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Bitcoin Could Top Near $28,000
With such rapid price action to the upside, analysts have begun to speculate where this market will top.One trader recently shared the chart seen below and postulated that the market could top at $28,000 in the near to medium term. The chart shows that Bitcoin’s relative strength index (RSI) reading is currently at 2017 highs, indicating that the market is overbought to some extent. While this does not exactly signal that an immediate correction will take place, it may show that investors should start to get cautious about expecting further upside.
According to the analyst that shared the chart below, a point at where this rally could top in the near to medium term is $28,000 to $29,000. That is where there is the 1.618 Fibonacci extension of the rally from the 2017 China “FUD” lows to the $20,000 highs.
Not An Investment?
Despite the recent rally and the expectations of further gains, some don’t put much faith in the cryptocurrency.Shark Tank star Kevin O’Leary recently called Bitcoin not an institutional investment vehicle, citing the fact that his assortment of altcoins and BTC he bought in 2018 is now worth $50 instead of $100
This is interesting because O’Leary once claimed that everyone investor maybe should have 1-2% of their portfolio in Bitcoin to hedge against currency volatility.