Hey guys. Based on my stupid theory that worked almost all time this year (not always), bitcoin will go down until the ratio of 24 hr volume over total crypto market cap reaches 10 percent (or 0.1). These values are available on top of the coinmarketcap.com website. Currently, the 24 hr volume is $14 billion and the total crypto market cap is $337 billion. The ratio of them is 4.2% (0.042). If the volume does not change as the price goes down, then BTC has to go down until the total market cap reaches $140 billion. However, as the price goes down, the volume will go up because the buyers will get excited to buy cheap coins. Therefore, a good assumption is, from here, as the price goes down, the volume will go up proportionally until the ratio becomes equal to 0.1. Therefore, the target bottom market cap will be average of $140 billion and the current market cap which is $337. This gives us target bottom market cap equal to $240 billion. This market cap is interestingly equivalent of bitcoin price of $5900 if we assume BTC share of the market will not change a lot until then. As you can see, using a method independent of charts, we got the same number for bitcoin price as the previous low of around $6000 suggested by charts :D I always keep some cash to buy bitcoin when the ratio reaches 0.1 :) I will keep you updated on my stupid idea. Please follow me, like the post, or comment on my stupid idea. Good luck trading.
