HOW LOW WILL BITCOIN FALL?

Summary

In this video, the speaker offers a detailed analysis of Bitcoin's current price movement, highlighting key support and resistance levels. With Bitcoin currently at $94k, the speaker predicts a potential retracement to around $92k or lower, possibly testing the $70k range in the future. They also discuss Ethereum's short-term potential to outperform Bitcoin and share their personal investment strategy, which involves patience and cash reserves. The speaker contrasts Bitcoin with altcoins like XRP, suggesting Bitcoin remains the dominant asset for long-term growth, particularly with increasing institutional interest.

Takeaways

• 😀 Bitcoin is currently priced at $94,200, but the speaker sold at $97,000 and did not chase the market even when Bitcoin briefly surged to $107,000.
• 😀 The key support level for Bitcoin is around $92,000, which was previously a resistance level. Over time, this support is weakening with repeated touches.
• 😀 The speaker anticipates that Bitcoin may eventually wick below the $92,000 level and may retest the $70,000 range in the future.
• 😀 Patience has been a critical part of the speaker's strategy, preferring cash on the sidelines over jumping into the market too early.
• 😀 The speaker expects a possible rise in Bitcoin towards $100,000 before retracing to the $92,000 range again, potentially signaling the next market move.
• 😀 The Ethereum chart looks stronger than Bitcoin's, with Ethereum showing potential for outperforming Bitcoin in the short term, especially in January.
• 😀 The speaker is considering purchasing Ethereum rather than Bitcoin for short-term gains, as Ethereum tends to perform better at certain times like January.
• 😀 XRP has underperformed Bitcoin, with its all-time high of $325 from 2018 remaining far out of reach. XRP is not seen as a major player compared to Bitcoin.
• 😀 Governments' growing interest in Bitcoin reserves is expected to drive up demand and prices, with Bitcoin seen as a store of value rather than a transactional currency.
• 😀 The speaker believes that the altcoin market will eventually have its time to shine, particularly Ethereum, which could experience significant gains in early 2025.
• 😀 In the long term, Bitcoin’s role in the global economy is expected to grow, especially as more governments buy up Bitcoin, contributing to its future price surges.

Q & A

What was the price at which the speaker sold their Bitcoin, and how did they react to the subsequent price increase?

The speaker sold some Bitcoin for an average price of $97,000. Despite Bitcoin's price surpassing that level and reaching $107,000, the speaker did not panic or chase the market but instead demonstrated patience, which they attribute to years of experience in the Bitcoin space.

What chart pattern did the speaker identify on Bitcoin's daily chart?

The speaker identified a resistance level that turned into support after Bitcoin broke through it. This is a common pattern where resistance flips into support over time, and the speaker notes that such levels weaken with each subsequent touch.

What is the speaker's prediction for Bitcoin's price in the near future?

The speaker anticipates that Bitcoin might experience a slight drop toward the $92,000 level, and possibly wick below that. They also predict that Bitcoin will eventually retest the $70,000 range, which is seen as a significant support level for Bitcoin.

What is the speaker's strategy for re-entering the Bitcoin market?

The speaker plans to re-enter the market by purchasing Bitcoin at the $92,000 level as an insurance policy, but they are not expecting massive profits. They aim to avoid being too greedy and prefer keeping cash on the sidelines to take advantage of market opportunities.

What did the speaker mention about the upcoming potential market trends for Bitcoin?

The speaker suggests that Bitcoin could experience a period of stagnation or 'boring' movement into the new year, with possible volatility picking up later, especially around the weekend. They believe that patience will be key in the current market environment.

How does the speaker expect Ethereum to perform relative to Bitcoin in the short term?

The speaker believes that Ethereum could outperform Bitcoin in the short term, particularly in January. They note that Ethereum has recently pulled back but found support, and the price action looks stronger than Bitcoin's. This could present opportunities for short-term gains.

What factors does the speaker consider when evaluating altcoins like XRP?

The speaker mentions that XRP has significantly underperformed compared to Bitcoin, particularly when it comes to reaching its all-time high of $325 from January 2018. They express skepticism about XRP’s future performance, suggesting that Bitcoin will likely outperform it in the long run due to institutional adoption and limited supply on exchanges.

What is the significance of the upcoming Bitcoin halving event in 2024?

The speaker mentions that past Bitcoin halvings (such as those in 2017 and 2020) were followed by significant price increases, and they anticipate the next halving event in 2024 could lead to similar bullish trends, with a potential price peak around the end of Q1 or beginning of Q2 in 2025.

What does the speaker predict about the role of governments in Bitcoin’s future price growth?

The speaker believes that the involvement of governments in buying Bitcoin and holding reserves could significantly drive up the price. They note that governments control the money supply and could create massive inflation by purchasing Bitcoin, thus increasing its scarcity and pushing prices higher.

Why does the speaker think it’s important to diversify their cryptocurrency portfolio?

The speaker highlights the importance of diversification by considering investments in both Bitcoin and Ethereum. While Bitcoin is seen as the long-term store of value, Ethereum may offer short-term opportunities for gains. This mixed approach allows the speaker to balance long-term and short-term strategies.