Blockchain analytics platform Coinglass recommends that traders focus on their own strategies rather than chasing inflated price predictions.
#BTD
Today I saw many thought leaders saying that BTC will break 62,000, 65,000 and 70,000.
What I want to say is don’t let other people’s opinions (including mine) influence you.
You need to have your own rules of trading. After all, in this market we have at least 50% winning bets, or… pic.twitter.com/Lr6wBLKr4d
— CoinGlass (@coinglass_com) August 23, 2024
Coinglass’s comments come amid widespread speculation about Bitcoin’s potential to reach new highs. However, the platform reminded traders that the market is inherently unpredictable and stressed the importance of having a clearly defined trading plan.
Meanwhile, the Bitcoin liquidity heat map showed strong buying interest at $60,000 and $61,000. However, the leading digital asset has failed to sustain price action above $61,000 over the past few weeks. The platform also added:
“You need to have your own trading rules. At the end of the day, in this market we have at least 50% winning bets, both bullish and bearish.”
According to CoinMarketCap, Bitcoin is up 0.2% in the last 24 hours and is trading at $60,929, with trading volume up 26.95% to $25.46 billion. Additionally, the cryptocurrency has a market cap of $1.2 trillion. BTC has reached a daily high of $61,408 in the last 24 hours, but has failed to turn that price level into support.
The Bitcoin price analysis chart shows that the cryptocurrency’s Relative Strength Index (RSI) is at 51.36, suggesting that bulls are currently in control of BTC’s price action. Meanwhile, the Accumulation/Distribution Line suggests that investors are waiting for a clear breakout before pouring more money into Bitcoin.
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