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This could be my best crypto prediction I've made in my trading career

by , 30 June 2022
This could be my best crypto prediction I've made in my trading career
Bitcoin hit my second target of $30,000 and as promised…

I have now written a new prediction analysis on where I think it's headed next.
But before I reveal the next prediction, let me bring you up to speed just in case you're not familiar with Bitcoin's price manoeuvres.
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While crypto crashes and global markets dive, you really need to be thinking local – that's according to small cap specialist, Francois Joubert.  Take a look here to see why!

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In 2021, Bitcoin was trading at $68,923 at its peak.

I made a prediction on 26 January 2022 that it was going to fall from $50,000 to $40,000. Here’s what I said:

“Bitcoin hit my $40,000 price target – Here’s why I’m not happy yet!”

I then made another prediction - that Bitcoin could fall to $30,000. And that was closely followed by:

“You think my $30,000 Bitcoin price target was grim? – Wait till you see my next one”

And that price target was hit in the middle of June.

Now Bitcoin has fallen below $20,000 for the first time since December 2020.

At a point last Saturday, I saw it plummet more than 13% to a low of $17,600.

This means, my broader prediction of a Bitcoin crash from $50,000 was most certainly one of my trading career bests.

But what’s more concerning is how it has scared a lot of investors and buyers…

Because the Bitcoin crash has dragged down the rest of the crypto market (along with Ethereum).

It’s the biggest financial collapse of any digital exchange. In fact, the overall crypto market value has fallen from $3 trillion to less than $840 billion!

It’s gotten so bad not only are investors and traders selling off and shorting Bitcoin and other cryptos but also…

Major crypto exchanges are retrenching their work force.

Coinbase for one has laid off 18% of its workers. Even the CEO and cofounder, Brian Armstrong, has placed blame on the coming “crypto winter”.

Then we have Global Inc, Gemini and Blockfi. They said they are laying off thousands of their employees and investors are fleeing these risky assets.

And it gets even worse.

These major crypto exchanges had to halt certain transactions

Binance, the largest crypto exchange in the world, had to pause all Bitcoin withdrawals at a stage.

The crypto lender, Celsius, also did the same but they called it “extreme market conditions” rather than technical difficulties.

This isn’t the end.  

At the end of the day, price is driven on sentiment. And clearly, the sentiment has changed toward Bitcoin and other major cryptocurrency exchanges.

And with the price of Bitcoin breaching $20,000, this is spooking investors out of the crypto market.

Even crypto exchange Luno’s VP of corporate development and international Vijay Ayyar told CNBC, “we could see much lower bitcoin prices over the next month or two”.
And that’s where my charts agree!

Why this one bearish chart is showing another $10,000 drop for Bitcoin
 

Looking at the daily chart of Bitcoin, we can see it’s been moving in a large bearish (down) formation called an Inverse Cup and Handle.

This is a pattern which looks like an upside Cup with a Handle (Shaded area).

The bottom of the formation is called a brim level which was the floor level (support). This level was at $35,680. When the price dropped below, we had major confirmation it was heading to our first target at $30,000. Then once it breached $30,000, we said it was heading to $20,000.

Once the price breached $20,000, this kicked in my third prediction price target.

In this case, it’s the next major support and psychological level at $10,000.

Here’s how to profit from the next 50% Bitcoin drop

Basically, I’ll sell and profit by going short Bitcoin CFDs. And ride it down until it hits my next price target.


Note from the editor:
If Francois Joubert’s analysis is right, this R2 JSE stock could rocket up 741% in the next few years.  And he reckons there’s 150% in just the next 12 months but you need to act fast. 
Learn more here.




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