I really wanted to write about a cryptocurrency other than Bitcoin today. But Bitcoin price just wonât give us a break! After reaching a new high above $14,000 on Wednesday, the market decided to break yet another record. Testing almost $20,000 on Thursday!
Bitcoin price sure did erase some of the gains at the end of the day. But it started Fridayâs trading session on yet another bullish momentum.
At the pace the Bitcoin price bubble is growing, it appears we may not even see any point in counting on periodic pullbacks to any psychological market levels.
But if Bitcoin price were to test a support level after these massive gains, it might be the 23% Fibonacci retracement level $16,425.
As the king of cryptocurrencies, Bitcoinâs $297B market value has now passed Bank of Americaâs $288 billion. So basically, if we were to compare Bitcoin to the largest companies in the US by market cap, it would rank number 11 right after JPMorgan Chase and Exxon Mobil.
But is this enough for investors to keep pouring money and investing in Bitcoin?
BitcoinÂ backers view it as a currency and payment system of the futureÂ as well as a new kind of investment. TheyÂ say itâs an emerging alternative to the USD, euro and yenÂ and an investment such as gold, stocks or bonds.
Skeptics say Bitcoin is impossible to value, wildlyÂ volatileÂ and a speculative play thatÂ may never gain widespread acceptance.
This really depends on your personal risk tolerance, current financial situation, and future goals.
But even if you are an investor of high-risk appetite, at this point I would recommend thoroughÂ risk management ahead of time.
Personally, I believe we could see the $50,000 price level for Bitcoin before the bubble bursts. However, for all Bitcoin investors out there, it is important to set target limit orders and at least take partial profit as the Bitcoin price goes higher.
This way, they will be able to manage theÂ risk of a potential Bitcoin bubble burst.
Needless to say, and as we always recommend to all traders, only invest the money that you can afford to lose!
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