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The bitcoin rate has exceeded $63 thousand. How to buy it profitably?

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The bitcoin rate

The bitcoin rate has exceeded $63 thousand. How to buy it profitably?

The price of the first cryptocurrency approached its all-time high of $64.8 thousand. Bitxmi experts explained which strategy investors should follow in order to buy Bitcoin profitably.

The bitcoin price for the first time in six months exceeded $63.2 thousand on October 19. The last time the asset traded at this level was in April, when its value renewed its historical maximum at around $64.8 thousand. Bitxmi experts explained whether Bitcoin can continue to grow and whether it is worth buying it now.

Bitcoin has come close to the target zone of $63.5-64 thousand, in the future, we should expect two scenarios, the probability of which is almost the same:

  • Powerful breakout of the target zone with a renewal of the historical high and subsequent impulse growth.
  • Rollback after Bitcoin’s attempt to update its historical maximum.

Experts advise acting in the current situation based on what is happening on the market. A powerful breakout of the $64 000 level can be used to buy with the aim of selling in the $72 000 area. However, this idea looks risky, since finding the asset price in the area of the historical high is always accompanied by a large number of false movements.

“There is a risk of triggering the stop loss, which in this transaction should be in the price range of up to $ 60 thousand,” experts say.

In the event that the bitcoin price shows a recoilless update of the historical maximum, such a transaction can bring a profit of 12.5%. In case of an unsuccessful attempt to update the maximum and subsequent decline, a good level for buying bitcoin will be $ 52-50 thousand.

Choosing a strategy

The admissibility of buying bitcoin in this situation depends only on the investor’s strategy. If the period for buying an asset is short-term, up to a month, then the risks will be extremely high and the chances of losing funds will be the same as increasing them.

The level of $62 thousand, where bitcoin is currently located, is comfortable for buying with a medium-term investment horizon of two months, experts say. The rate of the first cryptocurrency may trade significantly above current levels in December, but a high risk of local decline remains in the coming weeks.

Recall that in August 2021, the BitXmi crypto exchange launched the BXMI NFT Marketplace, where you can buy gold, silver, diamonds, and digital arts with zero fees.

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Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

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