Is it time to buy Bitcoin?

bitcoin

Bitcoin is a cryptocurrency created in 2009. It’s a decentralized digital currency which trades 24 hours a day, 7 Days a week and 365 Days a year. There are more than 4000 altcoins (alternative variants of bitcoin, or other cryptocurrencies). Since Bitcoindtop in December 2017 at around 20000 USD it has been down at 3000 USD. Currently it’s trading at 8800 USD. Most altcoins have lost alot since their highs. Many have lost up to 99% of their value.

I will focus on trading the main cryptocurrencies. The ones I am able to trade with my Stockbroker (Nordnet) are Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Litecoin (LTC). Although they are invested indirectly the taxes are lower here in Sweden through special investing accounts. I will also invest smaller amounts by buying cryptocurrencies directly. My favorites are the abovementioned as well as EOS (EOS), , TRON (TRX) and Wanchain (WAN).

My strategy is to invest in mainly BTC and ETH. Since cryptocurrencies are tradeable 24/7 the time it takes for it to go through a cycle is much shorter than normal assets. I Believe BTC will reach 10000 USD within a few months and perhaps even 50000 USD or more before losing a lot of its value again. It’s hard to sell at the top so my aim will be to sell several times.

It’s time to add or accumulate BTC and ETH. I have allocated more to ETH because I believe there is a higher potential short term. I will probably aim to sell half at the 2nd target.

1st target for ETH around 385 USD.
2nd target 700 USD
3rd target 1200 USD

Ethereum chart and targets

My favorite trader Peter Brandt spoke at Consensus, a must watch. I also found a must read piece: The Past & Future of Blockchain: Where we’re going and why. https://medium.com/@Bitcom21/the-past-future-of-blockchain-where-were-going-and-why-2b26acb45091

Peter Brandts speech at Consensus 2019 -A Perspective on the Crypto Markets from a Career Commodity Trader

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