According to PANews, Markus Thielen, founder of 10x Research, has highlighted a critical decision facing traders: whether to enter the market immediately or wait for a more favorable pullback opportunity. Thielen advises monitoring Bitcoin's potential retreat to a previous resistance level turned support, specifically below the May high of $111,673, which could present a more attractive risk-reward entry point. Typically, a risk-reward ratio of at least 1:2 is required, making entry near key support levels advantageous.
Thielen notes that markets often retest breakout points before significant upward movements, suggesting the possibility of Bitcoin pulling back to $111,673. However, if Bitcoin does not experience a notable pullback and instead breaks through $120,000 and continues to rise, it could also present a re-entry opportunity. He emphasizes that if the price breaks the descending trendline connecting the highs of July 14 and July 23 and stabilizes above $120,000, following the trend could be considered, albeit with a tighter stop-loss.
