Cardano about to rise much higher: analyst

December 5, 2023 at 5:48 pm

Edited by Brian Stone

Markets

Cardano about to rise much higher: analyst

In a YouTube video posted on Dec. 5, a crypto analyst behind the popular Crypto Capital Venture channel cautioned investors to temper their enthusiasm despite Bitcoin’s recent price rally.

“Bitcoin on the daily chart here, defying gravity,” the analyst began, referencing Bitcoin’s (BTC) upward price movement over the past week. However, he stressed the need to “interject caution throughout this video” for those wanting a more balanced perspective. The analyst explained that while Bitcoin’s breakout past $38,500 was impressive, history shows pullbacks are still possible.

“There was a resistance at that key indicator, but check this out. We have the massive key indicator for Bitcoin that Bitcoin was also as a bull market high to the bear market low that Bitcoin escaped.”
Crypto Capital Venture YouTube

The analyst compared the current rally to previous cycles in 2013 and 2019, when Bitcoin hit resistance levels and subsequently experienced significant pullbacks before continuing its upward trajectory.

“So the reason I’m bringing all this up is because, yes, we’re going to be monitoring what’s going on in the daily chart, if Bitcoin keeps going, it’s already done something it kind of hasn’t done really at this time of the cycle.”
Crypto Capital Venture YouTube

However, the analyst cautioned that sharp declines are within the norm, even amidst bull markets. He referenced a quote: “Bitcoin could still go back to $30,000 before new all-time highs, and it would be normal.” The analyst believes investors, especially new ones, must understand and prepare for continued volatility.

“You need to learn how this works fast. Be prepared for the dips, everybody. Right when you think it’s just going to keep going, it’s going to keep going, you caught the ride. You’re ready for the rocket ship. Bam, it happens, and that’s even in bull markets.”
Crypto Capital Venture YouTube

While bullish on the crypto market overall, the analyst behind Crypto Capital Venture thus reminded investors not to get carried away even as Bitcoin pushes past $40,000. As crypto history has shown, temporary retracements do not preclude new highs later. By bracing for inevitable volatility, investors can make rational decisions even amidst the frenzy of crypto bull runs.