{"id":554301,"date":"2023-10-05T23:00:23","date_gmt":"2023-10-05T23:00:23","guid":{"rendered":"https:\/\/ktsl888.com\/?p=554301"},"modified":"2024-06-11T08:12:38","modified_gmt":"2024-06-11T08:12:38","slug":"bitcoin-undervalued-below-30000","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-undervalued-below-30000\/","title":{"rendered":"This Trader Thinks Bitcoin Is Undervalued Below $30,000: Time To Buy More BTC?"},"content":{"rendered":"

On X, one trader going by the handle “CryptoJelleNL” is\u00a0<\/span>convinced<\/span><\/a>\u00a0that accumulating Bitcoin below $30,000 can be rewarding. The trader expects prices to not only expand towards all-time highs printed in 2021 at around $69,000 but break above $100,000 in the coming sessions.\u00a0<\/span><\/p>\n

\"BTC
BTC may be undervalued below $30,000| Source: “CryptoJelleNL” on X<\/figcaption><\/figure>\n

Although the analyst didn’t give timelines, the “game plan remains the same,” acknowledging that it will be a “tough mental battle” before exiting the market when BTC soars above $100,000, nearly 4X at spot rates. <\/span>It is not immediately clear precisely at what price the analyst entered. <\/span><\/p>\n

Responding to a tweet, CryptoJelleNL said the strategy is not to buy between $30,000 and around $70,000 because doing so will only increase the average “entry-level.” This strategy was proposed by an X user who preferred dollar cost averaging (DCA) using lower capital.\u00a0<\/span><\/p>\n

Related Reading: Bitcoin Cash Price Won\u2019t Go Down Quietly \u2013 Risk of Bounce Grows<\/a><\/div>\n

In DCA, an investor makes periodic purchases of a target asset at low costs to dampen the effect of volatility and reduce the overall entry price. This system can be effective for HODLers, like in the case of CryptoJelleNL, and for traders who can’t time the market.\u00a0<\/span><\/p>\n

Will Bitcoin Break Above $30,000?<\/span><\/h2>\n

Even so, time will tell whether Bitcoin will eventually recover from spot rates, soaring above $30,000 and July 2023 highs. Looking at price charts, bulls have a chance, at least in the short to medium term.\u00a0<\/span><\/p>\n

\"Bitcoin<\/a>
Bitcoin price on October 5| Source: BTCUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n

Prices remain tight, trading above the $25,200 primary support and $28,000 and $30,000 resistance zone. Moreover, trading volumes are lower, suggesting that activity is generally low, with most market participants not keen to engage at spot levels.\u00a0<\/span><\/p>\n

Related Reading: XRP Price Breakout: This Resistance Level Holds The Key<\/a><\/p>\n

Even so, a breakout above $32,000 might spark activity, pushing prices toward the all-time high in a welcomed buy trend continuation formation in H1 2023. Looking at the weekly chart, prices have mostly been consolidating from June 2023, oscillating between $32,000 on the upper end and $25,000 on the lower end.<\/span><\/p>\n

Former BitMEX CEO Says BTC Will Roar To $750,000<\/span><\/h2>\n

Arthur Hayes, co-founder and former CEO of BitMEX,\u00a0<\/span>believes<\/span><\/a>\u00a0BTC will explode to around the $750,000 and $1 million level by 2026. <\/span><\/p>\n

In his view, the Bitcoin halving event, a supply shock that will halve the rewards distributed to miners, and the potential approval of a spot Bitcoin exchange-traded fund (ETF) by the Securities and Exchange Commission (SEC) will be the primary drivers of demand. Bitcoin will halve miner rewards in 2024.<\/span><\/p>\n

The SEC has hesitated to greenlight a spot Bitcoin ETF, though the complex derivatives product is already available in other jurisdictions, including Canada and Europe.<\/span><\/p>\n

