On September 25, top trader Eugene Ng Ah Sio shared his insights on the current bull market via social media, offering valuable perspectives for investors. Ng emphasized a cautious approach, stating that he does not blindly chase profits as prices rise. He identifies the $65,000 to $68,000 range as an optimal profit-taking zone for early buyers, suggesting a strategic exit to capitalize on gains before potential market shifts. Ng also highlighted an interesting aspect of market dynamics, noting that a significant number of funds are currently on the sidelines, poised to enter the market should prices reach $65,000.
This influx of capital could potentially propel the market upward, marking it as a critical level to watch for traders. Furthermore, Ng expressed his expectation that the price of Bitcoin would not exceed the $70,000 mark before the upcoming elections. He remains cautious and does not plan to increase his positions at the current valuation.
Should the price approach $68,000, Ng prefers to liquidate his positions and wait for a potential drop back to the $60,000 range, at which point he would consider re-entering the market. This trading strategy reflects a balanced view of risk management and market opportunities, ensuring that investments align with broader economic indicators and trends..