BITCOIN DAILY ANALYSIS - BITCOIN BTC PRICE PREDICTION - BITCOIN BTC 2024 - BITCOIN ANALYSIS

Summary

The video script discusses Bitcoin's remarkable performance, breaking its all-time high daily close, defying bearish sentiments. The narrator, 'Coins Kid,' explains his analysis, predicting Bitcoin's rise to $47K based on technical indicators like the golden cross and the breakout from a falling wedge pattern. He outlines the potential for a 'blow-off top' and a final fifth wave before a market reversal. The script emphasizes data-driven analysis, monitoring key levels and embracing both bullish and bearish stances. It invites viewers to subscribe, encourages engagement in the Discord community, and teases opportunities in altcoins following Bitcoin's lead.

Takeaways

• 😎 The creator believes Bitcoin has found its bottom and is in a long opportunity with beautiful entry points, going against the bearish sentiment of 'reply guys' and macro analysts.
• 🌊 He highlights that Bitcoin completed a 5-wave downtrend, followed by a close above the 20-week EMA in January 2023, which served as a buy signal with a target of $47K and eventually reaching the all-time high.
• ⚖️ While initially thinking the move was an ABC correction, he now believes it was a bullish trap, with altcoins like Chainlink potentially bottoming out and catching up to Bitcoin's rally.
• 🎯 The creator aims to flip bearish once he sees 5 complete waves up, with massive bearish divergence on the weekly chart, and overly euphoric bullish sentiment.
• 🌟 Bitcoin made history with its highest daily close ever, but the creator expects consolidation within a range before a potential breakout into price discovery.
• 💥 If Bitcoin breaks the all-time high before the halving, the creator believes it could be a blowoff top, indicating a shorter cycle than anticipated, derived from the larger cycle that began in 2018.
• 📈 The current move up is potentially the 3rd wave of a larger 5-wave impulsive sequence, with the most powerful 3rd wave of the 3rd wave (3 of 3) required to break the all-time high resistance.
• 🔍 The creator will rely on data like a break below the daily ribbon and 20-week EMA to potentially short Bitcoin and exit his position, regardless of narratives about higher price targets.
• 👥 He encourages viewers to join the Discord for micro trade updates and thanks supporters for sticking with the channel against the naysayers and moving goalpost narratives.
• 📚 The analysis is based on technical analysis principles like Elliott Wave Theory, support/resistance, moving averages, and wave patterns.

Q & A

What was the key technical event that indicated the bottom for Bitcoin in January 2023?

According to the video, the close of Bitcoin's price above the 20-week exponential moving average (20 WMA) in January 2023 was the key signal that indicated the market had bottomed out and a bullish breakout was underway.

What is the significance of the "three of three" wave pattern mentioned in the video?

The "three of three" wave pattern, also known as the "three of three" or "third of third" wave, is considered the most powerful wave in any trend direction, either up or down. Breaking out from a pattern during this wave increases the probability of a significant move in that direction.

How does the speaker plan to identify a potential market top for Bitcoin?

The speaker plans to identify a potential market top for Bitcoin by monitoring several factors, including the formation of five waves with bearish divergence on the weekly chart, an extended market, and extremely euphoric and overly bullish market sentiment.

What is the significance of the current move potentially being the "three of three" wave for Bitcoin?

If the current move in Bitcoin is indeed the "three of three" wave, it would be considered the most powerful wave within the larger uptrend, and a breakout during this wave would significantly increase the probability of a sustained move higher, potentially towards new all-time highs.

How does the speaker view the potential for Bitcoin to reach $1 million or higher?

The speaker indicates that regardless of narratives or claims about Bitcoin reaching $1 million or higher, they will rely on the data and charts to determine when to exit their position, potentially selling if certain technical conditions are met, such as a break below the daily ribbon and 20 WMA.

What is the significance of the daily close being the highest ever in Bitcoin's history?

The video mentions that Bitcoin's daily close on the day prior to the recording was the highest daily close ever in its history, which is a significant milestone and could potentially signal further upside momentum.

How does the speaker view the potential for a "blowoff top" scenario in Bitcoin?

The speaker suggests that if Bitcoin breaks its all-time high before the next halvening event, it could potentially indicate a "blowoff top" scenario, which would be a shorter market cycle than anticipated but still part of a larger cycle that began in 2018.

What does the speaker recommend regarding altcoins?

The speaker believes that there are opportunities in altcoins, as Bitcoin typically leads the market, and altcoins tend to follow. The speaker encourages viewers to participate in the Discord channel to access micro-trade updates on various altcoins.

How does the speaker view the role of sentiment and "reply guys" in the market?

The speaker dismisses the importance of sentiment and "reply guys" (critics or naysayers), stating that they no longer exist or matter, as the market has proven them wrong. The speaker focuses on analyzing the data and charts instead of being swayed by sentiment.

What does the speaker attribute Bitcoin's recent success to?

The speaker attributes Bitcoin's recent success and rally to going against the prevailing bearish sentiment, herd mentality, and naysayers, while relying on technical analysis and data points that suggested a bottom and bullish opportunity.