but holds steady somewhere below, it would be a natural development in my view for select altcoins to start making greater gains in comparison...
ps. all charts on this thread taken from cryptoquant.com
(https://i.imgyukle.com/2020/12/06/YSgs3c.png)
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whatever you wish to call it, selling pressure or a healthy correction? For me this is very much common and expected. It's been long long waiting, we have more space to go, Bitcoin positive run ain't over yet. Someone will take profit, someone grab it but none one stop Bitcoin.
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Bitcoin will be able to break through the sales resistance at 20,000 within a month or two, I think this is the same sideways as with a break of 10,000!Then we will see the real altseason!
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The biggest factor here in my view is the sharp pullbacks people experienced time and again throughout the bear market,
making it more likely for holders to take modest profits, and creating psychological barriers against large round numbers because everyone can anticipate similar sudden drops to the tune of 60-70% which has become natural for crypto space.
Therefore as BTC unit price reaches higher digits, opportunities for greater percentage gains in robust altcoins become more likely.
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There's definitely enough selling pressure above $19.5K, as well as sell orders around $20K. I think in the shorter-term whether price can break through $20K or not will depend on the break of this symmetrical style triangle. Currently the measured move targets are $21.2K or $17.2K depending on the direction.
(https://www.tradingview.com/x/e7pANTg9/)
I'm not convinced there'll be a 60-70% drop, unless Bitcoin becomes negatively effected by a further economic crisis or stock market crash. I'm more anticipating 25-35% myself, the higher end being the max correction from previous bull markets.
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Yes Bitcoin was currently within 20k. But we all bought and held Bitcoin. Should we really sell Bitcoin for $20,000? But I think we should sell Bitcoin for $20,000. However, the market can not go down, it will go up, but it is not yet correct.
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I think investing on top of Bitcoin should wait. This is because the price of Bitcoin is currently on the rise. The price of bitcoin will increase a lot in the future. So I don't think it's right to sell bitcoin right now.