A Drop To $XX,XXX On Bitcoin May Happen Soon - Then Blast Off!

Hey guys and welcome back. In today's video, I'm going to share with you the two different places that Bitcoin might bounce at relatively soon. Where is the bottom for Bitcoin? I'm going to be sharing with you where I think it is right now. So, without much further ado, let's go ahead and dive right on into it. Bitcoin has been in a drop over the last month and a half and up and until about Thursday of last week, this drop was nothing more than profit taking. I mean, think about it. Let's say you were an investor and you bought Bitcoin at $63,000 and then all of a sudden two months later it's sitting at $83,000. What would you do if you were up 31%. Many people, what they do in this situation is that they rebalance. They take some of the capital growth and they rotate it into other funds like the S&P 500 or some of their other investments that they may feel are underweight. And so the correction that we have been seeing since the end of September was honestly nothing more than profit taking and it was not driven by fear. But then that all changed on Thursday when Binance got hacked for $6.3 billion. This led to a major crash on Bitcoin and Bitcoin dropped about 6%. Now, it is important to note that that crash is nowhere near as large as the crash that took place after the collapse of FTX where Bitcoin dropped a full 27%. And that's because Binance was actually able to make all of their holders whole. And so, the customer was not having to feel any of that $6.3 billion leaving the exchange. Nevertheless, that did change the character of this correction from being one that was purely driven by profit taking to now it was more so driven by fear. Here's what I think that's going to do. I firmly believe that Bitcoin was going to spend most of November in a correction before going into a rally sometime in December or maybe even on into January. However, much of that correction that was going to take place is now probably going to take place much faster as a result of the fact that the character of this downtrend shifted away from being purely profit- takingaking in nature to being driven by fear. And what happens when you have fear in the market is that most of the selling that was going to take place instead of taking place over a longer period of time takes place over a shorter period of time and happens much quicker. And that's what we saw take place. The correction that we are seeing probably would have happened anyway. Bitcoin probably would have had a slow bleed down below $77,000 over the course of the month of November. But because of this hack at Binance, the fear caused Bitcoin to drop even faster. And what that means is that Bitcoin has now dropped back down to a very important level of support. And that level of support is the 365day moving average. Now, I'm not going to go into a whole 10-year history of the 365day moving average, but I am going to show you just how powerful it was during the last bull market. I do want you to know that this moving average is basically just as powerful moving back into the last 10 to 15 years on Bitcoin as well. As you can see, Bitcoin time and time and time again has dropped back down to the 365day moving average and bounced and gone on a massive run. In fact, all three of the major corrections of the last bull market bottomed out exactly at the 365day moving average. And so, it cannot be overstated just how important this moving average is. It's also important to note that Bitcoin put in an underside test, a breakthrough, and then an oversight test of the 365day moving average, which is what actually began the last bull market. So, with all of that in mind, we understand now just how powerful the 365day is. Bitcoin rallied up to this level here on the 3rd of September of this year. We then broke through this level here on the 18th of September and rallied above it. So that was our underside test. We then had our breakout. Right now we are going through our oversight test. Yes indeed, exactly in the same fashion as how we began the last bull market. Bitcoin is now dropping right back down to the oversight of the 365day average. And here's what that means. That means that Bitcoin is sitting at top fantastic support. Sitting at top the support of $77,000, which is a zone, $76 to $77,000, the 365day moving average, and a few other levels of support. So, this is our first area that Bitcoin may bottom out at. We may bottom out right here and hold the 365day moving average and bounce. This would not be surprising to me in the slightest. However, there is another scenario and that is that now that it's Monday, the stock markets are open, which means ETFs are trading and the regulated bid is a little bit more scared of a massive hack at Binance. We in the cryptocurrency space are actually pretty used to big hacks like this because unfortunately it's still a little bit of the wild west out here and things happen. However, the regulated bid gets a little bit more freaked out when $6.3 billion run off to North Korea with no supervision. And so that is probably triggering some selling pressure from the exchange, I'm sorry, from the regulated bid today that we will see in the ETF outflows tomorrow. And that's probably why we're having somewhat of a correction today. It is possible that that fear from the regulated bid in the ETFs could drive Bitcoin on a sustained break below the 365day moving average temporarily down to our second level of support, which would sit right down here around $72,000. Now, there's a very real reason to believe the Bitcoin could drop down here to this second level. And it's not just because that would sit right here on top of this moving average, right? As you can see, sitting right here on top of this moving average. That's not the only reason. It's also not the only reason that we would see Bitcoin sitting on top of $73,800, right? That is the level that Bitcoin used as an underside oversight test in the middle of the last bull market. These are all levels that Bitcoin could drop back down to, and they all sit right here in that zone. So, if the 365day moving average does break, the next highest likelihood zone of support for Bitcoin would be right in this area in middle November, somewhere around 72 to $74,000. So, these are the these are the two highest probability zones of reversal. And I'm going to share with you exactly what I'm looking at doing. I am interested in taking a long trade and swing trading here. I'm not going to go into a ton of detail about how exactly I'm going to do that because I save those kind of signals for our Discord server. or the link is in the description box down below if you're interested in that. But needless to say, I would definitely be very interested in taking out some long trades in these regions. I'd be somewhat interested in taking out a long trade right now where we are right now. And I'd be a little bit led I'd be a little bit more interested in taking out a long trade if we drop back down to these levels. But again, all the specifics about how, when, where, and why I'm going to do that will be in the Discord server. However, I will say that I think that this option should be considered a little bit more heavily than this one because of the fear of the Binance hack. I'd love to hear your opinion in the comment section. One or two, which area do you think Bitcoin's going to bounce at? Are we going to bounce here or are we going to bounce here? I would absolutely love to hear your take on that. Before we go, I do want to let you know about the sponsor of today's video, which is ITR Capital. If you have not already signed up for IR Capital, I heavily encourage you to do so because you're going to be getting access to the number one retirement account provider in the Bitcoin and cryptocurrency space. So, if you haven't already, make sure to sign up for Capital with the link in the description box down below and get that $100 funding bonus when you sign up and deposit. You'll also be getting access to all of their other features such as Q, which is their quantitative trading strategies, which allows you to invest in the market with AI supporting you through the rule sets that they have. So, make sure that you sign up for ITR Capital with the link in the description box down below. I personally am leaning in the direction that two is very possible and that's because Bitcoin dropping back down to the 618 is a very healthy level for Bitcoin to correct back down to and also because I think it would give us the strongest runway to the upside to rally up towards $100,000. It would also allow Bitcoin to drop back down and fill in some of these fair value gaps that we see built by this major rally that we saw over the last few months. And so with Bitcoin dropping back down into this level, that would that would match a lot more what we've seen in the beginning of previous bull markets where Bitcoin at least once or twice goes through a pretty major, pretty painful corrective movement such as what we saw here in March of 2023. So a drop back down to $72,000 makes a lot of sense to me. However, it is important to understand that that does not mean that the Bitcoin bull market is over. If anything, that actually means that the Bitcoin bull market is exceedingly healthy and that we should be anticipating higher highs to be coming to Bitcoin. I believe that these are fantastic levels to be investing in Bitcoin for the long term. If you enjoy today's video, make sure to hit that like button and subscribe to the channel. And before I go, I do just first want to thank each and every single last one of you for watching as always. And I will see you guys in the next video. Peace.