THIS IS WHY BITCOIN IS DUMPING!!!!! Be WARNED!

Summary

The video discusses Bitcoin's recent price crash following the opening of semi-futures, reaching a major support level previously highlighted. The presenter anticipates a potential continuation downwards if this support breaks, but remains bullish, citing a forming W pattern and historical Q4 market performance. They also mention an upcoming court hearing regarding FTX and the potential influx of buying pressure from Bitcoin ETF inflows, suggesting a bullish outlook for Bitcoin in the coming Q4.

Takeaways

• 📉 Bitcoin experienced a significant crash after the semi Futures opened, falling to a major support level previously mentioned in the speaker's videos.
• 📈 The speaker believes that if Bitcoin breaks below the current support level, there could be a larger continuation towards the downside.
• 📊 Despite the crash, the speaker points out other major support levels, including a horizontal level around $62,000.
• 🚀 The speaker is optimistic about Bitcoin holding onto the current support level and mentions the formation of a 'W' pattern, which is considered bullish.
• 📅 The speaker notes that September is closing in the green, which historically has been a positive indicator for Q4 performance in the crypto market.
• 🌐 The speaker highlights that Q4 tends to be a strong quarter for Bitcoin, especially in bull market years like 2024.
• 📚 The speaker discusses the historical performance of Bitcoin in October, which is often the starting point for major rallies in previous cycles.
• 📊 The speaker mentions the MVRV Z-score as an indicator that the market has not topped out yet, suggesting more gains are expected.
• 🔗 The speaker provides a link in the video description for viewers to claim a free $500 air position, presumably related to trading or investing in Bitcoin.
• 📉 The speaker anticipates a major rejection at a downward sloping resistance line, suggesting a potential upcoming price increase for Bitcoin.

Q & A

What caused the recent crash in Bitcoin's price?

The recent crash in Bitcoin's price occurred after the semi Futures opened, leading to a massive correction toward a major level of support.

What is the significance of the current support level for Bitcoin?

The current support level is significant because it was previously a major resistance level. It has acted as support and resistance multiple times, making it a key area to watch for Bitcoin's price action.

What could happen if Bitcoin breaks below this key support level?

If Bitcoin breaks below this key support level, it could lead to a bigger continuation toward the downside, with further potential drops in price.

What is the W pattern mentioned in the video, and why is it important?

The W pattern, also known as a double-bottom pattern, indicates a potential bullish reversal. Bitcoin is retesting the neckline of this pattern, which could lead to a continuation toward the upside.

Why is Q4 considered an important period for Bitcoin price action?

Q4 is historically a strong performing period in bull market years. Past bull markets in 2012, 2016, and 2020 saw significant gains in Q4, making it a crucial period for potential upside in 2024.

What is the relevance of September closing in the green for Bitcoin?

If September closes in the green, it increases the likelihood that Q4 will perform well, as bull market years often see strong price action following a positive September.

How could inflows into the Bitcoin market impact its price?

Large inflows into Bitcoin, particularly for the spot Bitcoin ETF, often indicate a market top in the short term. However, in the long run, continued buying pressure can push prices higher.

What role do ETF inflows play in Bitcoin's price movements?

ETF inflows represent significant buying pressure, and while they can mark short-term tops, they also indicate strong investor demand, which can fuel future price increases.

What is the potential impact of the upcoming FTX court hearing on Bitcoin?

The FTX court hearing regarding asset distribution could influence Bitcoin by adding more liquidity to the market. If resolved favorably, it may lead to more buying pressure and increased price.

What is the market sentiment surrounding Bitcoin as Q4 approaches?

Despite some short-term bearish sentiment, many analysts, including the video creator, believe Bitcoin is poised for strong gains in Q4, especially considering historical performance and bullish patterns forming.