Quote:
Originally Posted by SekobA
I'm really worried but my BTC savings.its going down constantly so what are your predictions?As it stands it will hit $20k very soon so I do not want to lose my money. I do not want to think for the worst but please someone give any logical endurance what is going on?
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There are some hard core Bitcoin HODLers, that will never sell, and these prevent the price dropping below a certain level. I'd say we are quite near that low level now, and it won't drop that much further, although expect issues in the wider economy which may further impact the Bitcoin price but it won't be severe.
What we are seeing is unwinding of a lot of the speculative positions that were enabled by easy money from the FED, which is coming to an end. It is normal for the Bitcoin market to be cyclical, and we are getting close to the bottom now IMO. For the months ahead, I would be comfortable holding Bitcoin, especially if I could afford to hold for at least a year.
Any Bitcoin purchase should be made for at least medium term time frames (months), unless you are going to be a very active trader (hard).
This is not financial advice, you should make your own decisions.