Two times today and the day is still young…
Wow, the bitcoin world is going crazy and so is crypto…
Today BTC or Bitcoin broke two record high events within hours of each other.
63,695.98 and 63,768.79 before sinking down to around 53,300 BUT the day is not over it is very possible that we will see 64,000.00 and above either later today or tonight.
Some think that this is due to the “Coin-Base” Effect which in case you may not know is happening on April the 14th.
Certainly there is some effect and that is logical however there are many other factors that are beginning to point to a large surge in price for bitcoin in the near future.
There are a lot of people who have been holding for years and i can imagine that this presents a real conundrum for those people.
Should I sell now while its high or should I wait until it goes even higher?
Likely it will go higher. (that is not financial advice)
Some are predicting 110,000.00 by the end of this year and still others have made some rather let us say unlikely price amounts which I am somewhat loath to mention but hey its the internet right, you probably already heard this anyway but just in case…
Now, the chances of BTC going to $400,000.00 by Dec 2021…
I just cannot imagine it but also I could not imagine it going from 30,000 to 63,000 in less than 90 days either.
(This is not financial advice)
I believe that the high for tomorrow may be up to $70,000.00
Now that would be a real Boon for Coinbase and for a lot of small investors as well.
The thing here to remember and again this is not financial advice at all, not in any way shape or form.
But the thing to consider here is that in order to really profit from the buying and selling of Crypto you have to get it at an affordable price or buy it while it is in the low end of the cycle.
Like right now it is around 63,161.725
It will likely go down some and then back up again.
IF you have nerves of steel, you could profit some.
Again though it is important to remember that if you are thinking you can buy 10 bucks and make 10,000 well you are not really in the right place to be investing right now and that also goes for those that do not have any investment capitol.
Basically what this means is do not under any circumstances put your rent money into BTC.
WE all know that it is going to happen but it is a very Bad idea.
Again, not financial advice but logic dictates that you should never Every Under any Circumstances risk money that you need in order to survive.
Grocery, Food, Rent, Car payment, Gas,
If you are living paycheck to paycheck, the best thing to do is to just ignore this completely and work on getting into a better situation where you have capitol that you can use in this way. I know that sounded like it was advice but totally not.
IF you are new to Crypto and are “thinking of getting started” prepare to make mistakes.
You will sometimes sell when you should be buying and buy when you should be selling.
You will make mistakes.
One of the most common mistakes is using a manual order form.
A lot of people do not really understand how they work and believe me sometimes they do not work the way you think they do and sometimes they do not work at all.
So, be prepared to make mistakes.
But probably the most important thing you can do is to educate yourself.
No that does not mean watching a 3 min video on coinbase.
They are informative but hardly provide the in depth information that you are going to need before really starting to buy and sell, much less trading.
There are lots of people who are very experienced at trading that lose their shirts on Crypto so be very wary wabbit.
One of the things that you can do is to use a good service one that allows you to trade on “paper” This lets you try out the system but the trades are not real, your using fake money to try out what trading might be like.
Also be very aware that just because you “fake trade” and see some success, remember your actions are likely going to be influenced.
Basically what I mean by that is that when you are playing monopoly its different than say you were to play monopoly for real money.
Money tends to kind of change the way you feel when you are trading.
When subconsciously you know its not real you will take risks that you will not feel comfortable with taking when it is the real thing.
Also you might feel over confidant and take that risk and then watch in “horror” as the price drops and drops and drops just after you made that trade.
Hey it happens to every trader out there.
The bottom line here is sometimes you win and sometimes you lose.
Never Risk something that you cannot afford to lose.
IF you cannot afford to lose your Automobile, then you certainly should not be risking the price of that automobile on the offhand chance that BTC will go up…
You can trade with as little as a few hundred dollars but honestly you will not likely see much profit.
The thing is you do have to start somewhere and loosing a few hundred dollars while gaining an education on how NOT to do that again… Priceless education but only if you can afford to lose that money.
We say this all the time.
Never Risk what you cannot afford to lose and people still do it anyway.
Like your wife or your girlfriend.
Tempting I know but seriously its not going to end well if you do something like that.
All humor aside, This Really is not financial advice.
Buying and selling crypto can be fun and rewarding but it can also be like staring in your own horror film one where you end up without your shirt or you pants.
Seriously read up on this stuff because there is a lot to learn and no matter how much you think you know now… You do not know enough…