Bitcoin Rallies To $8,000 – Warning For BTC Traders

The crypto market looks great today, with the digital assets trading in the green.

At the moment of writing this article, BTC continues to trade in the green and the coin is priced at $7,880.84.

Bitcoin is expected to see some significant price movements as the halving is approaching and it’s 14 days from now.

Crypto market vs. traditional market

Crypto analyst Scott Melker said that he’s a buyer, and he’s looking to see how the correlation between crypto and the traditional markets is holding up.

He also made sure to explain that if another move to the downside hits the traditional markets, BTC will also be following the trend.

The global economy is extremely volatile these days amidst the global crisis triggered by the coronavirus pandemic.

Investing is more important than trading

Amidst this scenery, Melker also says a message for all Bitcoin believers. He dais that people who are trying to day trade BTC should take a break these days, because he is confident that BTC is heading for a long-term exponential growth.

“If you truly believe that Bitcoin is going to 100K, then you should just slowly buy it, regardless of price, and check your balance quarterly. No need to risk trading away your stack before it gets there. If you insist on trading, do it with 15% of your portfolio or less,” he said.

 

He highlighted the importance of this and said that there are lots and lots of people who have made a lot of money in the market without ever looking at charts.

He said that investing is more important than trading, and even the most successful trader should start with being an investor first.


Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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Eduard Watson Author

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

2060 Articles

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