Going Big Whale On Bitcoin Now-Profitable Or Risky

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Avatar for danireid
Written by
3 years ago
Topics: Investing, Advice, Improvement, Analysis, Cryptocurrency

No doubt Bitcoin happens to be the best stock around the market for now.

You can see the proofs in the gold Rush to get some units of it. However given the current rally for marathon race for a new ATH which is most probably fueled by the greed aspect of the fear to greed ratio a lot of fiats steaming from stimulus checks are being pumped in.

And if there's anything 2020 and covid-19 has taught us this year is that we need to start finding more alternative sources to earn money and this has helped to educate more people about crypto currency.

With Bitcoin being the brain child behind the crypto currency revolution, a lot of those stimulus checks are being pumped into acquiring more units of Bitcoin.

Being as it may, demand and supply will always take centrefold but then again looking into the technical analysis. We can tell that Bitcoin has hit that overbought resistance region so hard and this might likely result in a parallel move on the charts for a couple of time.

They say history always repeats itself...well do you remember 2017.

Hopefully this doesn't take such turn.

But at this point in time Bitcoin can either go higher and rather recede downwards with a steep corrective shift.

So do you think now is a great time to go all out whales on Bitcoin ~ Invest with your mind and not your emotions.

Especially if you have zero or little appetite for risk you should do some re-evaluation, besides altseason is about to begin (if the pumps today were anything, they probably indications of rally) you can always diversify your funds.

And rather than just hodl you can also jump into stake pools for rewards.

Well it's just a thought...

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Comments

I was gonna try investing on Eth but it just keep getting higher and higher and cant to know when the time is right or probably its too late for me now. Wish I knew about crypto 10 years ago

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User's avatar gellal
3 years ago

Don't know much about the analytics for ethereum for now, but giving the fact that Ethereum 2.0 launched last quarter of 2020 with definitely much room for new use cases and staking i think it's likely going to be an upward trend here on out...but that just my thoughts anyway. But i feel like the proof of stake integration would spike up more activities hence more utility and this would directly push the charts up due to sentimental factors of increased demand.

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User's avatar danireid
3 years ago

I see. Thanks for your input. Im pretty new to crypto world so I wanna try to be on the safe side

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User's avatar gellal
3 years ago

Yeah, that's the best bet...i always try to constantly keep educating myself more about cryptos everyday. But like every investment there is always the risk and reward factor. And it also depends on your appetite for risk, but i would always advice everyone to have low risk appetite when investing for the long term and even intra-day tradings. And my golden rule i like to use is to only invest only the amount you know you can afford to lose without going EKG bed ridden flatlining when the worse case scenario hits...

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User's avatar danireid
3 years ago

I can say that I am sorry that I did not invest in bitcoin when it had a much lower value. I started thinking about investing now because I sincerely expect the price of bitcoin to rise.

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User's avatar BCH.business78
3 years ago

I mean of course it would certainly move to a new high at sometime in the future like every financial index, stock listings and crypto coins. But it might not be just yet, it might likely go towards a corrective shift...since (in my opinion) it has been on a fast track since Thanksgiving all through the feastive period) i do feel as though it might want to take a corrective shift downwards. So imagine if you buy now and it goes down, you will be at a loss. But if you want to be a day (or short time) trader then it may not be such a bad idea for now...but if you looking to hodl for a long time, it might probably hurt your portfolio at first but in the long run adjust to your bid price before the profits start rolling in.

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User's avatar danireid
3 years ago

We have already had the opportunity for the price of butcoin to rise drastically, but also for the price to fall down a lot. There is always a risk in investing. But experts predict a big increase in price, so I think now is the time to try myself in this "game of chance" ...

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User's avatar BCH.business78
3 years ago

Well, I'm no financial analyst or Accountant, so you maybe right and i maybe wrong. But going whales now i don't really think it's a smart move. But on the other hand if sentimental analysis keep indicating a rise...more demands will certain spear-head it's move upwards to a new resistance.

My rule of thumb though, invest with only what you can afford to lose...in case the worse case scenario happens it won't be like the 1999 (or thereabout) 401k and retirement plans all lost to the stock market crash.

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User's avatar danireid
3 years ago
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