The Bottom For Bitcoin Will Be Found At....

Hey guys and welcome back. In today's video, I'm going to be sharing with you where I believe Bitcoin is going to be bottoming out over the course of the next few weeks. You see, Bitcoin is in a correction right now. And I actually firmly believe that we're going to be having a very strong bounce, which will lead us to the upside. But before we are able to see that take place, I think that Bitcoin has to finish out this correction. And in today's video, I'm going to share with you exactly what that looks like. So, without much further ado, let's go ahead and dive right on into it. Bitcoin right now is in a sustained correction. We've recently hit a high of $87,500 and we've been moving to the downside. However, it is very important to note that this correction is not as steep as corrections that we've seen in the recent past. As you can see, if we compare this correction right here to this correction back over here, what you will see is that our current correction is nowhere near as steep as these corrections that we were seeing during the bare market. Instead, what we find is that the correction that we are currently in is actually a lot shallower. We're moving to the downside at a slower rate than we were in previous months and that's largely because of the massive amount of inflows that we've seen into the cryptocurrency ETFs. Now, we've seen a massive in uh inflow into the cryptocurrency ETFs because we've seen so much enthusiasm from the ind from from the um institutional space and from the corporate space to begin investing in Bitcoin as we've had these Bitcoin bull market confirmations. And so it seems that the investment from the ETFs is causing Bitcoin to be able to have the kind of buoyancy that it needs to stay above these levels. Here's where I believe that Bitcoin is likely going to drop back down to over the course of the next few weeks. If you come and look at Bitcoin's chart, you will find that there is a level that was set as an all-time high on November the 10th of 2021 at $69,000. You'll also find that there's a level that was set as an all-time high right here in March of 2024 at approximately $73,000. And the very interesting thing that you see when you look at those two levels in conjunction with the visible range volume profile is that this top level, this second uh this slightly higher high all-time high at 73,000 has been very well respected over and over and over again by the market. Anytime we've come towards this level, we've moved straight through it. So there's this very small uh little valley right here on the visible range volume profile. This is not full as you can see. And often times this gap in the visible range volume profile is what will cause Bitcoin to come down and often times can help to fill that gap in the visible range volume profile. And the important point with this is that because of this gap, there is a very high likelihood that Bitcoin is going to try to come back down and fill said gap. This would also cause Bitcoin to drop back down and hit the 200 daily exponential uh 200 day simple moving average, which as you can see was our resistance level that we set here on the 8th of May. If Bitcoin did fall back down to about $73,000, we would be having massive confluence from all of these different levels. We'd be having confluence from the 200 daily moving average, we'd be having confluence from this prior all-time high. We'd be having confluence from this divot right here in the visible range volume profile. And there's also several other things that point towards that 73 to $75,000 region. If we pull a Fibonacci retracement off of this rally, what you'll find is that Bitcoin has the golden pocket down here from about 0.5 to about 65 uh centered right here around the inverse of fee which is the 618 golden ratio which is currently sitting at you guessed it 72,000. So this is this is also pointing in this direction of around 71 to $75,000. That same kind of zone. Now if we take a ray off of these two lows down here and I know you can't see them so it looks something like this. If we take a ray off of these two lows right here and then extrapolate it to the upside, what you will find is that that is pointing right there in the later part of November in this exact same part of the chart. Bitcoin would likely fall back down to roughly that level. This right here is the previous all-time high. Right back down onto that level, right here into the middle of the Fibonacci ratio, right here into the middle of the Fibonacci golden, excuse me, into the visible range volume profile uh divot right here. Right back down onto this uptrending level of support. And this is where the support is likely going to be found. So what we do when we're looking for levels of support that Bitcoin is likely to move towards is we find areas of confluence. We find areas where a multiple uh a large number of different technical and fundamental factors are pointing at the exact same level. And when we find that, it becomes extremely