How to Make the Best of Bitcoin Recent Bullish Run
Over the month, the cost of Bitcoin has been on a bullish run increasing from $9,383 to $11,637.91, or a single day rise of 12.73% in the past six months. It was a strong statement renewing investors’ trust in crypto technology and the prospect of massive adoption of blockchain technology. Surprisingly, this is coming after a year’s rough scrutiny and declining value in major crypto securities.
However, many investors ask what is the next line of action of the Bitcoin cryptocurrency? Is the current price moving towards a bullish path or a bearish one? Major crypto investors have provided answers to this exciting question as stakeholders hold that we might be heading towards a large surge in the price of the most popular cryptocurrency.
When asked in an interview with fast money to choose between gold and bitcoin. CNBC analyst and Bitcoin investor, Brian Kelly declared bitcoin. In his interview, he mentioned that the race to $50,000 was underway. Such statements can only reassure any investor that the future is bright for the bitcoin cryptocurrency.
How do you Make the Best off this Bullish Run?
Buy, Buy more, and Hold
Many passive investors have utilized this strategy over the years. The strength in this strategy can never be underestimated. To make the best off the current situation, you can still buy bitcoin and hold for as long as you want. Furthermore, buying more will mean more profit in the long run.
Many bullish buyers search for retracings or sideways declines in the wake of the bull market, finding big changes to their portfolios even at the most favorable rates. If such retracements take place, it is best to purchase more units of bitcoin. Prediction suggest that the price will continue in the upward trend and provide additional profits.
Full Swing Trading during Bullish Run
Declared as the most aggressive approach to a bullish market, You can benefit from the interim swing highs and swing lows within the overall bull market, using buying and short-selling positions to make additional profits as the market moves back and forth. In addition, this will require monitoring of the market and trades, following experts’ advice, and paying attention to momentum in the market.
Traders that use this strategy see signs that the market has briefly overtaken long positions. They launch new short sell positions that are trying to take advantage of a downward reversal. However, once the downturn is done by technical metrics and the sector is about to resume its overall bullish pattern, they shut their short-selling positions and launch new trading positions.