Hey guys. Bitcoin
will probably go down until the ratio of 24 hr
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
is $18.3 billion and the total crypto market cap is $324 billion. The ratio of them is 5.6% (0.056). 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 can be obtained as (Current market cap + 10*current 24hr volume
) /2 = (324+10*18.3) /2 which gives us target bottom market cap equal to $254 billion. This market cap is interestingly equivalent of bitcoin
-1.49% price of $6300 if we assume BTC
-1.49% share of the market will not change until then. Using a method independent of charts, we can get updated estimate of bitcoin
possible bottom price at any moment. I will keep some cash to buy bitcoin
when the ratio reaches 0.1 :) I will keep you updated on this stupid idea. The target bottom price changes every moment. You should update it for yousrself using the formula I gave you. Please follow me, like the post, or comment on my stupid idea. Good luck trading.
Disclaimer: If you assume this stupid idea is a financial advice, then you probably have some serious problems :)))) Quit trading now!