Bitcoin is going crazy this year and again it has shown its effect again.
Breaking News of bitcoin
The biggest breaking news in the blockchain industry is that Bitcoin price suddenly started the bullish movement and in the span of just 24 hours, it has almost pumped to 34%.
Bitcoin was hovering around $8300 to $8500 yesterday. But a sudden pump appeared when it jumped from around $8500 to near to $9829. It was once trading at $10000+ also. Afterward, a dip to $9829 was also seen in the bitcoin.
Don’t know that is Bitcoin and Blockchain find it now here.
Why did bitcoin jump to almost 34%?
There is no technical analysis required to understand the pump. A piece of big news came that said that China’s President 11 urges accelerated Blockchain Technology adoption which brought this huge pump. But also whales are included in this move because they are the one who brings money to the bitcoin.
What is the next move of bitcoin?
Oh, it’s tough to predict about bitcoin price. But we can just assume by giving some reasons. As we have seen a pump of around $1500 which is insane.
My prediction is a probable dump, maybe around to $8200. Now the reason for it is not technical as I believe that technical analysis fails most of the time in cryptocurrency.
The reasons are the mindset of whales. Inexperienced traders will now start buying bitcoin because they think this is a bullish movement sign. Whales are the ones who need more and more money, they will think the exact opposite of it.
That is they will dump the bitcoin. So by looking at the dump most of the traders will move from bitcoin to altcoins or they will withdraw money to fiat. It will lead to a huge dump in bitcoin.
This is my prediction according to my experience. It may be different and bitcoin may pump to $1100 also. What do you think? Will it pump or dump?
Is it safe to trade bitcoin now?
Actually I am not a big fan of trading bitcoin. You know why because I believe in investing not trading. Investing in bitcoin for a longer period of time is more profitable and less risky than trading.
According to my opinion for and trader, there is no specific period of trading. If he/she applies strategy, profits can be made.
But my advice to you that don’t trade bitcoin now as it is more and more volatile.
- Whales and the big news are the main two reasons why bitcoin pumped.
- The next move, according to me, is a dump around $8200.
- It is very risky to trade in bitcoin now.
- Instead of trading in bitcoin invest in bitcoin.