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Bitcoin hit my $40,000 price target - Here's why I'm not happy yet!

by , 26 January 2022
Bitcoin hit my $40,000 price target - Here's why I'm not happy yet!
I have an important notice for you.

First, I am not a BIG bear when it comes to Bitcoin. I know in the medium to long run, it's going to continue to make all time highs.

However, since November 2021 I have been shorting (selling) Bitcoin and have been making decent profits.

In fact, I sent out an analysis on how I expected the price to drop from $50,000 to $40,000.

And it did exactly that.

The target was hit in just under a month.

And guess what? I am still not happy to buy ‘the dip'. I see quite a bit more downside to come.

Here's why I expect Bitcoin to drop another 25%.
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An unsettling reason for Bitcoin’s price drop
 
Since, the Omicron variant entered the world (first identified in South Africa in November 2021) – Bitcoin has been on a free fall.
 
In fact, in the last two months I’ve seen major selling volume from investors, institutions and traders in the crypto market. But don’t take my word for it.
 
You’ll see in Bitcoin’s price chart on 6 December 2021, a flash-crash (sudden spike down) spooked Bitcoin.
 
Basically, we saw Bitcoin’s price drop in a matter of hours by more than $16,000.
 
That was in one day.
 
This flash crash has created lingering effects of uncertainty, fear and high volatility in the market… And because, it happened once, it can happen again.
 
Here’s where it gets interesting.
 
Even though crypto has a market cap of $1.9 trillion (which was $3 trillion in November 2021), it is still considered quite illiquid compared to US stocks which have a market cap of around $50 trillion.
 
The truth is...
 
Bitcoin is in a bear market.
 
Not a downtrend.
 
By definition, a Bear Market is a market where the price drops 20% from its most recent high.
 
In fact, Bitcoin’s price has crashed over 36% from its all time of $68,940 down to below $39,692.
 
When we see a bear market, most investors and institutions continue to sell and drive the price lower.
 
Here’s what Ed Moya, Oanda Senior Market Analyst, wrote in a Friday email.
 
“Bitcoin remains vulnerable to a breach of the $40,000 level, and it could get bad for ether if it breaks the $30,000 level,”
 
Bitcoin is clearly in an unstable state, hence we aren’t seeing buyers flood the market to bring it up.
 
And the charts, are showing way more downside to come...
 
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Why I expect Bitcoin to drop another $10,000 thanks to this channel
 
 


Looking at the daily chart of Bitcoin, we can see it’s been moving in a strong Down Channel (shaded area) since 11 October 2021.
 
It’s been bouncing down the channel where it’s continued to make lower highs and lower lows.
 
And now that it has broken the support level (Black horizontal line), means we can expect even more selling in the market.
 
This will take the Bitcoin price to the next price level of support.
 
Which in this case will be at $30,000.
 
Here’s how to profit from the next 25% Bitcoin drop
 
First, I’ll sell and profit by going short Bitcoin CFDs with a reputable broker i.e. Rand Swiss or Velocity Trader that offer cryptocurrencies.
 
And ride it down until it hits my next price target.
 
Second, you can get started today with the Crypto Market with South African Investor.
 


Bitcoin hit my $40,000 price target - Here's why I'm not happy yet!
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