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Should you buy Bitcoin at $100K? Analyst says check THESE boxes first!
In a recent analysis, prominent analyst Ki Young highlighted the importance of considering a crucial checklist before making a decision to invest in Bitcoin at its current price of $100K. As the digital asset continues to show remarkable strength, the question remains whether it’s wise to invest in BTC at this price point.
According to Young, potential buyers must first ask themselves if they would regret not purchasing if Bitcoin climbs even higher to $145K. Furthermore, they need to be prepared for a possible bear market and have the emotional fortitude to withstand corrections of over 30% without panicking and selling their assets.
Additionally, the analyst emphasized the importance of long-term commitment, suggesting a minimum holding period of at least one year.
The analysis also delves into the technical aspects of Bitcoin’s price movement, highlighting that the $100K level is a critical area for traders. Data shows that this specific price point has witnessed an unusual concentration of open positions, indicating strong interest and possible contention between buyers and sellers.
This intense activity could serve as either support or resistance, potentially influencing Bitcoin’s price movement if tested. Other price levels have shown varied activities across the board, but none have matched the level seen at $100K.
The chart analysis further reveals that the price remains below the previous day’s high of $101,888, forming a key resistance area that Bitcoin briefly approached before retracing, indicating a struggle to break higher.
Furthermore, the high-leverage short liquidity levels are now in place, making it an important level for traders to take note. Young suggests that this pivotal point could provide valuable insights into potential high reward-to-risk entry points.
It is essential to consider these crucial factors before making a decision to buy Bitcoin at $100K or not.
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Source: ambcrypto.com
