😮 Bitcoin Holds $100,000 - But For How Long? |Released 8 Nov 25|

In partnership with

Turn your expertise into a world-class book that builds revenue, reputation, and reach!

Welcome back to

BULL MARKET BYTES

Your byte of cryptocurrency insight where we navigate the market, celebrate the gains and “give the bird” to the losses . . .

I will say, we have become quite exhausted as of late and not from celebration. 😂

Here is what we have for you today!

📊 BLOCKCHAIN BREAKDOWN

• Bitcoin Technical Analysis

  • Another bearish formation has been initiated.

• What to Anticipate Next 

  • Bearish or bullish? 72 hours could give us that answer.

📌 BULL MARKET BULLETIN

• Cryptocurrency Headlines 

  • JP Morgan Compares Bitcoin to Gold . . .

  • Zcash rockets an impressive 1,700%!

BITCOIN TECHNICAL ANALYSIS

Let’s not get ahead of ourselves . . .

As November is currently at -6.88%, it is easy to turn on panic mode, but we believe that the bull market is not over yet!

In 2022, we saw a -14.75% return for Bitcoin in quarter 4 but the following quarter in 2023 Bitcoin rocketed +71.77%!

Remember, the market is highly volatile and a loss today could result in a rocket tomorrow . . .

Let’s dive into today’s newsletter and see if Bitcoin will continue to pummel our portfolios like Mike Tyson, but before we do, a word from today’s sponsor!

Thank you to Author.inc for sponsoring today’s newsletter!

Bitcoin continues to gift us with bearish formations and patterns . . .

From the 25th of September to 16th of October this year, Bitcoin completed an inverse cup and handle formation.

Then, from the 23rd of October to the 3rd of November, it completed another inverse cup and handle formation . . .

Now we are staring a bear flag formation in the face.

What did we do to deserve this? Haha.

Let’s take a look at the image below for an in-depth look at Bitcoin’s daily chart. The first from our last newsletter and the second from today!

As shown above, we projected that the bearish inverse cup and handle formation would drive Bitcoin’s price lower . . .

Oh, and how it did . . . right off the side of a cliff!

Score 1 for us - score 0 for our portfolios . . .

In the image below, we see that Bitcoin went from one bearish pattern to another!

Bitcoin is playing a dangerous game of “Above $100,000 today, below $100,000 tomorrow.”

All signs point towards Bitcoin breaking below $100,000. However, if it does break will it stay below that price or immediately recover above?

This question will be answered by the higher power that is Bitcoin traders!

🧠 The psychology behind the market

In the past 24 hours, there is still a fear in the market according to the ratios below:

• Short (bearish) traders = 50.83%

• Long (bullish) traders = 49.18%

We hold true to what we said in our last newsletter that “we are confident that this will switch to being bullish heavy if Bitcoin can hold $100,000!”

Let’s meander (fun word to say) to our next section where we shake the magic 8 ball, rub the crystal ball, and still receive a busy tone . . .

WHAT TO ANTICIPATE

As stated in Wednesday’s newsletter . . .

How this played out is very interesting . . .

Bitcoin did surpass $104,442.54 within 48 hours but the price did not hold above.

We are experiencing a “squeeze” where Bitcoin is bouncing between major support at $100,000 and resistance at $104,442.54!

The tension is so thin that you could cut it with a butter knife.

🌍 In a perfect world, what do we see? Bitcoin MUST break above $104,442.54, but even if it does, we are not out of the “danger zone.”

For the bear flag formation to break, Bitcoin must reclaim $107,493.48.

If this occurs within the next 48-72 hours, it will initiate a bullish cup and handle formation that could propel Bitcoin to $108,765.53 - $110,609.41!

However, there are a few concerns that we have on our journey towards Bitcoin glory.

⚠️ Caution along the way! There is a “textbook” bear flag formation that Bitcoin has held for the past 96 hours.

This coupled with the fact that bearish (short bias) traders are outnumbering bullish traders for the past 24 hours draws great concern!

There is much tension at $100,000, why?

• $100,000 is a mental number, which leads to:

  • Long traders will sell for profit at $100,000 to minimize loss

  • Short traders will initiate positions in anticipation for a dive in price

Both of the actions above equate to sell pressure, which would initiate the dive in price that short traders are anticipating!

🧠 Our overall thoughts? The market is controlled by 2 things and 2 things alone . . . greed and fear!

These two metrics will decide if someone is going to sell or if they are going to buy.

There has been an overwhelming amount of fear in the market for the past 2 months as October ended at -3.69% and November is currently at -6.88%.

As Bitcoin plays with the idea of dropping below $100,000, we all cling to our portfolios along with our dreams of the mansion and Lamborghini combo!

⏳ In the meantime! Watch to see how Bitcoin reacts within the next 72 hours . . . we are confident that we will have an answer within this timeframe.

The answer that we are looking for . . .

• Will Bitcoin fall below $100,000 or rally above $104,442.54?

Only time will tell, but candlesticks on the chart give a strong indication and the chips are stacked against us . . .

Be safe out there and may the bull be with you!

BULL MARKET BULLETIN 📌

JPMorgan Says that Bitcoin Looks Cheap Compared to Gold

• The projection of upside for Bitcoin is forecasted over the next 6-12 months, with analysts eyeing the $170,000 area.

Zcash Rockets Towards Being a Top 10 Cryptocurrency

• This top privacy coin moves from $40 to over $700 in 2 months!

• As Dash begins to move, are other privacy coins going to follow?