Should I still buy Bitcoin 2020?

by Marc Walton | Nov 20, 2020 | Crypto News | 0 comments

Hi guys, this is Marc, just a quick update re-Bitcoin (BTC). I will update the portfolio page in the member’s area in a few hours time but for now we have new members asking “should I still buy Bitcoin 2020?”

Scroll down to watch the quick 5 minute video, or read the overview here:

Our members who got in at the beginning with us around $8,300 on Bitcoin, were up 120% yesterday.

Some of them are now getting scared that it’s going to drop back down and it’s going to wipe out all their gains.

Then we have new members who have different kinds of fear.

They come in at this kind of high price and think it’s too late to buy Bitcoin.

So, the thing I mentioned right at the beginning of our journey here is you must decide in advance what you intend to do.

Should I Still Buy Bitcoin 2020?

My strategy is I am buying and holding Bitcoin for the long-term. If Bitcoin drops and pulls back, I am going to buy more. And if it gets to $20,000 and it starts to get twitchy and drops, I might sell some, buy some smaller coins and then put it back into Bitcoin on a drop.

So, let’s have a look at the charts in the video. I’ll show you a Bitcoin first. And then I’ll show you some of the smaller coins I am still buying as we speak.

Bitcoin. Those of you who got in at $8000 originally are up 120%. Some of the others then took a breakout. We had a breakout at $9,300 that I said there was buying more. And then there was more at $10,000 and there was more at $12,000 that we bought. I think we bought a little bit more at 14, but we’ve stopped of late. We were fortunate because we’re in already.

Wednesday’s drop went from $18,560 to $17,060 where buy orders were clearly in place to catch such a move. So a $1,500 drop.

Anybody buying a lot of Bitcoin here and holding would have been panicking and then it came back up again. So, it’s quite, probably there was a big sale, big profit take that day. Anybody trading it would have been taken out.

So for me now, to buy more, I would be watching $17.010 & I am very interested at $15,600 for technical reasons. $17010 is obviously an area of interest. I will definitely buy more if it drops to $15,000.

Should I still buy Bitcoin 2020?

If you have limited funds, you don’t really want to be putting too much of a chunk of it into Bitcoin at the moment.

So as ever, I am not a financial advisor, but I will tell you what I would personally do.

If you were intending to put, say $1000 into Bitcoin, I would buy some now. I would buy $250 of it now, possibly even a bit more. And then I would try to buy on the dips. I do believe there are some dips coming and we saw on Wednesday, there was a big dip.

It dropped $1000 in an hour and then bounced back up again. And again, because of this fear, driving the markets, the fear of the ones who are in it not wanting to lose the profits they have already mentally “banked.” Then the fear of those who have missed out, it is going to be wild for a while, but this is crypto.

If you’ve got really limited funds, for now, I would focus on the smaller ones. I told you in the last 2/3 weeks in the blog updates, we’ve been buying a lot of Ripple (XRP). We were saying to buy at 23/24 and it hit 30 odd yesterday. It’s pulling back again now.

We’re seeing now BTC is in the press all the time and when it starts getting in the press and on the news, about “it’s going to $20,000 again.”

Then you get the rookie retail trader piles in buys at the top and the smart one, he leaves the building.

I am convinced for all the reasons that I explained in my free webinar, this will carry on.

On a personal note, I think Bitcoin will get to $50,000 in the next year or two because it will be a store of value.

Grayscale are a US fund that are SEC regulated, and I think that the only one in the US there is, they have been buying Bitcoin like nobody’s business. They now hold $10.4 billion of Bitcoin.

You’ve got the second richest man in Mexico has just put 10% of his portfolio into Bitcoin. And he’s telling his countrymen to read books and understand it. And then there is the greed index, “Bitcoin fear hits It’s yearly high.”

Now you’ve got investors and celebrities pouring in. They are the ones that could drag in Joe public. And if Joe public’s not careful, they will be the ones who will buy at $20k. Then it could, probably should drop possibly down 20, 30%. That would be the time to buy more for me.

And then this is talking about the drop yesterday. It dropped $1000 in minutes. This is why I do not trade it. I buy it and I hold it and I do not recommend anybody trades it.

Here are some interesting articles from this week’s events.

Greed Index Hits all time high

Grayscale holds $10.4 billion of bitcoin and cryptocurrency

Bitcoin drops over $1000 in minutes during strong rally