This bounce may go up to $10-11K. I’m not convinced of an actual uptrend yet as the volume is not where I would like it to be. I personally do not see any good indicators as this market can go either way. BTC can just as easily drop to $6800, which is why I did not buy in at $8K. Ideally this was the long awaited $8K and the market is recovering.
As previously mentioned, I am going to consider taking some chips off the table as BTC gets to $10-11K but have not yet decided. If you are a buy and hold person, then these drops probably don’t affect you. This is a bumpy ride and is nothing new in crypto. The only reason to sell is if I think I can more than make up for losses with a lower entry point. We all know the saying that losses are not realized until you sell.
For better or for worse, people look to BTC as a sign of market health. This will gradually change over time. BTC as a store of wealth is being challenged, which is nothing new. DigixDao which tokenized gold on Ethereum, is up 20%.