Bitcoin: Be Careful Now!

HUOBI:BTCUSDT   Bitcoin / Tether USD
Even though we do believe BTC has already bottomed out and the 3k marked the starting point of the current BTC bull cycle, we do want to point out the overly long sentiment in the market right now and the increasing risk of a long squeeze. With the Plus Token scam still having an estimated 50k – 70k BTC needing to distribute to the market, we are still facing several bumps in the BTC up run. Furthermore, most Chinese’s at least one-week-long Lunar New Year vacation starts next week. Lots of activities take place during this holiday and lots of them are costly (eg. giving out Hong Bao, cash wrapped in red envelopes to family members). It makes sense to cash out from the market.

For longer term views, see the linked ideas below.

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