This is my bearish bitcoin count. I have a few bullish ones I can post if this get enough likes.
We could get up to 7.8/8k before rolling over for new lows.
I think this fits well with the global markets / situation currently going on
Markets are / have been risk off and btc is a risk asset
I also think this is better overall for the crypto space because it implies we're in a cycle level 2 correction as opposed to 4
I think if bitcoin were to put in a 4th here and then a 5th only to stick retail with bags at 50k to then see it retrace to 15k in just a few short years could kill the idea of retail ever coming back
A deep / long level 2 correction would be much healthier in the long run
Loving these updates here Hov from ARC on twitter.
allegorycave
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But we have a huge gap which needs to go all the way to 10k to get filled. Why would it stop midway filling the gap and dumps? It would be better for the whales to push for the whole gap to be filled then dump it from above. Why is no one talking about the gap ?
Hold-the-Coins
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These are uncertain times, and people do irrational things during times of uncertainty, like buy a mountain of toilet paper... I guess they will all at least die with clean butt holes..
Anyway, my point is, Gold is surging due to the recent Fed QE announcement. Several countries have done a 180 on their crypto stance, Davos is calling for a a digital dollar, and people are looking for safe havens (Not saying crypto is one yet, but it has potential to be if current events continue).
A perfect storm is brewing and I think we will go much higher than 7.8 - 8k.
That being said; however, I'm not going to be ignorant to a possibility for one or two more dumps back down before a moon the likes no moon has ever seen before.
moonhov
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@Hold-the-Coins, haha I actually laughed out loud at that first sentence.
I agree with what you're saying for the most part. Reason why gold and silver dropped is because people are selling paper positions to cover margin. Spot prices actually went up during that time. Silver had like a 70% premium.
There are two parts to this. 1. the virus 2. the fed/bail outs.
It really depends on how long this virus situation lasts and if we see another liquidity crisis like last week. I believe we do which will bring equities down even more as well as bitcoin but I do think that crypto finds a bottom and moves away from it a lot quicker than equities specifically once there is "a handle" on the virus. It is a perfect storm for crypto once the virus panic settles.
UnknownUnicorn4762443
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I agree.
yippiekiaye
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i missed the bottom due to not having the money ready at the time. what would be ideal for some1 with 5k to put in right now? take it from 6.5ish to 7+ with the risk, or is bitcoing really going back to at least 5k and get it there? thanks in advance
Hamed11
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@yippiekiaye, stop calling the bottom, few weeks ago people were calling 8k the bottom 2 years ago 11k was the bottom. Who knows, it may retrace to 2 or even 1k and remains there for a very long time.
cryptotargets
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@Hamed11, Agree with you. Very irresponsible to ensure btc just hits the bottom. No one will be able to know it, even best trader...so people, just see chart and understand that with this situation price could go even lower than 3k
moonhov
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@yippiekiaye, I don't think you missed the bottom. I caught it but have already sold my position for 50% profit (small position). I can't give you advice on what you should do with your money. I do think that anything under 3k is a good place to look for some long term opportunity
thedarklord369
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I agree feel like we will hit 8k and go down. There is too much uncertainty in the market I still think their will be another big sell off.