Today for the Bitcoin price and you can see it Bitcoin the dark truth behind this dump. What am I talking about here? Let me go into it. I had this open that I don’t want the prices to go lower. But I want to talk about something and I will start with this tweet here and it’s not only that. That is the tip of the iceberg book I wanna talk about and address the dump, and the reasons behind it the reasons. They tell you the reasons. They don’t tell you now. Let’s go straight back into it. Keep the UST and Luna story in your backhand, of course. We will go into the charts and I will talk about price targets as well. This is a very different video. Nevertheless, especially, because of that very important one please like this video. If you’re holding in bad times like this video, if you are a level-headed investor and you are not getting emotional when the prices are going down.
Now let’s go into it before we are talking about the charts Dr Julian Hospi a friend of mine actually and here I’m sharing his opinion. I’m not saying it’s mine but very interesting. He is saying the stuff. They won’t tell you but I will this game is like the Mafia Celsius network turned against the big boys by exiting UST earlier than all of them you try to exit before the others. They go after you short Celsius liquidate St Ethereum bank run understand the game. So, what is actually happening? Let me quickly go back and flip the camera. What is happening here? We already had the UST disaster and all these crypto disasters. May it be Mount Gox Back in the days may it was a bit connected before like in the last cycle 2018 or whenever that was.
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It is Celsius which I never used maybe it’s a legit project I don’t know at this point I think I we had a small dispute with the CEO 2018 where our channel was very small. We were ranting about their offices but didn’t do research about the business model. Maybe, it’s a very legit one who knows maybe Celsius may be Terra Luna. It’s always a trickling down chain reaction of things happening is and it’s always in bear markets actually and with UST. It was, of course, the price going down the UST market cap is surpassing the Luna market cap and, of course, that triggered the chain reaction of this whole thing crumbling down because algorithmically backed stable coin by their own token – is, of course, in a bear market not a very stable thing now. We are having something similar. So, if Celsius is holding UST, staking UST. Here once again – do your own research and then UST crumbles, of course, and they are liquidating their USD and then not really backing up the loans and everything on the Celsius network. Now the price is going further lower, we are having another chain reaction coming and this is the same thing in every single bear market and this is the only thing that actually keeps Bitcoin dropping because in these moments. Of course, people lose confidence in crypto in bitcoin, and, of course, when people get a liquidated margin called it triggers a chain reaction of the event happening.
Here’s something is happening that I didn’t want to happen that I did not even predict to happen because I saw a lot of confidence. We had that, of course, in these levels of 28 800. Bitcoin was holding it for a few weeks but now the cell pressure the exogenous risk-induced cell pressure is just getting too big and the question is how low can bitcoin go well. We are already very low right we can always return from here. But what I said in case and that is a video. I made like two weeks ago. In case I was wrong with my prediction of Bitcoin weekly holding 28 800 which it did right. In case I was wrong and now we didn’t because Sunday closed below. This is my scenario, this is my price target and actually yesterday on twitter I posted just like two minutes before the weekly close go over. I posted if we close below 28 800 and at that point, it was 99 certain this is very bad for Bitcoin.
Let me actually show you right here, you can see it eight hours ago on the left-hand side 158 and during Spanish time. So, it’s like midnight in UTC for the weekly close. The Bitcoin weekly close is very bad what I was saying is a close below 28 800 means a potential start of one last capitulation. So, I am predicting that this is the last capitalization and my price target is the following. My price target is around the numbers of 21-22-22 500 US dollars. If I pull out the 200-week moving average. You can see that it is in coming in alignment with our upward sloping support which was supporting the Bitcoin price during every bull market. Here we are coming together once again 22 000 US dollars approximately. This is what we can expect in my personal and I have to admit new updated worst-case scenario and this is how it goes sometimes in bear markets.
This article is a transcription of a video made by MMCrypto
Original video: https://youtu.be/nXxoU8SFN5Q