Crypto-Upvotes experts told about profitable trading strategies for the medium and long term
The crypto market switched to a bearish trend in the short term on the horizon of a couple of weeks. Bitcoin failed to consolidate above $30,000. And following the largest cryptocurrency, other crypto-assets also went to the decrease. Crypto-Upvotes experts believe that now the best strategy will be to wait for optimal conditions to increase positions in selected digital assets. The overall picture remains generally positive. And we should expect an uptrend in the medium to long term.
Buying Bitcoin is worth considering in case its rate drops below $26.5K. The price of the first cryptocurrency in the coming week may show high volatility ahead of the Fed meeting on the key rate. Our experts consider a comfortable level for increasing positions in BTC at $25.5-26 thousand.
The same approach applies to Ethereum or BNB. Both cryptocurrencies quite well worked off the bullish trend in previous weeks. And now the pullback in the medium term has expectedly begun. This means that it is not worth to enter these assets now. It’s more effective to wait and buy when their rates reach the support level of $1700 and $300 correspondingly.
Also in the medium term, on the horizon of several months, all cryptocurrencies mentioned above are likely to show growth. And the main wave of the bullish cycle will start in the second half of the year ahead of the bitcoin halving in the spring of 2024.
Halving is the code’s embedded halving of miners’ rewards for a found block in the bitcoin blockchain. On May 11, 2020, the network’s reward dropped to 6.25 BTC. The next reduction to 3.125 BTC is expected in April-May 2024.
Other trusted cryptocurrencies from our Crypto-Upvotes experts
In addition to the cryptocurrencies mentioned above. It is also worth following the movement of cryptocurrencies from “second-tier” networks. These are such as Cosmos (ATOM) and Arbitrum (ARB).
The Cosmos interconnect ecosystem continues to be successfully filled with liquidity. And interest in products from this ecosystem is clearly growing. The potential in ATOM, (the Cosmos blockchain cryptocurrency) suggests that there is a 3-5x growth opportunity here by the end of 2023.
As for Arbitrum, it is an asset that can now be considered for purchase. The coin’s price already takes into account the negative effects of the blockchain management scandals. That said, the total locked-in value in Arbitrum’s smart contracts continues to rise. And that’s a good sign for long-term investors.
Crypto-Upvotes does not provide investment advice. This material is published for informational purposes only. Cryptocurrency is a volatile asset that can lead to financial losses.
Our experts told about its effect on cryptocurrency market “Merger” of...
Trading volume were boosted by trend events, such as the rise of “Chinese”...