What if we don't own enough Bitcoin? Have you thought about that? What if BTC is trading back above those Summer 2021 lows? What is the risk of not owning enough Bitcoin? That's what I think about, asks JC Parets of AllStarCharts.com.
Here's what the chart of BTC looks like as all that former support throughout 2021 has turned into resistance in 2023:
But for how long? How fast can Bitcoin get back up to $60-65,000? If it gets back up there, what are the chances that it stops there? How far beyond $60-65,000 can it go, and are you prepared for it and do you own enough? This is what I'm thinking about right now. Do I personally have enough exposure?
These are decisions everyone needs to make for themselves. Personally, if Bitcoin is above $31,000, I don't own enough in my opinion. The risk, for me, is not that Bitcoin gets back to $60-65,000. The risk is that it goes above and beyond that, through $100k and up towards $120,000. The last move for Bitcoin sent prices up 20x over a few years, from the end of 2018 to 2021. Just to put things in perspective, a 20x return from the recent lows would take BTC above $300,000. Can we get there? Absolutely! But does it even have to hit those prices this cycle for us to make a lot of money? No, not at all.
I'm long. But if we're above the April highs, then I want to be very very long. How about you? What are you doing about this current situation?
To learn more about JC Parets, please visit AllStarCharts.com.