'DAILY CRYPTO LIVE' WITH CRYPTO KID!
TL;DR
CryptoKid believes Bitcoin will likely drop further despite the recent 60K low, with analysis showing a 30-35% chance that was the bottom, while four-year cycle patterns suggest the ultimate low should come in September-October 2024.
📈 Short-Term Technical Analysis 3 insights
Cup and Handle Pattern at Critical Levels
Bitcoin is consolidating between $67,270 and $72K resistance, with a breakout above $72K potentially targeting $80K and CME gaps at $84K and $93K.
Momentum Reversal Indicator Shows Key Levels
Using Tone Vay's MRI indicator, breaking below $67.2K support could lead to a drop to $65.5K or even $62.8K to retest recent lows.
Current Trading Strategy
CryptoKid is scaling into 2x leveraged Bitcoin and Ethereum longs with average Bitcoin entry at $68.5K, planning to add more on further dips.
🔄 Four-Year Cycle Analysis 3 insights
Mathematical Proof of Cycles Exists
Bitcoin's low-to-high cycles have consistently taken exactly 1,064 days across three cycles, with high-to-low drops taking 364 days in recent cycles.
Bottom Timing Prediction
Based on historical patterns, Bitcoin's cycle low should occur in September-October 2024, roughly 364 days from the October 2021 peak.
Weekly MRI Support at Risk
Bitcoin hasn't broken below its weekly MRI support line yet, but if it does, historical patterns suggest a 16% drop to around $49K.
🧠 Market Psychology Assessment 2 insights
Beyond Denial Phase
The market has moved past denial and panic stages of the psychological cycle, with the recent $60K drop representing the panic phase.
Prolonged Consolidation Expected
Bitcoin is trading similar to its 2019 quantitative tightening bear market, suggesting lower prices for longer with extended consolidation.
Bottom Line
Start scaling into Bitcoin positions now but spread purchases down to $49K over the next few months, as the four-year cycle suggests the ultimate low won't come until September-October 2024.
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