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

by , 26 May 2022
You think my $30,000 Bitcoin price target was grim? - Wait till you see my next one
Have you seen the bloodbath the markets have been in lately?

We are entering a very dangerous period of trading.


World markets are down over 20% including SP500 & Nasdaq

US Markets are entering a recession and a potential crisis in on the way with the collapsing commodities.

Major Crypto currencies are down over 40% and Luna is down over 99%.

But I have to say, we saw it coming with Bitcoin.

On 19 January 2022, I sent out a Bitcoin sell analysis from the article
“Bitcoin hit my $40,000 price target - Here's why I'm not happy yet!”

In it I mentioned, I expect the price to drop over $10,000.

This was due to Bitcoin entering into a bear market and how investors are panicking with how fast the price rose.

This led to a bubble resulting in Bitcoin falling from $60,000 down to $40,000 and then hitting my recent price target at $30,000.

And looking at the market, it seems like there is more downside to come for the digital currency.

In this article I'm going to show you not one but TWO grim price targets I have for Bitcoin and how we can profit from the fall.

Let's go…
 
 
 
 

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Bitcoin dropped below its $30,000 psychological crucial level
To think that just six months ago Bitcoin has crashed from $53,000 down to $25,405.

The breaking of the $30,000 is spooking investors out of their position.

Sam Kopelman of crypto exchange Luno agreed that Bitcoin “falling below $30,000 leaves bitcoin on the precipice of a key support level. If Bitcoin falls below this support level, it could even drop further to $25,000 before any significant move back up.”

Mark Mobius, Founder of Mobius Capital and emerging markets fund manager wrote:

“It will not work this time until bitcoin hits $20,000, from where there might be a bounce, but then the next target will be $10,000”.

Also, the charts are showing a ton of downside to come for Bitcoin.

 

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.

But now that it’s breached this level, and with the news I mentioned today, it looks like things are going to get a whole lot worse for the currency.

In fact, the first target I expect it to go to is $20,000. This is the closest and next support level looking at the chart.

If the price breaks below $20,000, then we are talking $10,000 as the major target for Bitcoin in 2022.

But I will be sure to write another article if we breach the $20,000 mark.

Here’s how to profit from the next 33% 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.

Trade well, live free.

Timon Rossolimos

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