E Has Bitcoin Outgrown Cyclical Volatility?

Blockchain, Technology, Smart, Bitcoin, Money

                                                                                                           Image Source: Pixabay

At the current price of about $58,200, bitcoin is now valued at about $1.1 trillion. This makes it one of the largest tradable assets by market capitalization. It looks as though bitcoin has gotten to a stage where pullbacks are only deemed to be short-term with the long-term outlook remaining bullish. Nonetheless, this does not mean that short-term investors cannot profit from the market. As demonstrated over the last couple of months, bitcoin still experiences significant price swings which provide an opportunity to profit in the short-term.

Traders could profit more by targeting the BTC/USD rebound and pullback levels as demonstrated in the chart above. Right now, it looks like the $62,000 level will be an ideal target for the bulls while the bears could look to pounce for pullbacks at around $57,000. However, this is not always an easy task as traders might miss the window and open positions at the wrong time.

This is when novice traders call to the services of expert traders to trade on their behalf. Alternatively, there are platforms that allow inexperienced traders to copy the trades of expert traders. These platforms are part of the reason why crypto trading has experienced tremendous growth over the last few years. According to Daly Young, Chief Product Officer at cryptocurrency derivatives exchange Bingbon, "Copy trading has helped to bring more traders to the cryptocurrency market. Novice traders do not need to spend too much time trying to understand the industry and trading techniques. All they need to do is copy the trades of experienced traders and follow their lead when it comes to handling crypto volatility."

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Disclosure: The material appearing on this article is based on data and information from sources I believe to be accurate and reliable. However, the material is not guaranteed as to accuracy nor does ...

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William K. 3 weeks ago Member's comment

Interesting thinking about the bitcoin bulls.

But I would not say that it has been "embraced" by the financial payment companies, but much rather grudgingly accommodated because they do not want to be left out. I am still waiting for that loud crash when the realization that it is not the wave of the future hits. At that time the weeping and wailing will be quite noisy, I am sure.