Happy Sunday, traders. It’s Matt here.
Are you watching what I’m watching? I’ll give you a hint: it’s a coin that never sleeps.
Okay, maybe it’s not just one coin, I’ve kept my eyes on a few cryptocurrencies for a while now. But the thing is, most coins tend to follow what the OG BTC does.
And I’m excited to say that I think a bottom is coming in soon … granted, calling a bottom is one of the hardest things to do.
But I’m seeing a lot of parallels between the 2020 crash/bottom — both in crypto and in stocks — and the kind of action we’ve been seeing in both markets now with the recent crash.
Like I told my Crypto War Room students, I think we’re getting close to some great buying opportunities.
Today, we’re gonna focus on Bitcoin … where it’s at, where it’s been, and what I think could happen next…
The State of Bitcoin (BTC) and What’s Next?
This is the mother and father of all cryptocurrencies. You’ve probably heard the saying that most stock moves follow the benchmark indexes. Well, most cryptocurrencies follow what Bitcoin does.
So it’s worth noting that recently was the first time we’ve seen Bitcoin break below the $20,000 key level since it broke out well past it in late 2020.
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Crypto’s been facing an onslaught of challenges, including liquidation issues. This causes people to panic sell and can send all cryptocurrencies plunging another leg down on their charts, depending on how quickly and effectively the issues get resolved.
So far, Bitcoin’s bounced back from that $17,601.58 low it touched recently. Prices have held pretty steadily just above the $20,000 key level. And it’s been forming higher lows since the dip below.
However, Bitcoin also formed higher lows around the $30,000 level, where it consolidated for a while, making traders think it might recover. And then it made that steep drop down to $20,000 and below.
Personally, I think the most ideal situation is for Bitcoin to make another leg down. I don’t want to see it go all the way down to $10,000 but I think a quick dip to the $15,000 level would be good for it.
Typically, traders like to see some kind of a double bottom before they feel ready to jump in with bids. And I think the risk/reward at that level would invite a lot more traders back in.
That said, I don’t get to decide. So keep your eyes peeled on that $20,000 level. If it continues to make higher lows this coming week, we might just see a true bounce sooner than expected. And when Bitcoin bounces, altcoins tend to bounce even higher. Stay tuned.
Conclusion
It’s times like these that present some of the best opportunities for traders. Everyone loves to see things go up and up and up. But right now, it looks like we’re about to see some of the most epic dip-buying opportunities shape up.
If you want a mentor to guide you through the transition, as well as access to a community of traders growing their skills and their game alongside you, join us in the Crypto War Room.
I created the War Room as an exclusive place to share the latest crypto-focused alpha. It’s my biggest trading passion and purpose. In addition to regular state-of-the-market updates, you can find examples of previous live trades, webinars, courses, and more. Hope to see you there!
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