Why Bitcoin is Headed for $7700 Before the Next Rally in 2020 | LEO Podcast Clip
Toward the end of the last LEO Roundtable podcast, we analyzed Bitcoin and gave our predictions about the current state of the market.
Bitcoin’s price has ebbed and flowed quite a bit since the halving. We’ve seen it spike up to 10k and draw back down quickly and recently we have seen the price climb back to $8800 (that’s when this podcast was recorded) and today we’re sitting at $9500.
We all agreed that there is likely to be a correction in Bitcoin’s price before the next major rally. We set some buy levels and I personally have been playing those levels accordingly.
Each time BTC has drawn down, I’ve bought a small amount. The last buy I had went in around ~$8500 but in the show we talked about BTC backing up to the $7700 and possible even $6700 levels.
With this viewpoint in mind, my personal strategy has been to buy lightly on the dips to $8500 and place some heavier buys between $7700 and $6700.
In this clip we give a few reasons for Bitcoin’s bearish outlook in the short-term and the opportunity to add on before the major rally that everyone is expecting post-halving.
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In This Episode:
- Correlation between the stock market and Bitcoin
- Buy Levels — Correction to $7700 soon?
- Chart is looking generally bearish — opportunity to buy for the long-term
- Laddering in
- Halving (consolidation before the post-halving bull run) - a pullback to 7700 would work perfectly in order with that past data of consolidation before the crazy moves post-halving events
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