Crypto Jebb has recently shed light on significant trends in the cryptocurrency market. The CoinSpeech team has summarized the most crucial insights from his latest analysis below. Watch Crypto Jebb’s new video at the end of this article.
Bitcoin’s Looming Correction
In the past several weeks, Bitcoin has been on a downward spiral, dropping over $122,000. According to Jebb, “the market is going to fall from here,” predicting a major drop is imminent. He attributes this decline to a multitude of factors, notably outflows from the Bitcoin ETF, fears surrounding the sale of Bitcoin from Mount Gox, and anticipation of the Ethereum ETF.
Potential Support Levels
Jebb identifies three potential support levels where Bitcoin might stabilize:
- $52,800 – A local resistance point
- $50,500 – A level of support set in February
- $49,000 – The level reached at the launch of the Bitcoin ETF
He emphasizes, “a 33% drop on Bitcoin down to $49,000 would actually be right there following the historical average of what a healthy correction looks like.” This underscores that the market correction does not spell the end of the bull market but a needed reset which is typical in such cycles.
Historical Context and Market Resilience
Jebb provides historical context to reassure investors: “Many times throughout the 2016 and 17 bull market, we would see Bitcoin drop 40% before going on to rally several hundred percent over six times.” He believes the market will rebound from the current bearish phase, driven by eventual bullish cycles and market fundamentals stabilizing.
Ethereum ETF and Its Implications
Regarding Ethereum, Jebb notes, “when the Ethereum ETF goes online, we might see a short-term correction,” similar to Bitcoin’s initial ETF launch impact. He highlights that past trends have shown significant rallies post-initial corrections.
Strategies for Building Wealth
Jebb’s advice for investors is strategic and long-term focused:
- Hold through market crashes and avoid panic selling.
- Adopt a long investment horizon: “Hold Bitcoin and Ethereum for many years.”
- Diversify investments across different asset classes to mitigate risks.
- Implement sound financial practices like budgeting, reducing debt, and investing in tax-advantaged accounts such as Roth IRAs.
He stresses the importance of dollar-cost averaging and maintaining a diversified portfolio, including stocks and real estate. “If you hold Bitcoin for over 5 years, you’ve got well over a 95% chance of being not only in profit but in a great deal of profit,” Jebb assures.
Reliable Platforms for Investing
For those seeking a platform for cryptocurrency investments, Jebb recommends Crypto.com, noting it has “over 100 million users and they just turned 8 years old.” He praises its user-friendly interface, which makes investing as simple as possible, aiding habit formation.
Watch the full analysis by Crypto Jebb in the video below!