THIS IS VERY RARE FOR CRYPTO🚨Is the Bitcoin bottom in!?

THIS IS VERY RARE FOR CRYPTO🚨Is the Bitcoin bottom in!?

We are seeing some green come into the market today and I wanted to discuss where I think the market is going to go next. We’re going to use some data from history to decide exactly the levels we’re going to watch on the way down, to see where we might be heading next, and whether or not this little green day is going to last. Of course, we’re going to go over all of the news that you need to know to be fully up to date with what’s going on in the market, like what’s going on with Celsius, some Luna stuff, and just about everything that you need to know.

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Let’s jump straight on to the crypto bubbles. We do have a green day, that’s what’s happening. It’s green across the board. We’ve got some of our long-term holdings up. We’ve got some of the coins we’ve been watching closely. We even managed to get eight coins to 14.9% MANA, Solana is close to 20%. It is very nice to see what is going on and what is happening right now.

If we do head over to the bitcoin chart, you can see that we are reacting to the 200WMA right now. This is a point that we have interacted with a lot in the past. This is the weekly Bitcoin chart. You can see that we are reacting to the 200 WMA. We came down, we interacted with this for a few months here, then we had a nice little ball run. Some people call this a bull run. Some people call this a bear market here. Depending on how you look at it, we came down, then we had the COVID crash here, lovely buying opportunity, of course, and then we sprinted up.

With that said, on this lovely buying opportunity, if we do look at the crypto green and fear index, we are at 7. According to history, this is 7. I’m not even sure if the last time we went down this low was in September. I can’t quite get it on the chart, but maybe they’re in September 2019, but this is very rare. This is a very rare buy in a situation like this. Do you remember this was a little bit delayed? It’s probably higher than yesterday, but around yesterday I bought some. If you had bought into this extreme fear, I think that was a perfect opportunity. Of course, I might be wrong. This is just what I’m doing. I think you guys have to make your own decision, but look at how we’re reacting to that now. It’s likely that we can spend some time under this according to history right here, but maybe this could be an indicator that the actual bottom for this market is now in. Don’t forget that.

If we do check how long we spent here, we spent a total of 140 days. If we chuck this on, we can see that that would take us even if we had a similar play out to that. Right, that would take us to October. I think that’s something to take into consideration if we had something similar to this. If we are in fact here in the market now, as I did say earlier, we’re going to look at where I think we might go potentially.

One option is that now the bottom is in, according to this. That is a choice you must make. Another option would be that you can see we almost interacted directly with this old all-time high. That being said, the next level I’d be looking at for that same idea is around the $14,000 mark. It played a part over at the end of the ball run and it played as resistance until we broke through and absolutely shot up. When we actually broke through that $14,000 resistance, that was an absolutely monumental pump that we saw next. I would say that the next level to watch is if we lose this level at $20,000, I would expect us to kind of drop almost instantly down to that $14,000 mark. This might be a region where I put some buys in just in case we get a nice wick down there. You have to make a decision for yourself. Don’t follow me blindly. Research it yourself.

So we got to $14,000 and then around that $12,000 to $10,000 mark again. That would be the next one. I don’t think we’re going to drop lower than that. Of course you can follow this and decide from there where you think we might go, but I think that is light right now with the amount of fear for a wick down to around that $14,000 because we have nothing, really, no price action whatsoever happening in this market apart from where we are literally right now. 

If the market turns, we get some good news, we get some good inflation data, we get some good news from the Fed, that sort of stuff, we could turn from where we are right now, not pumping extremely hard, nothing like that. I think we are now in a bear market, which for 140 days could easily keep us right in this bottom range. For me, it is just a simple dollar cost average for the projects that I believe in. For example, bitcoin is what I’m going to continue to do. I don’t care if we drop down to that thousand dollar mark, I’m going to continue to dollar cost average and use this time wisely. Learn how to trade, learn how to research, learn all of these different things, even learn how to increase your income. We have almost no time right in these bull markets, these huge pumps, you don’t have time to do other stuff because you want to be focused on not missing out, whereas right now. We have a lot more time to dedicate to these other options that we have, and that’s what I’m going to do in the market now.

We do have some news from Alex here. He’s the CEO of Celsius.

