BTC - Update on Suspected Flash Crash ScenarioFor those of you who have been following my ideas, and I don’t think that would be many - understandably so, because these ideas seem so outrageous and out of the norm - I feel obligated to provide updated numbers per my own personal trade ideas.
I expect BTC to flash crash. In summary, here is why:
1. DXY is breaking down and retesting a major bearish trendline on the monthly. This alongside geopolitical events and sentiment, I expect the dollar to fall rapidly and store of value assets such as BTC to see a multi year bull run.
2. The market has been steadily bringing BTC up since late 2022. This leaves a trail of long position stop losses below the price, leaving a massive chain reaction of sell orders ready to set off one into the next. In other words, the orders required to make the drop are already in the chart.
3. It’s a question of when - BTC is under 3 intersecting bearish trendlines, and we can see how price breaks above and below these support / resistance levels historically. Eventually they will hold and play out, estimating when is tricky - that’s why I use DXY to predict it.
It’s difficult to pinpoint where the upper resistance is - but a pretty solid pick is around 105,200. I’ve used various numbers in the past for this idea, but it’s always refining and evolving based on what I see price doing.
I’m proposing two movements for a massive liquidation sweep of the lows prior to a 3-5 year bull run where BTC sees those quarter million dollar prices.
Scenario 1:
105,200 to 35,000
35,000 retrace to 77,000 ( although this doesn’t have to happen, I just anticipate a 3 wave corrective move)
77,000 to 10,000 (could be as low as 7,000)
7,000 and upwards of 200,000 (after all liquidity is absorbed and reclaimed)
Scenario 2:
105,200 straight down (for the most part) to 17,000 to 20,000
17-20,000 and upwards to 200,000 plus
Personally I feel scenario one is most likely. I’ve been trading this market since 2017 and the newfound “ stability “ of Bitcoin during the last 2 years cannot be trusted. This upwards move IS NOT a bull run. It’s a BEARISH RETEST.
Bearish retests typically move straight up, exactly as what’s been happening - following by a drop roughly 10 times as fast.
Same ideas on the larger time frames as smaller time frames.
WHEN DO I EXPECT THIS TO HAPPEN?
Starting any minute and spanning over the next several days to week.
Anyway - that’s my update for those of you who are interested.
Understand this stuff gets laughed at - but I experienced the same treatment when I told my group to long BTC at 16,500 in Jan 2023 to a target of 90,000. It’s not new to me and I expect it.
Doing my best to help advise and open your minds to alternative ideas.
