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Will Bitcoin fall to zero ?
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This analysis is only based on the technical analysis of the daily and weekly time frame
If you have been following me since years ago, you know that I predicted the September 2020 Rally (chart attached below, and the complete analysis attached link)
The incredible rally started on September 2020 and continued until November 2021. It started at 9800 and reached its summit at 69000. It was a double the top at 65000 and 69000.
What led to Bitcoin crashing is partly due to the greater economic downturn. And then secondarily, you've seen several crypto companies that have recently filed for bankruptcy; many of these crypto companies took on too much risk, which led to them imploding as the price went down.
Based on my daily time frame, Bitcoin Broke the first Down trendline on September 2020 (See the red line on the chart). That red down trendline hasn't been retested yet. As you know, all the breakouts need a retest. So when is the retest? And at what price will the retest potentially be?
My chart shows that potentially the retest will be on March 2023, and the retest price at ZERO.
Right now, we can see a bear flag forming, and the price is precisely at the bottom of the bear flag. We also can see the Neckline at 30k area.
So the question is, is Bitcoin ready to break below the bear flag? Or will Bitcoin go up to retest the Neckline?
Valid:
- This analysis is Valid as long as the price stays below the Neckline, and this analysis confirms if the price can break out below the bear flag.
Invalid:
- This analysis fail if the price breakout above the Neckline
If you have been following me since years ago, you know that I predicted the September 2020 Rally (chart attached below, and the complete analysis attached link)
The incredible rally started on September 2020 and continued until November 2021. It started at 9800 and reached its summit at 69000. It was a double the top at 65000 and 69000.
What led to Bitcoin crashing is partly due to the greater economic downturn. And then secondarily, you've seen several crypto companies that have recently filed for bankruptcy; many of these crypto companies took on too much risk, which led to them imploding as the price went down.
Based on my daily time frame, Bitcoin Broke the first Down trendline on September 2020 (See the red line on the chart). That red down trendline hasn't been retested yet. As you know, all the breakouts need a retest. So when is the retest? And at what price will the retest potentially be?
My chart shows that potentially the retest will be on March 2023, and the retest price at ZERO.
Right now, we can see a bear flag forming, and the price is precisely at the bottom of the bear flag. We also can see the Neckline at 30k area.
So the question is, is Bitcoin ready to break below the bear flag? Or will Bitcoin go up to retest the Neckline?
Valid:
- This analysis is Valid as long as the price stays below the Neckline, and this analysis confirms if the price can break out below the bear flag.
Invalid:
- This analysis fail if the price breakout above the Neckline
註釋
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Meet the judges that will preside over Coinbase and Binance’s SEC lawsuitscointelegraph.com/news/judges-preside-over-coinbase-binance-sec-lawsuits
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What do the SEC’s lawsuits signal for the future of cryptocurrency?brookings.edu/podcast-episode/what-do-the-secs-lawsuits-signal-for-the-future-of-cryptocurrency/
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It's still in the Neckline zone. I reckon Bitcoin will fall to 26k. If breaks below 26k, most likely will fall to the new low.註釋
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Lower low ETA July 2024註釋
BTC fall to negative 4000
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