Bitcoin will crash in October of 2021. But how low?
269
I'm not terribly sure. I have a range of 22,000-32,000$ for the next month. I'm hoping it only crashes to 28-32k. I can say that looking at bitcoin on the weekly line chart does give some foresight into how bitcoin might be moving for the next few years.
Using this chart,
1) the bold yellow lines are the weekly candle closes of the bullish impulse creating the top of the markets. 2) the bold white lines are the weekly candle closes of the market over a much much longer period of time. 3) the capitulation of both markets happens when bitcoin falls through a major weekly candle close trend line. 4) I would like to point out that the 14k blowoff top in 2019 happened on the underside of that white line. If it repeats this... then after the 16,200$ bottom in october 2022... the next top is 65k in 2023... Before crashing down to 20k in 2024/2025(this will be a major fakeout to all... which is something that makes me agree with this theory). Before resuming the bull market finally over 65k some time in 2025/2026.
It's a little bold to say bitcoin will copy 2017's blowoff top and be similar to that... but it would be crashing through the bold white lines in a similar way. I think markets respect weekly candle close trendlines more than anything else. I do think we have one more major crash coming. Just... when does it happen? This weekly line chart makes me think it happens in october of 2022.
Here's the real question. When does the average human finally believe we're in a bear market? How many of you think 200k is still going to happen this year?
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.
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.