easy for us to understand that this is an area that the market is very likely to reverse. And it's also interesting because the level of around $75,000 is just below the ETF cost basis. If we look up the ETF cost basis, uh, Glass Node has a chart for that. What you'll find is that the average cost basis for the ETFs sits right here around, as you can see, um, around $82,000. Fidelity drops all the way down to about 73, but about 73 to about 82 74 to about $82,000 is the average cost basis for the ETFs. And as you can see, the market has dropped back down into this cost basis more than once. We've dropped back down into the into this cost basis as support several times during the last bull market. We rallied up to it and used it as resistance here in May of this year. We even used it as resistance here in September of this year. We did an underside test of it. We broke through it up to 87 confirming the bull market. This is where many institutions and our analysis uh independently confirmed that we were now in a bull market. And now Bitcoin is falling back down to back down to meet that level of support. And with Bitcoin falling back down to meet that level of support, that shows us that Bitcoin is more or less instituting an underside overside test of the ETF cost basis. If we just bring up a clean chart here, and I show you what the ETF cost basis looks like right now, the ETF cost basis is essentially running straight through here. And so, Bitcoin rallied up to it, did an underside test, broke through it, is dropping back down to and doing an underside test. Let's say Bitcoin does drop back down here to $75,000 like we talked about. It'd be a slightly into the cost basis underside test, but this is where we'd likely see a large amount of buying pressure. And this is why when you look at the chart, when you look at the data, you can figure out what the signal is. And the signal is that there is a great deal of buying pressure that is likely to be coming into the market as a result of Bitcoin dropping back down into the ETF cost basis. So, I'm about to share with you what I believe is going to be the thing that drives um that drives Bitcoin to the upside. But before I do, I do want to first let you know where you should consider acquiring Bitcoin for the long term. And that would be with our sponsor, iTrust Capital. If you guys have not already, I heavily encourage you to sign up for It Trust Capital because Itrust Capital is going to be the one-stop shop to actually invest in the Bitcoin and cryptocurrency markets. And I also want to make sure that you've checked out Q, which is their new AI formulated quantitative trading strategy where you can put rules between you and the market. You can see these returns here are absolutely incredible. And so it does seem that Q is able to generate significantly higher returns than the rest of the market. So if you have not already, make sure that you sign up for ITR Capital, get access to Q from Itrust Capital. And I think that you're going to really enjoy those returns. But what is it that's going to drive Bitcoin to the upside? Well, when Bitcoin does drop below the cost basis as it is right now, this leads to the average investor thinking like this. They think to themselves, okay, we have now dropped below our cost basis, but we also have a bull market confirmation and Bitcoin is at the end of the four year having cycle bare market. According to the timing, there is a large amount of retail and institutional inflow coming into Bitcoin. And so therefore, if I'm underwater on my Bitcoin position, the logical thing to do is to buy more Bitcoin. And this is how the institutions think. This is also how the very wellto-d do and successful retail investors think. if they're slightly below cost basis, but they see that all signals are green for a continued bull market, then that's where you buy. And so that's where as Bitcoin drops deeper and deeper here, if it even does, if it even comes down towards $75,000, I firmly believe that there's going to be a large amount of volume pouring into the space that will allow Bitcoin to go into a very large and sustained uptrend. And so that's where I firmly believe that over the next few months, we'll be able to find a bottom here somewhere above $73 to $75,000 and then begin moving back to the upside up towards $100,000 probably at some point in quarter 1 to quarter 2 of next year. And that is how I believe that Bitcoin is going to be able to conclude this correction and move to the upside. And if you'd like to see more analysis pertaining to this idea, I heavily encourage you to sign up for or excuse me, to subscribe to the channel, hit the post notification bell, and stay tuned for more content. If you did enjoy today's video, make sure to hit that like button and uh drop us a comment down below. Where do you think Bitcoin is going to bottom out? Are you looking at acquiring Bitcoin around $73,000 to $75,000? I definitely am. I'd love to hear your take on that. 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.