Blockchain analytics platform Coinglass suggests traders should focus on their own strategies rather than chasing lofty price predictions.
#BTC
Today I saw many KOLs saying that BTC will break through 62,000, 65,000, and 70,000.
What I want to say is don’t let others’ (including my opinions) affect you.
You need to have your own trading rules. After all, in this market, we have at least a 50% winning rate, either… pic.twitter.com/Lr6wBLKr4d
— CoinGlass (@coinglass_com) August 23, 2024
Coinglass’s comments come amid widespread speculation on Bitcoin’s potential to reach new highs. However, the platform reminded traders that the market is inherently unpredictable and emphasized the importance of having a well-defined trading plan.
Meanwhile, the Bitcoin Liquidity Heatmap showed strong buyer interest at $60,000 and $61,000. However, the leading digital asset has failed to retain price action above the $61,000 price level in the past few weeks. The platform further added:
“You need to have your own trading rules. After all, in this market, we have at least a 50% winning rate, either bullish or bearish.”
According to the data from CoinMarketCap, Bitcoin is up 0.2% in the past 24 hours and is trading at $60,929, with a 26.95% surge in the trading volume, which stands at $25.46 billion. Further, the market cap of the cryptocurrency stands at $1.2 trillion. In the past 24 hours, BTC achieved a daily high of $61,408 but has failed to turn this price level into support.
The Bitcoin price analysis chart indicates that the Relative Strength Index (RSI) for the cryptocurrency is at 51.36, suggesting that bulls are currently in control of BTC’s price action. Meanwhile, the accumulation/distribution line suggests that investors are waiting for a clear breakout before putting more money into Bitcoin.