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November 27, 2022
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Blue Line Capital President says at what price point will buy Bitcoin again

Blue Line Capital President Bill Baruch: When Bitcoin hits $25,000 I will buy more.

Bitcoin price hit a new all-time high of close to $64,000 and has started to decline ever since. It dropped to $30,000 at the end of May, but quickly rebounded to $40,000. Since then, it’s been between $35,000 and $32,000.

As the BTC price moves sideways, two big traders now share the key levels they are watching as most investors move away from riskier assets to favor safe havens like gold and bonds.

Blue Line Capital President Bill Baruch, who has invested in bitcoin in the past, said he has his eye on a key level to add more bitcoin to his portfolio:

“When Bitcoin hits $25,000 I’ll buy more”

Baruch said he bought bitcoin when he was at $32,500, and that he also has ether and solana in his portfolio. Several technical indicators suggest that the price of bitcoin will rise in the near future.

Speaking at CNBC’s Trading Nation, Piper Sandler’s chief market technician Craig Johnson said he is watching BTC’s price movements closely, adding:

“We broke out in January. A few months ago, we reached this peak. In fact, I would go back and put the retraction levels on top of bitcoin, and when you look at that, you can see that around 33,000 to 34,000 is a very important retraction level.”

Johnson’s key levels are based on the technical analysis of the Fibonacci retracement, which marks the key support and resistance levels on the charts. The trader added that, based on the BTC’s track record, the cryptocurrency is unlikely to fall much further, but instead will see a prolonged period of consolidation.

The trader noted that previous bitcoin cycles lasted about 1,000 days and traders should “be prepared to close the hatches and wait for this to take hold for a while longer” before seeing the cryptocurrency rise.

Source: CryptoGlobe

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