With the market on edge for a make-or-break moment in both Bitcoin and Ethereum, CryptoJack is calling for a price pivot in the next 48 hours. There has been a good deal of volatility lately, not just in the numbers but also due to shifting tides in the world at large.
Key Drivers Behind the 48-Hour Bitcoin Pivot
The host of CryptoJack points to a confluence of macro and geopolitical issues behind this turn of events. Case in point: the lull in US-Iran hostilities. That kind of de-escalation has taken some of the pressure off the market and given digital assets a bit of an updraft. In short, it has done much to steady the nerves of crypto traders and put them in a more risk-friendly frame of mind.
After the run-up we’ve seen with Bitcoin, bulls and bears have had to take another look at where they stand. The coming couple of days should tell us which way the wind is blowing for the top two coins, as one would expect some jitters while the market digests the latest news.
Trader Reactions: Stop-Loss Adjustments and Profits
CryptoJack has put out a public word on his Bitcoin holdings, raising the stop-loss to $68,841 in line with his bullish view of where things stand. It is a way to secure a $16,000 gain and be ready for any whipsaws in the price. You can see in that kind of risk management the mood of the market at large: traders want to hold onto what they have made but are also prepared to handle whatever comes from the 48-hour pivot.
With more volatility in the mix, these on-the-fly changes to a plan are nothing new. CryptoJack’s example makes it clear that you need to be on top of your risk when there is a big move like this in the offing.
Broader Market Developments: Promotions and Bankruptcies
With the Bitcoin price poised to make a move, there is no shortage of action in the crypto space. UBIT, for instance, has launched an aggressive promotion for new sign-ups: as much as $50,000 in bonuses, with no need for KYC or a minimum deposit to get in. It is an obvious ploy to draw in new faces and add to the trading volume before the market does what it is expected to do.
Then you have the other side of the coin. Storgy Labs has filed for Chapter 11 bankruptcy after a 15% hit to its value and a run of rough market conditions. It is a case in point for the kind of risk and volatility that are part and parcel of this business, even when others are making their play for the upside, as CryptoJack has been predicting.
Source — CryptoJack: https://www.youtube.com/watch?v=FJsbErCKAfE
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