A popular crypto trader who detailed Bitcoin’s rise to around $ 19,000 in July is taking profits and believes BTC needs to be corrected.
The crypto strategist known in the industry as Jack Sparrow says He controls risk as BTC climbs close to its all-time high (ATH) of $ 20,000.
“I’ve been labeled a delusional permabull for building and expanding my longs at $ 4,000, 5,000, 6,000, 8,000, 10,000, 13,000, 14,000, and 16,000, which takes $ 18,000 to $ 19,000. I’ve now taken profit near ATH and in cash after a 400% rally since March and am laughed at by the same people …
I’m just taking the market’s opportunity to negate unrealized gains. If the market is generous, I have the opportunity to lower for a long time. If not, I’ll buy later as a risk-defined level. “
While waiting for bitcoin to be corrected, Jack says that he keeps an eye on Ethereum (ETH), yearn.finance (YFI) and Uniswap (UNI) as his top altcoin picks.
Although Jack is bearish on BTC in the short term, it is believes Bitcoin could soar to $ 396,666 by 2023 as gold loses its appeal as a store of value.
He also suggests that the largest cryptocurrency will go through two shorter cycles, peaking in 2021 and 2023, before entering a long bear market cycle. Jack’s speculative theory is based on the adoption cycles of gold and technology.
“Here’s the deal: technology became a reserve asset, replacing the void gold had left was a reserve asset and depreciated. Many dollars have been saved and wealth gained / maintained in engineering. Bitcoin is an extension of technology, an extension with more functions than gold. “
He supports his view of shorter cycles and considers the logarithmic scale to illustrate how the current rally is “faster and steeper” than previous bull markets.
“The logarithmic price exceeds the 2013-2017 cycle for the time being. Maybe a little early to say, but I think this cycle will rival the previous one. “
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