Today for the bitcoin price and man. What the heck is happening to Bitcoin, I’m pretty sure. If you’re reading this you are asking yourself the exact same thing. The question now is: are we going all the way down to price targets like the whole crypto. Twitter is quoting right now around 20 to 22 000 US dollars or are we going to get a bounce here sooner than later? I want to talk about that. If you are interested in the next price movements for Bitcoin in the immediate short time in the mid-run. This article is for you.
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Now, let’s go straight to the end. Dear ladies and gentlemen, what the heck is happening here? I already said it before we were having this amazing falling wedge with a bullish bias and I was getting excited when we were breaking out here. We got the fake out to the downside and I was actually posting on Twitter two scenarios. I’m always telling you – we wanna be prepared no matter what. What happens on the first of May. I think the first of May of 2022 bullish target, 42 400 bearish target, 34 400. Well, Bitcoin shows the bearish target. We were going down and you can see exactly. We hit the price target here to the downside but I have some bad news for you.
Bitcoin is going lower, even slightly lower than my price target. However, if you were shorting that congratulations to you. I did not short this now the question is let me quickly go back here. What is the next price target for? Bitcoin is now that we hit the bearish price target already at the end of the dump. I wouldn’t be too fast on that assumption here because of that I wanna go out here on a daily basis. Quickly just remind you of the support. I’m having the horizontal support, where we were potentially expecting the third breakdown. Where we had the first. Let me quickly go in here. The first right here the second one right there and this is what would be the triple bottom. I always mentioned it as my personal worst-case scenario between 30 to 30. Let’s call it 30 to 33 000. We could extend this a little bit to the upside here 30 to 33 000 U.S dollars for the bitcoin price.
Let me go back here as the worst-case scenario for Bitcoin. My worst-case scenario but there are some other voices on the horizon and it is legitimate voices. I do not think and I will talk about why I do not think that these scenarios are going to come into place. But I feel obligated to talk about that at least. If we are going to do it weekly here. Let me pull out the moving average. On the weekly, this is the 200-week moving average. Let me actually see, if it’s coming the 200-week moving average is not coming. So, here you can see the 200-week moving average and man. It looks scary low right, I mean 21 700 would be the price target right now. In accordance with that, why am I even talking about that if I don’t think so. This is going to happen well at least in the previous bear markets. I think by now we can call it a bear market. We usually went down to the 20-week moving average right here and then even on black Thursday, we were hitting it right and I could go back further back in time. This one does not have enough history, but you can see also in the previous bear market. We perfectly went down and actually were supported by the 200-week moving average. Historically, the 200-week moving average is proving significant support for the Bitcoin price in bear markets, so in accordance to that, we could say we are going down to 21 700. Why do I think this is not going to happen? Why do I think this is not the scenario which is going to pan out?
Well, we have people like Michael Sailor, Tesla, and Elon Musk. We have like big institutions in the game actually Michael Sailor with micros micro strategy. I just recently saw at 26 000, something they would get a margin call I mean of course they could add then but man do you see do you see companies like micro strategy. People, like Michael Sailor, companies, like Tesla square… Do you see them being margin called? Do you think the smartest money in this space is going to be margin called? And how this usually works when we are having crazy public um cost average prices like for the micro strategy one i think their cost average price is now around 30 000 US dollars when we are having this adds extreme psychological support towards these specific price levels? This is why I am not expecting the price to go lower than that, of course, it would go. If it would go lower, I am seeing Michael Sailor buying all the way down more. But, there is an end to that and there is a moment where the money is gonna be ending, where the credits have stopped flowing in. I do not see these big players this smart money-losing this game. This is why my worst-case scenario: stays 30 to 33 000 US dollars. This price level is just below us where we have this horizontal support which I mentioned here earlier. Just to answer all of your questions. However, one thing which I want to share with you and it doesn’t really fit my bias and my narrative or my worst-case scenario is this bearish flip here on the weekly. This is something I talked about before now. It is happening.
Let’s talk about that Boom, we are having right now, where the shorter moving average goes below the long-term moving average. The question is what does it mean? Well, we had one fake-out before and that was actually right here. You can see it is just a small fake nothing happened. Afterward, we went higher. If you actually sold the flip – not a good idea right here. But every single time before when we were flipping on the EMA weekly ribbons like in 2018. Actually, every single time, we did it before here you can see it, as well every time you did it before. This bearish flip was actually a severely bearish indication of a prolonged bear market for Bitcoin. But remember, we are having here this one example so do not take this one flip this is why I’m talking about this do not take this one bearish flip here as an indication that definitely we are going to go lower personally if you ask me I am going to stand here and I am not going to sell Bitcoin and I am not going to expect the price lower. Then let’s call it the previous low 29 000 us dollars once again could be completely wrong about that so um just take it as some additional inspiration here for your own research for your own trading decisions.
This article is a transcription of a video made by MMCrypto
Original video: https://youtu.be/hQ1t_CahyiE