Is it the best time to buy Bitcoin?

Is it the best time to buy Bitcoin?

By Fab G | Cryptofab | 10 Jan 2021


Nobody can really tell you whether or not it is the right time to buy Bitcoin, however the following indicators may help you:

1) Twitter: just look at what the trendsetters say, e.g. Alex Mashinsky, Celsius CEO, thinks that BTC will oscillate around USD 40k before revisiting lower levels. You may think he is wrong, but he knows what he is talking about.

2) Cryptoquant: look at the inflows and outflows on exchange wallets. It shows when the whales are transferring their coins to the exchanges, getting ready to sell them. The total amount of BTC is still relatively low today, but do not forget it is Sunday. The professional traders working for the financial institutions are not working. Tomorrow is another day...

3) Stock exchanges: all the big places around the world and NASDAQ particularly. BTC follows the tech stock trend, e.g. TSLA, which is particularly high now... Maybe too high.

4) Google trends: it gives you the popularity of words like Bitcoin... or Ethereum, which seems quite popular currently. Does it mean the altseason is coming? Not yet, BTC is still dominating massively. However, ETH has not reached its ATH yet, unlike BTC...

5) Your gut feeling: can it grow forever, with a parabolic law? You know the answer yourself, the market has to breathe sometimes, a correction is needed to consolidate. It might be tomorrow... Or the day after tomorrow.

Personal opinion: I think whales will sell a part of their BTC from tomorrow for stable coins and put them on DeFi to get rewards. Therefore BTC should correct but DeFi tokens like YFI and SNX will remain strong. That's not a financial advice, just a gut feeling. Click here for the latest news on SNX.

 

 

 

 


Fab G
Fab G

Passionate about cryptos and technologies.


Cryptofab
Cryptofab

My blog is about cryptos, DeFi and the best ways to earn passive income.

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