With Bitcoin price hovering around $119,000, investors are waiting for the right moment to join a new rally. This article examines whether to enter the market now or wait for a better opportunity.
Current Bitcoin Price and Expectations
Bitcoin is currently trading at approximately $119,500, remaining in a sideways trend. Many investors are concerned about the decision to enter the market given the current price levels.
Optimal Entry Level According to Expert
10x Research founder Markus Thielen argues that the $111,673 level, which previously acted as resistance and is now support, is the best entry point. 'We would prefer Bitcoin to retest the $111,673 level, as this would offer a better risk/reward ratio,' Thielen stated in a note to clients.
Potential Breakout Levels
Thielen also analyzes the possibility of a breakout above $120,000, which could signal a market re-entry. 'A sustained rally, especially above $120,000, could justify repositioning with the trend,' the expert added.
In conclusion, Thielen advises investors to closely monitor two key levels: $111,673 as the ideal entry point and $120,000 as a potential breakout level. Investors should also consider risk management and keep stop-losses tight.