Feature image from Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

On X, one trader going by the handle “CryptoJelleNL” is\u00a0convinced\u00a0that accumulating Bitcoin below $30,000 can be rewarding. The trader expects prices to not only expand towards all-time highs printed in 2021 at around $69,000 but break above $100,000 in the coming sessions.\u00a0 Although the analyst didn’t give timelines, the “game plan remains the same,” acknowledging that it will be a “tough mental battle” before exiting the market when BTC soars above $100,000, nearly 4X at spot rates. It is not immediately clear precisely at what price the analyst entered. Responding to a tweet, CryptoJelleNL said the strategy is not to buy between $30,000 and around $70,000 because doing so will only increase the average “entry-level.” This strategy was proposed by an X user who preferred dollar cost averaging (DCA) using lower capital.\u00a0 Related Reading: Bitcoin Cash Price Won\u2019t Go Down Quietly \u2013 Risk of Bounce Grows In DCA, an investor makes periodic purchases of a target asset at low costs to dampen the effect of volatility and reduce the overall entry price. This system can be effective for HODLers, like in the case of CryptoJelleNL, and for traders who can’t time the market.\u00a0 Will Bitcoin Break Above $30,000? Even so, time will tell whether Bitcoin will eventually recover from spot rates, soaring above $30,000 and July 2023 highs. Looking at price charts, bulls have a chance, at least in the short to medium term.\u00a0 Prices remain tight, trading above the $25,200 primary support and $28,000 and $30,000 resistance zone. Moreover, trading volumes are lower, suggesting that activity is generally low, with most market participants not keen to engage at spot levels.\u00a0 Related Reading: XRP Price Breakout: This Resistance Level Holds The Key Even so, a breakout above $32,000 might spark activity, pushing prices toward the all-time high in a welcomed buy trend continuation formation in H1 2023. Looking at the weekly chart, prices have mostly been consolidating from June 2023, oscillating between $32,000 on the upper end and $25,000 on the lower end. Former BitMEX CEO Says BTC Will Roar To $750,000 Arthur Hayes, co-founder and former CEO of BitMEX,\u00a0believes\u00a0BTC will explode to around the $750,000 and $1 million level by 2026. In his view, the Bitcoin halving event, a supply shock that will halve the rewards distributed to miners, and the potential approval of a spot Bitcoin exchange-traded fund (ETF) by the Securities and Exchange Commission (SEC) will be the primary drivers of demand. Bitcoin will halve miner rewards in 2024. The SEC has hesitated to greenlight a spot Bitcoin ETF, though the complex derivatives product is already available in other jurisdictions, including Canada and Europe. Feature image from Canva, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":552894,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,8856,1122,89583],"class_list":["post-554301","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-halving","tag-btc-price","tag-spot-bitcoin-etfs"],"acf":[],"yoast_head":"\nThis Trader Thinks Bitcoin Is Undervalued Below $30,000: Time To Buy More BTC?<\/title>\n<meta name=\"description\" content=\"On X, one trader going by the handle "CryptoJelleNL" is\u00a0convinced\u00a0that accumulating Bitcoin below $30,000 can be rewarding\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/ktsl888.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"This Trader Thinks Bitcoin Is Undervalued Below $30,000: Time To Buy More BTC?","url":"http:\/\/ktsl888.com\/news\/bitcoin-undervalued-below-30000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin-undervalued-below-30000\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/09\/dmytro-demidko-OG3A-ilG8AY-unsplash.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/09\/dmytro-demidko-OG3A-ilG8AY-unsplash.jpg?fit=6000%2C4000"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Dalmas Ngetich"}],"creator":["Dalmas Ngetich"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin halving","btc price","spot bitcoin etfs"],"dateCreated":"2023-10-05T23:00:23Z","datePublished":"2023-10-05T23:00:23Z","dateModified":"2024-06-11T08:12:38Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"This Trader Thinks Bitcoin Is Undervalued Below $30,000: Time To Buy More BTC?\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-undervalued-below-30000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-undervalued-below-30000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/dmytro-demidko-OG3A-ilG8AY-unsplash.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/dmytro-demidko-OG3A-ilG8AY-unsplash.jpg?fit=6000%2C4000\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Dalmas Ngetich\"}],\"creator\":[\"Dalmas Ngetich\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin halving\",\"btc price\",\"spot bitcoin etfs\"],\"dateCreated\":\"2023-10-05T23:00:23Z\",\"datePublished\":\"2023-10-05T23:00:23Z\",\"dateModified\":\"2024-06-11T08:12:38Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/09\/dmytro-demidko-OG3A-ilG8AY-unsplash.jpg?fit=6000%2C4000","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/554301"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/384"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=554301"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/554301\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/552894"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=554301"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=554301"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=554301"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}