Bitcoin's Bearish Tide: Waves and Targets
Updated
Bitcoin has three significant waves with targets leading to 30.5k-32k. Like a tide reaching the shore, each wave eventually reaches the same target. Or, like the ripples of water in your cup hitting the edge, every wave has a destination and energy behind it. If Bitcoin breaks over 33k, it could be like a sudden surge of water, a tsunami of buyers stepping in.
1. Bitcoin is not a store of value; the fluctuations are too great to fit that definition. There is also a lack of intrinsic value. I do not believe we will reach a significant breakthrough in this market until it is properly regulated and accepted on a governmental level.
2. It is still a highly speculative market in its infancy stage. Much like the internet, it took decades for it to become what it is today.
3. Whales have been offloading their Bitcoin wallets in the past year.
Source: lookintobitcoin.com
Like a receding tide, this target zone I have marked can be pivotal. I am looking to short with a stop loss set slightly above 33k. In my opinion, we are on a path to a longer-term bear market. We can go as low as 6-7k. I will most likely be holding this position long term.
I also expect a significant bust in other markets this year. Projects without strong business models will sink. The NFT market could take another massive crash. Altcoins that are simply overvalued can washout.
“Only when the tide goes out do you learn who has been swimming naked.” – Warren Buffett
1. Bitcoin is not a store of value; the fluctuations are too great to fit that definition. There is also a lack of intrinsic value. I do not believe we will reach a significant breakthrough in this market until it is properly regulated and accepted on a governmental level.
2. It is still a highly speculative market in its infancy stage. Much like the internet, it took decades for it to become what it is today.
3. Whales have been offloading their Bitcoin wallets in the past year.
Source: lookintobitcoin.com
Like a receding tide, this target zone I have marked can be pivotal. I am looking to short with a stop loss set slightly above 33k. In my opinion, we are on a path to a longer-term bear market. We can go as low as 6-7k. I will most likely be holding this position long term.
I also expect a significant bust in other markets this year. Projects without strong business models will sink. The NFT market could take another massive crash. Altcoins that are simply overvalued can washout.
“Only when the tide goes out do you learn who has been swimming naked.” – Warren Buffett
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Bitcoin on the 1H. A short term analysis.
If this price level can hold, my most educated guess is that the next top will be around 31.4k area.
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My final thought on the shorter time frame. The 1H could be in a range similar to distribution. Regardless I'm bearish anywhere between 30.5-32k. Also the more waves that the price creates here in similar fashion dictates targets at around 31.4k.
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Alright perhaps the pathway I marked isn't very accurate but I will simply remain bearish under 33k 100%.Note
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