Bitcoin: March 24 2022; Nice Pump, Bigger Correction?
Bitcoin above $44,000?
Bitcoin is on fire, depending upon which exchange you use. Bitcoin price has surged between $44,000 and $47,000 today alone. I however use the Binance chart over Bitrue. Bitcoin keeps running through strong resistance levels and finding strong support to maintain.
The question a lot of us are beginning to ask, are we at a starting point for a new cycle? Was this cycle ever really over? Are we still bearish?
While we have went from $29k to $33k low to $44k to $47k and it is looking really good on the charts even though we are still roughly 30% down (that’s a legitimate estimate, not exact figure) from the previous top.
It is really hard to say that we aren’t bearish anymore. We still have so many factors that are weighing in on the price action of Bitcoin and the entire crypto market. The majority of it being extremely bullish.
The all time favorite narrative, “The Best Time To Buy Is When Their Is Blood In The Streets.” The market did in fact go bearish for about 16 weeks. The exception being the two week fake out followed by the week fake out.
The biggest warning red flag for me is the “fake outs” mentioned above. This is Bitcoins fourth attempt at setting a higher high than the previous downtrends since the “alleged bottom” of around $33k
History has always been a strong indicator as far as, judging which direction Bitcoin could go after certain movements. While I am not a financial advisor, nor do I pretend to give financial advice. I am leaning towards if we go above $47k and hold with strong support as we are currently doing above $42k, than Yeah…the bottom may be officially in.
We won’t be out of the wood until we are cemented above $52k being the fearful level I have talked so much about.
Since the beginning of the “2020 Bull Cycle” this theory has been up for debate. With the Passage Of Time we find that this scenario is remotely playing out. Almost like the “2013 Bull Cycle” with different time frames and price action.
The original theory I heard in regards to the “Triple Top Theory” before the “Real Bear Market” kicks in, was from BitBoyCrypto. I do not know if he is still entertaining the “Triple Top Theory” or not, nor do I honestly care. However I find it relevant to the bigger picture of things.
I have said plenty of times before, we are merely human beings studying uncharted territories trying to be Christopher Columbus of Crypto. We are learning from limited data that grows daily and evolves with the times. While most times, a time frame prediction will turn into a epic fail.
When you look into it, the only fail was the time frame put on the predictions. We have seen “Two Tops” thus far. Meaning that we are most likely looking at a 78% chance of heading up to a third top before entering a brief bear market in retrospect to previous bear markets.
I am not positive on the upside to the “Third Top” however, the odds of my $137K prediction happening are next to none, unless we were to be in the start of new cycle. This wave could follow suit with April 2021.
Yes we are still Bearish, for now at least. While the massive amount of evidence, market sentiment and every other indicator is indicating that we are turning Bullish we have to play it safe. When markets are like this people tend to be overly greedy.
When we get overly greedy, we let down our defenses and often times get wrecked. While we should be expecting the worse. Whether we want to say it or not. We are currently down tremendously from the previous tops across the board.
That may not be out of the norm to say the least, but we have to rely on the evidence in front of us. That evidence points to the fact that we are still in a Bearish market even at $44k right now. We still have a strong downtrend that is appearing to be weaker.
However with each rejection that Bitcoin receives that downtrend strengthens. The amount of price jumping on the charts right now is a very high indicator that price levels are not sustainable at the current time and a major downward candle into a very strong support zone is imminent. That is how it is looking at this moment is time.
Bitcoin Cash seems to have taken the lead ahead of it’s predecessor Bitcoin. BCH is down about $25 from Tuesday & Wednesday highs. BCH is looking like it may be able to hold support at the previous resistance level.
That is provided we don’t see a major drop from it’s predecessor. History has proven itself time and time again, that with The Passage Of Time Bitcoin down moves greatly effect BCH with the exception of Altcoin season.
Another note for the “Triple Top Theory” that would mean the true Altcoin season hasn’t actually occurred yet than. That would be a blessing for a lot of us out here struggling to pay bills and support our families. The cost of living keeps raising, wages stay the same and we get poorer while making the rich even richer.
Crypto changes all of that.
XRP is still following the uptrend, appearing to be extremely bullish. XRP has a lot of big news headlines in the last several weeks giving investors even more reasons to FOMO. However the true FOMO even hasn’t started and is forecasted to gear up around the beginning of August 2022.
The only Crypto that actually had real life use cases from day one of conception. I am not trying to offend any crypto projects that are out at this current time that have all kinds of use cases. I am just merely reflecting upon the market when XRP came about.
YOOSHI will be one of the last to really blow up in my opinion. YOOSHI is holding firmly above .28 cents at a current price of .32 cents where it has been resting for what seems like years, but just merely weeks.
What is in your wallet? YOOSHI! haha I couldn’t help it.
SHIBA INU has been talked about a lot lately. The big talk is SHIBA is about to retake the $40 per million zone as it heads up higher. I am not sure that I would bet the house on this one just yet. However if you would have betted your house when I first told you all to buy some SHIBA you would have about 20 houses now.
Don’t sleep on shiba, the words Bullzilla used months after I gave up on trying to get him to notice shiba along with bitboy and other influencers.
Spring time is here and as warmer weather is approaching. Families are making plans of taking vacations and spending time with friends and loved ones while soaking up the summer sun. I want to wish everyone a very safe travel and a happy summer time, may God Bless You and your loved ones.
I know financially that crypto has truly been a blessing in disguise for my family and I. The family may not understand crypto the way I do, but that is why they have me, lol. We are all still truly blessed to be apart of something as major as crypto.
Crypto is literally life changing in so many ways beyond financial freedom. Yeah, I know that financial freedom is the dream of most people when they first venture into the Crypto Revolution. Crypto still reaches those that refuse to acknowledge it’s existence, let alone the impact that it is making on the entire world.
Even people whom claim to be genius often fail to fathom crypto. I once talked to a man in 2019 before the March 2020 crash. This man is regarded in the local community as a genius. I know the man is smart when it comes to guns, fixing cars along with pointless social media videos of no real significance.
I over heard this gentlemen talking about his 401K and how he thought it would be best to invest in certain sectors at the time, hospitality. I tried to explain to him that the markets where about to implode as we neared the 2020 crash.
I explained crypto and how if he cashed his 401K at the time and invest just 25% and held the cash to invest into the stock market over the coming year he wouldn’t have to worry about money ever again. This man tried to mock me as if I was ignorant and didn’t understand economies and how politics effected everything.
Needless to say, don’t be like this guy. The signs are all their, all you have do is some research and you will find out for yourself. I also enjoy mentioning Bitcoin to the man now that he hears about Bitcoin almost daily no matter what he does. It really sucks to right sometimes when you watch it wreck people around you, knowing all they had to do was listen and research.