As Bitcoin (BTC) is back surging above the $100,000 mark and altcoins consolidate above strong support levels, a crypto trader has warned his followers that the market’s top is close and urges people to prepare their exit strategy.
Bitcoin made a new all-time high this Monday, attracting more retail investors with the fear of missing out (FOMO). However, as retail starts increasing its BTC exposure, savvy traders and investors prepare their exit strategy as the top approaches.
In particular, the 356,000-follower trading and investing X persona, cevo, sent a warning to his followers on December 16. “We are close to the top, he said in a controversial post that later received other comments. “The most gains with alts will be realized in this last phase. Prepare your exit strategy,” cevo concluded.
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Other crypto analysts and commentators jumped in the thread, most disagreeing with the investor who then defended his stance.
“When I said to prepare for the altseason, I got the same stupid comments because it was too early to buy it could go down much more. You need to have a plan or you’ll become a community member. Either way I’m not planning to spend another bear market with you guys”
– cevo
Bitcoin (BTC) price analysis and exit strategy
As of this writing, Bitcoin is trading at $106,800, a record high for the leading cryptocurrency, amid bullish speculations. With this recent price action, BTC is up 146% year-to-date and 17.81% in the last 30 days.
Interestingly, as Finbold reported, this is just $23,200 below the exit strategy a Bitcoin trader shared on May 26. According to Wolf, $130,000 per BTC marks a key level for his exit strategy, and he is planning to start selling to retail at these prices.
From the current $106,800, this represents a 21% remaining surge, waiting to trigger the plan shared seven months ago. Notably, Bitcoin was trading at $67,770 by Wolf’s posting time, representing a 100% potential gain for the position trader.
Exit strategy for altcoin traders
Meanwhile, altcoins may offer a better growth potential from this point, as cevo highlighted in his warning. According to him, altcoins will print the most significant gains in the last phase of the bull cycle.
If his analysis is correct, this last phase could happen soon as the crypto market nears its top. Nevertheless, many analysts seem to disagree with cevo, still foreseeing more upside potential for “utility altcoins.”
Alex Svanevik, for example, believes we are about to enter the “mother of all bull markets” in 2025. Another one, Alex Becker, predicts solid “utility altcoins” could “easily and surely” do from ten to 30-fold returns this cycle.
All things considered, crypto traders should indeed have a well structured and planned exit strategy for when the time comes. Starting to realize profits at relevant gains is crucial while speculating in this unpredictable market. Yet, it should be done cautiously and without selling everything at once, to navigate any further surge.
Featured image from Shutterstock.
