BitcoinLong
Has the BTC's decline finally ended?
Updated
Following the release of the US NFP and unemployment rate data on Friday, BTC saw a small rebound and is currently trading steadily above 20K. In the short term, it tested support near 19500, and institutional orders continue to suppress BTC prices. Market sentiment remains bearish, and overall trend is sluggish. Some predict that the future trend will fall below 10K, but we will not comment much on these predictions.
As I mentioned in a previous article, I have been buying BTC continuously below 20K, and I am currently making a small profit. However, many traders who are bearish on BTC have questioned my strategy. Unfortunately, currently, 80% of the market does not expect BTC to rise in the future due to the large decline that has caused many to lose confidence and shift their outlook from bullish to bearish. However, what I want to say is that the market can only show you what it wants you to see.
The significant decline is obviously a large-scale sell-off and washout by the main players, hoping to clear out all long positions and wait until the market believes that there will be no more increase before starting to rebound. My strategy is to continue to build up my position at low levels. However, it is clear that the current decline has not ended yet, and there may be another wave of decline to make more people believe in the strength of the bears before ultimately forming a reversal and catching most people off guard. I will continue to update my long-term strategy, which requires a significant amount of capital and a good mindset to follow the main players. You may have a different opinion, but we let time witness the outcome. Please stay tuned, and I will update my strategy in a timely manner.
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Congratulations to my friends who have been following me to do long BTC recently, they are close to our goal of 23K
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