Bitcoin Soars Through All-Time Highs

The past week has set the crypto world on fire. Bitcoin smashed all-time highs handily and continued to rise all the way to 24,200 at the time of writing. We are truly in un-chartered waters from here on out! But with such a parabolic run-up, we have to stay aware of the possibility of a pullback. But how big will this correction be? If we saw a 30% pull-back, similar to those seen in the previous bull-run in 2017, this would take us down to roughly the $17K mark. If we repeated the last pull-back of 17%, this would take us roughly back to the $20K price point. Both are very possible, however in our opinion, we see the latter as far more likely. This is because large institutions are actively buying up dips, and the likelihood that the dips go as deep as 2017 is slim. The reality is that this bull-run is much different from those of the past. Smart money is pouring into space at a rate we have never seen. These investors are looking for any pull-backs to grow their positions. Simply put, it is a lot easier to dollar-cost average into this market, than it is to try and trade the swings. Keep it simple, buy and hold and hang on tight... the ride is just beginning.