The crypto market has seen green days yet again. The pack leader Bitcoin has been bullish with many suggestions of even more bullish actions. Should investors be taking profit
from here or should I say 'shouldn't investors be taking profit from here? I know what you may be thinking, Dani is not always really after market prices. At least you said 'not really' meaning to some point, I am. What am I saying here? Irrespective of personally siding utility as the core vision to grow crypto, especially the altcoin markets, there is literally nothing wrong in taking profit. Adding to that, we are talking of bitcoin here, we know it is basically market price incentivised crypto. Do well to get your timing right and pull out some profit or perhaps increase your holding is general advice here.
I saw a friend on this chain dropping a thread and discussing how the bitcoin price dropped below the 88K price mark after ascertaining new all ⇪ high× precisely on the 13th of this month. I can't doubt a sell off at this point, as I earlier said, take profit is part of crypto. Even in general, we are into investment for financial freedom.
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Local investors took some profits, and ETF investors joined to increase the outflows in the bitcoin market. What were we even expecting from the ETF investors if not to take profit when due, for them, you can keep your consensus mechanism and the rest of the tech, they will be keeping the price changes. The question of was bitcoin overbought at over 92K can be asked here?. My contribution to this will be that as long as bitcoin hits new heights, there are new buyers, moving from 80k to over 90K is a clear signal for over buying when considering this is just the first time of reaching such heights.
The FUD is real
We have our market experiences, what oftens happens when a coin or token exceeds it's old time ALL time high? We get market corrections and many get liquidated in the process. First to exit always stands the chances of boasting of a smart investment. This is currently repeating itself in the crypto market. Predictions are coming in that the bitcoin market will hit $100,000 dollars. We sure do know it is not going to travel there at once. There will certainly be a lot of zig-zags as we speak. The bears are not sleeping, there are those who are patiently pulling out and waiting for a correction, probably around 70K anytime soon.
I will be pitying those who are longing this current market ( this is not financial advice you know), all I am saying is that the bitcoin market will be a big mixed feeling with lots of market uncertainties. 'A pump, a liquidation and then stamina', this is what will be playing out as bitcoin keeps hitting new heights. So don't be too surprised if you see someone who ends up at a big loss after the entire bitcoin bullish cycle is completed. Of course loss is just a transfer of gains.
Bitcoin still dominating, Satoshi moved
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We are seeing new cryptomarket heights, it is at over $3 trillion as we speak. It was one of those things I discussed in a recent article how bitcoin keeps dominating. It is still undisputed by a far margin considering taking $1.8 trillion of this. This is around 60% of the entire cryptoverse according to coinmarketcap. After 14 years, Satohi's wallet pulled out (or moved precisely) 2,000 BTC. Wow! That figure is huge, this is a life changer. I must say he deserves the worth. I am looking at the confidence he had on his project. What made him keep holding Bitcoin during bear markets of 2022. We saw Bitcoin slip to prices below 18K after all time high by then. Maybe Satoshi is just beyond a developer/programmer, he is a big time economist understanding how times and seasons affects the financial markets.
There will certainly be lots of activities, we are expecting even more inflows. When talking of the altcoins industry, I guess bitcoin will have to settle first before we see that profit circulation. Many know their real financial freedom from the crypto market hangs here after missing the early opportunity to partake in Bitcoin when it could be bought without much sweat. Till then we wait and observe what happens next in the crypto king market. We are just 8K or so away from seeing six digits in Bitcoin.
To conclude, let me add, the bitcoin market is looking ripe for many investors to take profit. That is always the benefit of entering this market early enough. We could remember the struggle within that 50 to 60K mark some months ago. While others thought it took too long to leap, we have seen early weeks of November bringing enough profit to Bitcoin faithfuls. There is much to consider when looking at the way forward from here yet one must understand that the market has been well fertilized for Bitcoin's growth. In the hands of government and big institutions or should I say industry like Wall Street making confidential moves, price hikes will be a matter of time. Let's hope this entire event strengthens the crypto industry.
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