Bitcoin consolidated for a little while at around $13,750 after I released my video originally setting a $17,000 sell target for Bitcoin. I originally determined this price target as there is substantial resistance at that price level and Bitcoin had little support under it given the quick fall to $10,500 and rapid recovery back up to $16,500. A muted hype is beginning to build for the return of the Segwit2x hard fork.
Now that Bitcoin has had some time consolidating at $13,750, that support level has become stronger which reduces risk. Given this, while I still plan to sell some Bitcoin at approximately $17,000 if we see it shoot up to there from here, it will be significantly less than I intended to sell back when I originally made the video.
Furthermore, in an ideal world where we see Bitcoin consolidate a little longer around low $15,000s, that will build a solid support closer to Bitcoin’s price and I will take out my limit order entirely. When Bitcoin grows in a step-like fashion, there is more support under the market which I prefer over it rocketing straight up (and hence is why I am hesitant buying it at all time highs or after it increases 30% in a day).
SegWit2x hard fork is anticipated to occur on December 28th at block 501451. Given this, I will be moving all the Bitcoin I have on exchanges to my hardware wallet prior to the snapshot. If price accelerates to $17,000 at that time, I will not sell any as I obviously won’t have any on exchanges.
The reason I am interested in acquiring this hard forked currency is NOT because I think it is worth anything. It’s just stealing the name of SegWit2x to make people it is worth something, when in reality it’s a completely different vision for Bitcoin that will likely flunk altogether. However, Bitcoin Gold has illustrated to me that even complete failures (forgive me, those of you who are invested) can be given high market valuations, so I’m interested in picking it up regardless.
What are your thoughts on Bitcoin & the upcoming hard fork? Let me know in the comments below and thanks for watching / reading!
If you like my content, you can support me through using ANY of the affiliate links below (I receive small compensation). The beauty of affiliate links is that I can pick and choose what I like rather than have companies approach me – everything I linked below (with the exception of Trezor since I like Ledger), I use myself frequently.
My Recommended Hardware Wallets:
If you want to store your cryptocurrencies safely, the best way is through a hardware wallet. Seriously – look it up and you’ll find plenty of information supporting this claim. There are alternatives such as paper wallets, but these are convenient and my choice for cold storage (offline):
Ledger Nano S: http://amzn.to/2hZPj0q
Ledger Blue (expensive): http://amzn.to/2hk7xst
I personally prefer the Ledger Nano S, but the Trezor is such a close second that it really doesn’t matter which one you go with. Ledger Blue is premium and convenient, but not necessary.
My Favorite Book for Investing in Crypto:
This book is, bar none, my favorite book for investing in cryptocurrencies. It doesn’t bog you down with technical jargon, but instead focuses on all the elements you should understand before you invest.
It’s a comprehensive book for both beginners and experts. Beginners will find information about major cryptocurrencies (not just Bitcoin) as well as details on historical market events (that you can draw on for future) and events to watch for moving into the future. Experts will find the chapters on valuation particularly useful. For those of you involved in traditional investing, this book is even more of a godsend as finance info is explored (correlations with other asset classes, ETFs, etc).
My Recommended Exchanges: Coinbase / GDAX / Bittrex
If you sign up to Coinbase using link above, you and I will both receive $10 each after you buy your first $100 of Bitcoin using Coinbase. Coinbase is much less intimidating for beginners. Once ready, move up to GDAX for cheaper or zero fees. For altcoins, I recommend Bittrex.
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None of what I provide in my videos is investment advice. Please do your own due diligence.
Seeking Alpha: https://seekingalpha.com/author/truth-investor/articles