Crypto Trader Shares Why Bitcoin (BTC) Price Breaking Below $3,000 Is A Matter Of “When” Not “If”
Crypto Trader Shares Why Bitcoin Breaking Below $3k Is A Matter Of “When” Not “If”
Last year in mid-December, Bitcoin hit its yearly low at $3,200 which some analysts believe has been the leading cryptocurrency hitting its bottom and that Bitcoin won’t be going below this level. However, according to the crypto trader and investor Josh Rager Bitcoin going below $3k is not about if rather when.
As we reported, just a few days back, Rager had conducted a poll on Twitter asking if people had bought Bitcoin around the $3k level that revealed 64 percent of his audience out of the total 26.5k had actually bought Bitcoin at this level. Now, he further explains that this means the hardcore traders and investors are the only ones left in the market.
“Considering my audience tends to lean more towards the bear, I would say that 70%+ of retail traders/investors bought this range and the supposed “bottom,” we can all agree that euphoria is gone in the market and that the hardcore investors/traders are all that's left.”
The Argument For Why Bitcoin Is Going Below $3k
As for why $3,100 is not the bottom for Bitcoin, Rager argues that people who believe $3,100 is the bottom did so because they thought the number of retail investors left in the market is very small.
“My argument is a majority of retail investors WILL NOT catch the bottom price of bitcoin or other assets. Markets work for the top 1% to make them even more wealthy. Top 1% investors and those who control the market will not be surprised by the bottom- as they all likely know when and at what price it will happen.”
He further argues that Bitcoin bottom will “wick down fast” which means most of the normal investors won’t be able to catch this bottom and wouldn’t have the time to buy up Bitcoin at that level either.
“It will then likely “v” back up and go sideways for months in a small range for accumulation. The current bottom sat near $3100 for 3 days before a slight uptrend.”
He says this was the perfect risk/reward buying opportunity that he called out at that time which was a very slow and easy timeline for the retail investors to buy the bottom. This he says is “completely too easy” and that’s why Bitcoin breaking below $3,000 “isn't a question of “if” but “when.”
“It's more than realistic that we could see a wick down below $1800 that springs back up to above $3k for accumulation.”
But again he says, it doesn’t matter as in the long term Bitcoin is likely to see a new peak that will be over and above $20,000.
“When it comes to long term outlook at Bitcoin and the crypto market's value – it doesn't matter if you got in at $3600 or at $1800 because in the next 2x to 3x years the price of Bitcoin will be much higher likely at new all-time highs above $20k.”