On X, one trader will stand at the handle “CryptoJelleNL”. convinced that accumulating Bitcoin under $30,000 can be rewarding. The trader expects prices to not only rise to 2021 record highs around $69,000, but also break above $100,000 in the coming sessions.
While the analyst did not provide any timelines, the “game plan remains the same,” acknowledging that it will be an “tough mental battle” before exiting the market when BTC rises above $100,000, almost 4x at spot rates. It is not immediately clear at what exact price the analyst entered.
In response to a tweet, CryptoJelleNL said the strategy is not to buy between €30,000 and around €70,000 as this will only increase the average ‘entry level’. This strategy was suggested by an X user who preferred dollar cost averaging (DCA) with less capital.
With DCA, an investor periodically purchases a target asset at a low cost to dampen the effect of volatility and reduce the overall entry price. This system can be effective for HODLers, as in the case of CryptoJelleNL, and for traders who cannot time the market.
Will Bitcoin Break Above $30,000?
Still, time will tell whether Bitcoin will eventually recover from spot prices, which will rise above $30,000 and the July 2023 highs. Looking at price charts, bulls have an opportunity, at least in the short to medium term.
Prices remain tight and are trading above the primary support zone at USD 25,200 and the resistance zone at USD 28,000 and USD 30,000. Furthermore, trading volumes are lower, indicating that activity is generally low, with most market participants reluctant to engage in spot trading.
Related reading: XRP Price Breakout: This Resistance Level is Key
Still, a breakout above $32,000 could spark activity, pushing prices towards all-time highs in a welcome continuation of the buying trend in the first half of 2023. Looking at the weekly chart, prices are largely consolidating from June 2023 and fluctuate between $32,000 on the weekly chart. at the high end and $25,000 at the low end.
Former BitMEX CEO Says BTC Will Rise to $750,000
Arthur Hayes, co-founder and former CEO of BitMEX, believes BTC will explode to the $750,000 and $1 million levels by 2026.
According to him, the main drivers will be the Bitcoin halving, a supply shock that will halve the rewards given out to miners, and the possible approval of a Bitcoin Exchange-Traded Fund (ETF) by the Securities and Exchange Commission (SEC). of the question. Bitcoin will halve miner rewards by 2024.
The SEC has been hesitant to greenlight a Bitcoin ETF, even though the complex derivatives product is already available in other jurisdictions, including Canada and Europe.
Feature image from Canva, chart from TradingView
