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Jefferies Manager Advises Selling Bitcoin at $150,000

Jefferies Manager Advises Selling Bitcoin at $150,000

HappyCoinNewsHappyCoinNews2024/11/23 04:22
By:HappyCoinNews

Christopher Wood, a top manager at Jefferies investment bank advises sell bitcoins at a rate of at least $150,000.

Wood, who heads up the firm's equity strategy team, started buying bitcoin in 2020 when the coin was priced at $22,779. He included cryptocurrency into his long-term investment portfolio, which he created in 2002, and began selling gold to buy digital assets. The strategy worked, because since Christopher's purchase, BTC has more than quadrupled in price, while the price of gold has less than doubled in that period.

Wood invested 10% of his capital in bitcoins and after the release of BTC- ETF in the US, invested 5% of his funds in a cryptocurrency-based exchange-traded fund. That leaves Bitcoin and derivatives as 15% of Christopher's portfolio, but he plans to reduce that by shedding digital assets.

Analyzing the market through the lens of greed and fear, it is clear that $150,000 is a good level to start taking profits. The base case scenario is for Bitcoin to triple during the post-halving cycle, as the capital gains from holding Bitcoin are reduced by more than half after each halving, Wood said.

During the halving that took place this year on April 17, Bitcoin was worth $61,278, so if Christopher's forecast is correct, BTC will rise to a maximum of $183,834. Speaking about the decrease in the amount of profit from storing BTC, Wood means the fact that during each cycle after the halving of the block reward, the Bitcoin rate increases by a smaller percentage.

Jefferies Manager Advises Selling Bitcoin at $150,000 image 0

Bitcoin exchange rate changes before and after halvings

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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