If you look at this chart, BTC's is up to 80.04. Fundamentally, this screams "overbought." But, is Bitcoin really overbought? It hasn't been around long enough for us to completely understand how this asset is supposed to perform in financial markets. The other day Goldman Sachs came out saying Bitcoin is a necessary piece to anyone's portfolio. This will send BTC screaming much higher. I wouldn't be at all surprised if it reached $8,000 by Christmas.
However, here is my warning to you: Goldman Sachs may be a key piece into bringing down the market. Why would I say that? Easy. Big players in the market, or "whales," can cause an extreme amount of manipulation. If Goldman Sachs' activity in the crypto market increases the to a great extent, it will drive the price much higher.
You might be saying to yourself, "Well, what's the problem with that? WE GETTIN' RICH BABY!" That may be true for now, but if Goldman Sachs owns a majority of the crypto market, when they sell off it could have a large whale-like impact on cryptos sending those puppies down into the abyss. I'm skeptical that there may be political interest at play here. Why would such a big player in the markets get in so late? If they send the market down, I would have no doubt that big banks like them would scoop up all these cryptos at lows prices in order to bend them to their will. They do the same thing with gold and silver . Manipulation takes place in every financial asset, that's just the twisted world that we live in.
I'm not saying don't buy BTC , but be ready sell. Don't get too greedy. If you're up 1000%, for god's sake, sell. Those are phenomenal gains.
One last word of wisdom: when others are fearful, be greedy. When others are greedy, be fearful.
Buy low and sell high my friends.