AlanSantana

Bitcoin Weekly | Will Bitcoin Hit $100000 Before The Correction?

AlanSantana Updated   
BINANCE:BTCUSDT   Bitcoin / TetherUS
There hasn't been much action, so I don't have much to say but there is always more and new data coming from the chart.

How are you feeling this Saturday?


Think long-term.

Tomorrow we will have the weekly close.
The second week Bitcoin closes red.

Looking back at major bullish waves, when Bitcoin closes red for two consecutive weeks, it is never the end.

When coming from a new high, a multi-year high or, as in this case, a new All-Time High, two weeks of red signal that a major correction is ahead.

I believe this to be true because election year is always positive —after the elections, so for us to have positive after the elections, the negative action needs to happen before.

There can be a move up; another shakeout, another liquidity hunt but do not be deceived... The market moves in cycles and it tends to correct after major gains, massive wins.

About 99% of all buyers are now in profits, which is something to keep in mind if you decide to trade.

This is not bad, this is great but not sustainable in the long-term.

The market tends to fluctuate between down and up, but the mean price is very different to what we experience as a bottom or a top.

What is Bitcoin's mean price in the past 19 months?
If you can find this number, you can easily figure out how far down the correction will go.


The good news

Selling is not mandatory nor necessary; let me explain.

A correction is due, yes, but this would be a flash crash if it develops because major growth is ahead of us and the bear-market is over and done.

We are looking at the barrel of a bull-market, so whatever down-move we have, should happen really fast and really strong —with fast being the most important part.

Major flash crash only to recover right away... After the recovery, imagine prices growing for more than 12 months straight... Amazing don't you think?

Prepare for growth but also prepare for what happens before.

In simple words, think of it in this way: One final major drop before the bull-market officially starts.

Can be now, can be tomorrow, in two weeks, three months or six days... It doesn't matter if you are prepared.

If you fail to take action rest easy because holding can do the trick.

You can hold through the whole process as it can only last a maximum of 2-3 months. We already have 3+ months of sideways, there can be 1 month of down and 2 months of recovery and then massive growth...

👉 The growth can start in December 2024 just as it can start in January 2025... It makes no difference... It can start in October or November 2024... Thinking of the fact that we have 5-7 months before the growth starts, opens my mind to realize how hard it is to predict the date of the crash; what's your take?

Will the final low happen in November 2024 or in June/July 2024?
Or maybe in August 2024?

One thing is for sure, Bitcoin is not trading at $100K!


Can Bitcoin grow now?

Yes! Bitcoin can grow to $70K, $78K, $84K, etc. and then drop!
Because there is still so much time left before the bull-market phase.

It is a wild wild west type of game but, we predicted the bottom, we rode the wave... After a bearish wave comes a bullish wave. After a bullish wave comes a bearish wave.

Do the calculations yourself... We have the biggest bullish wave since 2021... No correction or correction?

The Altcoins are trading at new All-Time Lows and looking great, why?

👉 When the big Cryptocurrency projects: Bitcoin, Chainlink, Solana, Ethereum, etc., crash down, the smaller projects grow up.

Money flowing out of the big will move to the smaller ones... This is a classic.

This will happen because no money will leave the market; the bear-market is gone.

Money will flow in and when one side drops, another side grows.

Cryptocurrency will be established as a new financial instrument all across the world. It already happened, thanks to you; thanks to all of us.

Let's do something... Share a question in the comments section and I will do my best to answer based on what is coming from the charts.

Namaste.
Comment:
What about the Spot ETFs?

Sometimes they will be sellers and at other times they will be buyers, like any other entity.
They can sell just as they can buy. At times they will be selling/reducing inventory, at other times they will be buying.


Cryptocurrency vs the Stock Market!

The new generations are more familiarized with Bitcoin/Crypto than with the Stock Market and the SPX. Think about that one for a few minutes...

The younger people, the future of this world; they know nothing about the stock market or the SPX. They know way more about Bitcoin and Crypto than the stock market. This tells you everything you need to know.

The future of finance is in Cryptocurrency for this reason and more.


Turkish Exchange Hack & The News Cycle

The trend is decided by the market cycle. Whatever cycle we are in, that's how the market will move.

If we are in a bullish trend; a bullish cycle, we will have and experience positive/bullish developments. When we are in a bearish trend; a bearish cycle, we are bound to experience negative events.

Bitcoin peaked March 2024.
The Cryptocurrency market as a whole peaked in March 2024. There are many exceptions because we have tens of thousands of projects, but at this date a new bearish phase started; a major correction.

A hack is not something uncommon but it is just part of the cycle.
Crypto related businesses closing down, people making bad trading decisions (buying at the wrong time, over-leverage, etc.), negative sentiment, fear and such, are all part of the bearish cycle.

This shouldn't be surprising.

Each time a negative/bearish cycle is due, we are bound to see bad news. This is part of the major pre-bull-market correction.

Since a major part of the correction is yet to happen, expect more negative news to show up in the coming weeks and months. Once the bearish cycle is reaching its end, expect tons of positive news. In fact, the positive news will start before the bearish cycle ends. It takes a while before people catch up.

