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Tuesday, September 28, 2021

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“Bitcoin at USD 500 thousand is possible in the next 9 months”, says renowned analyst

Key facts:
  • For Carl “The Moon”, it is critical that bitcoin breaks the resistance at $ 49,000.

  • The trader will take profits from USD 100,000 through a “dollar cost average” exit.

“I would say that seeing bitcoin (BTC) between $ 200 and $ 500 is feasible to happen in the next 9 months and $ 700 would be less feasible but possible as well.” This is how the trader and technical analyst Carl “The Moon” Runefelt.

The specialist, which is followed by almost half a million people on Twitter, spoke days ago with the Argentine educator Catalina Castro, who leads the YouTube channel Tech with Catalina.

There, the trader professional presented his analysis on the short, medium bitcoin price long term. According to him, for about 9 more months, an upward stage of the current cycle would continue and then enter a market with a downward trend.

“Most people in the market expect the $ 200,000 or $ 300,000 level for the next 8 or 9 months,” says Runefelt. He adds: “I believe that we are going to see the unexpected and this could be entering a bear market or that we far exceed expectations, with the price between USD 500 thousand and USD 1 million, so USD 700 is a possible scenario” .

On the long-awaited figure of USD 1 million per BTC, Carl “The Moon” considers that it is “inevitable”, although, according to says, “the question is if it is going to happen in the next months or not”.

CriptoNoticias reported on August 21 the analysis of the Argentine lawyer Carlos Maslatón. For him, bitcoin will hit $ 1 million, but it won’t anytime soon, nor will it go to that point in a linear fashion.

According to the lawyer’s prognosis, it would be necessary to wait until 2025 to see the price of BTC at that figure. Maslatón does agree with Runefelt that, in 2022, the cryptocurrency could be seen at prices close to USD 500 thousand.

For Carl “The Moon” Runefelt, bitcoin’s bull cycle would extend for about 9 more months. Source: Youtube.

30 thousand and 49 thousand dollars: two barriers to consider for bitcoin

Regarding the price of bitcoin in the short term, Carl «The Moon» considers that there is a strong support point at $ 30k. In the event that the price of the crypto asset moves below that figure, a new and prolonged bearish period could be entered, thus nullifying all the optimistic predictions.

Instead, if bitcoin forcefully breaks the resistance of $ 49 thousand, the uptrend would consolidate and the aforementioned predictions would continue to apply.

At the time of writing this article, as can be seen in the CryptoNews Price Calculator, each BTC is trading at USD 48,270. Days ago it exceeded USD 50 thousand, but fell shortly after.

When is it time to sell the bitcoins?

Catalina Castro consulted her guest about what will be your strategy to take profit when the price of bitcoin goes up.

Carl’s response was that he will do a dollar cost average Outbound (DCA). The Cryptopedia, which is an educational section of this information portal, describes DCA’s strategy:

Investors who follow this methodology usually plan how much is the total sum they want to invest in an asset, making several purchases under that price and then making small increases if the investment is giving a good return.

For example, a merchant may decide to buy $ 50 worth of bitcoin every end of the month for a period of five months.

Criptopedia, educational section of CriptoNoticias.

An exit DCA, as Carl “The Moon” Runefelt explains, is the exact opposite: sell a certain percentage of bitcoins periodically as the bull cycle progresses. He will start doing it from the moment each BTC is trading at $ 100,000.

“Maybe I will sell half a bitcoin every week or every two weeks for a certain number of weeks, in order to have an average starting price,” explains the trader. “The good thing about this strategy is that I know that I am going to sell at the highest peak, but not everything since the sale will be progressively at different points,” he adds.

In order to be prepared for when the next “crypto winter” arrives, the investor e influencer says that, with the fiat money you get from the sale of your BTC will buy other things that, according to him, will retain their value. “I will buy watches, old cars, paintings … anyway, I will try to invest most of it in assets that generate passive income such as real estate and companies,” he says.

In the bull market there are many opportunities to make money. But in a bear market you have to make sure that you took profits because if you don’t, all those profits are going to disappear at some point.

Carl “The Moon” Runefelt, trader professional and market analyst.

Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: [email protected] Phone: +1 513-209-1700

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