Hi traders! How is everyone? The crypto space has been filled with green candles lately and everyone is cashing out, with Bitcoin hitting ATH at $123k price level. It was so good to see BTC that high. But the question is; how far can this go? Bitcoin visited $123k price level and quickly made a drop in price back to $117k price level, and as at the time of writing, price was at $118k price level. Is BTC preparing for the next bullish leg? friends! How far can this go? Just the question that has been bothering my mind and it will be nice if I have some replies giving your price prediction in the comment section.
People who bought BTC early enough are now feeling like geniuses. However, Not everyone had the courage to hodle. I still remember My uncle who bought BTC back in 2014, I think he bought about 3.5 units of Bitcoin, and when he heard of "WONDER WONDER" money doubler; then, people were making lots of money with the system. So he exchange his bitcoins with his friend for "WONDER WONDER" Ticket. He gave his friend all his coins in exchange for the ticket. two to three weeks later, WONDER WONDER system got crashed. People lose lots of money. My uncle didn't make 1 cent from it. I believe his friend must be feeling like a genius now, if he had held to his Bitcoins.
It is one thing to buy early, and another thing to hold. Crypto market is filled with too many uncertainties and a quick drop in price below your entry level can sometimes discourage some people from hodling. Bitcoin has been through lots of phases, with too many uncertainties. Most people do not have the courage to hold and keep adding up to their holdings. Research has shown that 90% of retail investors always sell their holdings during the bear market. But they keep holding on to their bags during the bull market, expecting higher prices.
That doesn't make sense; If you bought at a lower price, and yet refuse to sell at a higher price; it means you have expectations, probably you have figured out what price level you would love to sell due to your believe in the project. Why then sell when the price go below your buy price? I think that is emotional play, one of the major problems Investors faces. But over and over again, holding on to your investments pays awesomely.
ETHEREUM CLASSIC SET TO CROSS $100 PRICE LEVEL AGAIN.
people seem to have forgotten about ETC. But what is is Ethereum Classic?; ETC is a decentralize open source blockchain and cryptocurrency platform. It is said to be the original version of Ethereum blockchain that continues to exist after the hard fork in 2016. In 2021, ETC moved from $6 to $179. Price dropped from this level to almost $12 in 2023. We have seen ETC visiting many price levels ranging from $12 to $40. Currently as at the time of writing, price is at $20 price level, and we have noticed increase in volume and buy price. We are expecting this momentum to continue as more volume comes into the market.
But let's look at our price target going by technical perspective: The figure below displays our price mapping from the current price to the expected price level on a daily time frame.
price currently at $20 price level, and our expected target one [1] is at $22, If price successfully breaks this level and hold, we Might be heading to target two [2] at $29.40. And if price successfully breaks this price level then we are sure of target three [3] at $39.5. Remember market doesn't move directly to a particular destination, there must always be pull backs and price corrections.
The figure below displays price chart on a weekly time frame. If the price levels above are met, then there are possibilities that price can move into $50 price level, subsequently to $60, $70 $80 and $100. These can not be achieved within a day, and there must be a growing buy interest from the bulls and consistent increase in volume.
Following the above analysis, we can figure out where ETC price might be heading during this bullish leg. We are sure to see different price behaviors as market is not expected to move directly to $100 target, but there must always be pull backs and corrections. But like we always say; people who have the courage enough to hold, finally gets to end with awesome returns.
Disclaimer: The above analysis is completely for educational purposes and doesn't indicate any investment advise. Relying on those information to make an investment is completely at your own risk. Therefore, it is important that you do your own research carefully before jumping into any investment decision. stay safe and trade wisely.