I’m not sure if I’ve seen many people having patience and support. I don’t really think that’s what’s happening. I think people are mad. People are mad that you have blocked their money. We have them. They haven’t collapsed yet, they have actually been posting more collateral:

So they’ve got a lot more to go. I would say they’d want to drop that below $14,000 because it’s quite likely that we do have a wick down there now. Something tells me that there is a fight between the ways it is happening right now. They smell blood in the streets, in the water, or whatever. They smell it. They’re out for it. The companies like Celsius, we saw it with Terra, which we are going to go through, and I think that these over-leveraged entities are going to see a lot more pain, and that pain is going to result in more pain for us. That’s why I think it’s likely that we do go lower, but again, dollar cost averaging, taking advantage of that pain and not getting leveraged.

If we do look at the bitcoin liquidation in the last 24 hours, it’s 500 million dollars’ worth of liquidation. It was a billion around 24 hours ago because people were going mad. These liquidations now would have been because the price has gone up, so these would have been short liquidations. Don’t forget, people who can control the market can see these positions, so take that into consideration when you’re making your decisions.

Now a little bit of news has come out. Terraform Labs owned the wallet behind the UST collapse. A new report claims Now this is just a claim. Don’t quote me on this. I don’t know if this is true or not, but of course we have to talk about it because it’s a key player in what’s going on in the market right now.

According to a new report, the wallet identified by multiple independent entities as the main culprit behind the terror collapse could be terraform labs. If that was true, now this would be horrible. This would be very bad. It would mean Do Kwon actually knew what was happening and he did it all on purpose. I know a lot of people think that is the case, but normally I see the good in people first. I would hope that this isn’t the case, but the report links the wallet with multiple Binance accounts and wallets allegedly belonging to Luna Foundation Guard and Luna Classic Dao, a terror 2.0 validator allegedly created by Do Kwon. Luna Classic has denied the reports’ claims, claiming that the wallet labeled as belonging to the DAO is actually Kucoin’s hot wallet. This is just a report, something to take into consideration.

The price of Luna is down to $2.45. The Luna classic price is at up $2.7. This is the community version, right. The community has taken over Luna Classic. They want people to shift their money away from technology and toward the classics. I do think that if we do go into another bull run, let’s say it’s in a year or two years, whatever. If we go into another bull run, I feel like Luna Classic is going to play the role of Doge or Shiba. I do also think that eight coins will be there, but it would be very interesting and a very fun rise from the ashes if Terra Classic managed to do that. I know the community behind it is very strong. I hold a tiny little piece of this that I was day trading when it was all happening. I think that’d be a very fun thing to happen, especially if it did turn out that there’s more to this crash than meets the eye. This would be the community taking the old coin and really showing, you know, I don’t know, sticking the middle finger up at whoever needs their middle finger stuck up at, but I think that would be very fun.

Now let’s move on to a little bit of news today. We got some fud. The Bank of England governor warns about crypto amid the bloodbath: be prepared to lose all your money. Yeah, we’ve heard it before. We get it. We get it. We have our risk under control. We only invest money for the long term and money that we don’t need. Yes, I don’t think it’s going to zero. I don’t agree with him.

So the SEC chairs warn of crypto lending platforms with unrealistic returns. So this is interesting. This is directly correlated with Luna, directly correlated with Celsius, and a bunch of these other platforms. So a warning here: There will probably be more probes with the sec going into these lending platforms. So take that into consideration if you hold a high amount of money on any of these lending platforms. Maybe you can decide what to do from here. For me personally, I’m moving a lot of my long-term holds onto my ledger right into my cold storage wallet.

And lastly, we do have Coinbase slashing staff by 18% amid the bear market, and the reason why I wanted to talk about this is because it’s not only Coinbase, it’s a bunch of other exchanges. All of these exchanges are slashing staff by loads of stuff, and the reason why I wanted to talk about that and just remind you is that even the biggest entities in this market are basically fucked up. I’ve been involved in this before. I made my mistakes in 2018. I learned from those mistakes. I took profits in this bull market from 2020 to 2022. I made a bunch of money. I took a bunch of profits. But I still didn’t get enough right. I still didn’t time the top perfectly. That’s just the journey that we’re on. There’s no way to time it perfectly and, like I said, even the biggest people in this game still mess up, so don’t beat yourself up too much. If you are here for the long term, we’re going to make it through. The only thing that you can do right now is stick around. The advice that I would give myself back in 2018 was to stay focused and pay attention as much as you can, so that’s why now in 2022 going into 2024. I’m going to be focusing every single day on growing my knowledge base and just growing even though the market is like this.

 [This article is a transcription of a video made by Conor Kenny]

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