Just as the launch of the Ethereum Spot ETFs failed to move prices higher, when the bearish cycle is reaching its end, major negative news events will fail to push prices lower. Then good news will start to develop but people will ignore them... After a while, the market starts to move, prices start to grow and the new phase becomes self-evident.

When I start to cry out "buy, the bearish wave is over," it is very likely that I will be faced with major resistance from all those that become conditioned by the negative cycle; this is nothing... The market moves in waves... up and down, up and down, up and down... Forever, that's how it works.

Thank you for reading.

I'll be back to give you some more.

Keep sharing your questions... I can answer them even before you have the time to type them.

Namaste.
Comment:
Michael Saylor Bought Bitcoin

Whales such as Micro Strategy can only buy at the top because nobody is going to sell that many Bitcoins at a bottom. Or, if such amounts of BTC are bought at different stages in a cycle it would definitely disrupt the market phase.

This is a clear signal that the top is long-in, the top has been set long ago, and a major crash is set to follow next.

We all had plenty of time and plenty of warnings.

➖ The Cryptocurrency market is an amazing market.
➖ Bitcoin is great.
➖ Even the whales and those people are good because they gave all of us so much time to sell at high prices and book profits.

👉 If you did not take care of your business, please do not blame it on others when all hell starts to break lose.

Wishing you plenty of luck, wealth, health and success.

Hope for the best... and prepare!

Namaste.
Comment:
Bitcoin closed last week with a full red candle:
This is only the beginning: Prepare For Extreme Bearish Action

Based on candlestick reading, this alone signals the continuation of the bearish move.

Last week was the second bearish week and this week starts full red and the lowest price being hit since April 2024.

Soon, Bitcoin will be trading at its lowest since February when it moves below 59,000. I mention this because this is a major development.

👉 Once Bitcoin breaks below 59,000 there is no support until the low 50Ks which is the $50,000-$52,000 price range. This range is very weak, so a bounce can be really small here, or, if consolidation takes place it should be short in duration.

To sum up: Prepare for the major 2024 Cryptocurrency market flush.

For Bitcoin it is only the start, for the Altcoins, most of them, will be hitting their major low before a long recovery for massive growth in late 2024 and all throughout 2025.

We are ready... We are live.

We are prepared for this and for more...

We sell high to buy low.

Thanks a lot for your support.

Namaste.
Comment:
Bitcoin's daily session is about to close.
A close is set to happen around $60,000 and above an important Fib. retracement level; 0.786.


What to make of this information?
What comes next on the daily?

First, major action can always lead to a price bounce, that is, a move in the opposite direction before the continuation of the main move.

Will this happen?
What are the chances based on technical analysis?

This is a very strong prediction to make, as it is extremely hard to predict short-term moves, specially in such a situation.

Bitcoin has been in distribution for many months.
Bitcoin has been slowly moving lower and only now, today, it pushed ahead.
This type of action is indicative of lower prices, sooner rather than later.

Volume is high, way above the daily average, and the highest bearish volume on a daily basis since 1-May.

Unless Bitcoin is set to establish a higher low, there is no reason for it to stop now. The way these markets work, when it moves it moves and these moves are decisive.

👉 It is likely that we get a lower low compared to early May, if Bitcoin closes the day below $61,500.

Still, even if there are some shakeouts in the coming days, there are still billions and billions of USD worth of Bitcoins to distribute; this is only the beginning... Prepare for more red.

Namaste.
Comment:
This is the action so far on the 4H timeframe:
This is indicative of no "bounce."
👉 We will get a straight down.

Notice on the daily timeframe below: No volume and the action staying below the slow moving long-term EMA:
When a bounce is going to happen, it tends to happen fast and strong in order to liquidate over-leveraged positions and to surprise traders... When this doesn't happen, it indicates there won't be any significant bounce.

1H TF:
👉 No significant short-term recovery means that the next time Bitcoin resumes lower it will be really strong.

We are likely looking at the worst week of 2024.
This week or next week, or this and next week combined.

Remember that our calculations point to 8-July as an approximate date when the next major low will be set. Then we can have another low (or higher low) before November or a long-term recovery with no more drops... We will look further into this but first, we will allow some time for this move to develop.
Comment:
This is a close-up of price action (1H timeframe)

(1) Is the session before closing 25th June.
As soon as prices move above $62,400 there is an instant rejection.

(2) Is the last 1h candle that closed.
Same dynamic, rejection right at $62,400.

This short-term price action is indicative of sellers pressure.
Sellers are ready and waiting to sell on any buying that takes place...

No significant bounce so far after a multi-month's low.
This tells us that lower is the most likely scenario still...
Comment:
"Michael Saylor bought Bitcoin" has been confirmed as a market TOP signal.
Remember this for future reference.

We should be grateful as they make it so easy for us.

🔝 The Greatest Cryptocurrency Analysis on Earth!
followalan.com

🚨 The Best Trade-Numbers In The Universe
alansantanatrades.com

🔥 Lowest Prices Ever ➖ PREMIUM LIFETIME Access (Perfect Entry-Timing)
lamatrades.com (Since 2017)
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.