- 10k in April 2024? This is not sci-fi, but a real scenario that is probably going to happen! Make sure you are ready for what is coming. In this analysis, I will tell you all of the reasons.
- Bitcoin is extremely weak compared to the stock market or gold. While gold almost hit an all-time high, Bitcoin is near its low from November 2022, which is 16K. The current price of Bitcoin is 26k, and the previous all-time high was 69k. Compared to gold, Bitcoin should be worth 60k at this moment, but it's not.
- A few days ago, we had a massive sell-off, not only on Bitcoin but on all altcoins. The charts on the majority of altcoins look absolutely bearish. We have entered a new bear market. No coin from the high-cap category looks bullish, to be honest.
- From a technical perspective, the price is now below the 200-week simple moving average and also below the 20-month simple moving average. The bulls are not strong enough to sustain the uptrend, so it looks like the bears are in full control again, and it can be really nasty. I can see another 70% crash on DOGE and SHIBA.
- This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I share my trades transparently and post trade setups privately.
- 10k is definitely a strong support that should hold! I believe this will be the bottom on Bitcoin because we have the 0.618 FIB retracement and the neckline of the head and shoulders pattern from 2020.
- On the chart, you can see my Elliott Wave count. Pretty much every Elliott Wave trader has bullish and bearish scenarios prepared. This is clearly my bearish scenario. Bear market 2022: impulse wave 12345; bull market 2023: triple three WXYXZ; bear market 2024: impulse wave. We can complete the ABC correction in April 2024.
- Let me know in the comment section what you think about a crash to 10k! Are you prepared or all in?
- Thank you, and for more ideas, hit "Like" and "Follow"!
Comment:
Huge bear flag on ETH on the weekly chart! Blood bath coming? The price has been in this bear flag for 427 days! We can expect a huge volatility.
Comment:
The ascending triangle on DOGE on the weekly chart suggests a continuation of the bear market as well. A 79% crash is now definitely possible!
Comment:
And MATIC - POLYGON. Bear market as well, expecting a 71% dump pretty soon. These altcoins are indications for Bitcoin as well, because they affect the whole crypto market cap chart.
Comment:
Last update before we move into a new analysis! There is a potential to create a head and shoulders / diamond pattern before a huge crash.
