HODLers should ignore short-term bitcoin price movements and sentiment to avoid being blinded to the bigger picture, says veteran trader and market analyst, Ethereum Jack in a recent tweet. The macro outlook is ‘SUPER bullish’ he informs us, predicting a bitcoin price of between $24-28k by December.
Short-Term Movements Distracting
Jack emphasises the profound difference in strategy between trading and HODLing, and urges those who prefer to HODL not to be blinded by short-term movements in bitcoin price.
Make no mistakes when I long or short #Bitcoin if you are a hodler…
He begins, before suggesting that, for the majority of investors, the day-to-day concerns of traders merely serve as a distraction.
Away from the short-term machinations in bitcoin price, Jack believes that the outlook on a macro scale is highly bullish. He predicts around a 200% increase in BTC price this year, with a target of $24-28k by December.
$28k Prediction Not A Bubble
Compared to some of the predictions and projections being suggested ($152,000 anyone?) $28k may seem a little conservative.
However, many of the more optimistic predictions try to ascertain how far bitcoin can possibly push before it runs out of steam, and comes crashing back to earth. Jack’s prediction seems to be more of a waypoint on a sustained push.
When questioned as to whether his $28k prediction would be another peak like 2017 followed by a crash, Jack said that he saw no comparison.
So if $28k is not a peak, then 2021 will assumedly see prices go even higher.
Bitcoin Sweet, Ether Sweeter
However, if Jack thinks that bitcoin will find 2020 sweet, he reserves his highest regard for Ethereum. Well with a name like Ethereum Jack, he would, wouldn’t he.
ETH will be leading 2020
He responded, when question as to the fate of Ether.
Certainly, ETH has outperformed BTC in terms of price since December and early-January lows. Prise has risen from $120 to over $190 in recent weeks, a gain of more than 58%.
With the seemingly unstoppable rise of decentralized finance (DeFi), Ethereum could finally find its place in 2020. If it continues to outperform bitcoin, then based on the $28k prediction for BTC, we could well see ETH back into four figures.
And if that isn’t a peak, then perhaps 2021 could see a new all-time high for Ether.
What do you make of Jack’s latest Bitcoin price prediction? Add your thoughts below!
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