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  • ๐Ÿ“‰ Bitcoin's Downtrend โ€“ Reversal Soon? (15 Jan 2025)

๐Ÿ“‰ Bitcoin's Downtrend โ€“ Reversal Soon? (15 Jan 2025)

๐Ÿ—“ Cutoff Date for Bitcoin's Next BIG Move! Plus: SEC Sues Musk, Bitcoin future predictions, and More!

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Welcome back to

BULL MARKET BYTES

Your byte of cryptocurrency insight where my hair and my patience with Bitcoin have one thing in common . . .

They are both running thin. ๐Ÿ˜…

Here is what we have for you today!

๐Ÿ“Š CRYPTOCURRENCY ANALYSIS
๐Ÿ“Œ BULL MARKET BULLETIN

MARKET OVERVIEW (7-DAY)

BITCOIN TECHNICAL ANALYSIS

I feel like I am back on a plane with the recent turbulence from Bitcoinโ€™s price movement!

We were at $95,000 on Monday, down below $90,000 on Tuesday, and now we are currently around $97,000!

What is going on!?

Well, my friend, we are here to answer that exact question!

But before we dive into todayโ€™s analytics, go ahead and mute your work notifications, grab a seat, and letโ€™s hear from todayโ€™s sponsor.

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Thank you to The Daily Upside for sponsoring todayโ€™s newsletter - now letโ€™s get this show on the road!

Even though Bitcoin can be more volatile than a child at Chuck E Cheese, there are a couple of things that are apparent.

As shown below by Byte the bot, the chart shows that Bitcoin has two primary bearish formations that may result in downward pressure:

  1. Bear Flag Formation (Highlighted in Gray)

  2. Descending Triangle Formation (Highlighted in Red)

Even though Bitcoin has broken both of these formations on the downside and then recovered, it still maintains in bearish territory . . .

Which means that we are not out of hot water yet!

We also see that there is a vertical line highlighted in blue with a date attached to it . . .

โญ This shows that Bitcoinโ€™s movement must be decided by the 17th of February!

The three options for Bitcoinโ€™s price movement are:

  1. Break Below the Descending Triangle & Continue Downward

  2. Break Above the Descending Triangle & Maintain the Bear Flag

  3. Break Above the Descending Triangle & the Bear Flag Formation

Even though everyone is holding out hope that the US presidential inauguration will rocket Bitcoin, we have to ask ourselves . . .

What are the investors and traders thinking?

Letโ€™s take a look at the long/short ratio where we see exactly what they are thinking.

๐Ÿง  A quick reminder:

  1. Long = Traders and Investors Projecting Upward Bitcoin Movement

  2. Short = Traders and Investors Projecting Downward Bitcoin Movement

The chart above shows 16 major exchanges and the ratio of long to short traders within the past 24 hours . . . notice anything?

Aside from 3 exchange, they are all leaning towards bullish movement!

That doesnโ€™t mean that Bitcoin will immediately become bullish, but it does show a strong support!

๐Ÿง  Bullish Fact! Bitcoin has held the current bear flag formation since the 23rd of December 2024!

WHAT TO ANTICIPATE

As we said in our previous newsletter . . .

Continue to watch Bitcoinโ€™s price to see if a break and continuation below $92,000 occurs.

If the continuation does occur, a movement to $80,000 - $85,000 is a HIGH PROBABILITY!

High emphasis on the โ€œcontinuationโ€ part!

As we saw, Bitcoin did break below $92,000 however no continuation took place, and it retraced back above $97,000.

If it does continue downward, that is when the โ€œpullback areaโ€ comes into effect and we all pray that it holds that area.

Anticipated Date: The 17th of February is the date that the descending triangle formation comes to an end . . .

We arenโ€™t the only ones watching this date!

Experienced traders and investors see exactly what we do and are trading accordingly!

Bullish Area: Even though we are currently in the bullish area, Bitcoin must break $100,000 to form a bullish formation!

At that point, we transition to an ascending triangle with our next target to break the current all-time high at $108,268!

๐Ÿง  Donโ€™t Forget! Large holders want you to sell your position so they may buy it at a cheaper price . . . donโ€™t let them fool you!

Source: Reddit

BULL MARKET BULLETIN ๐Ÿ“Œ

Fundstratโ€™s Head of Research Projects Bitcoin reaching $250,000! Bitcoin continues to be an emotional ride for investors - bouncing from $90,000 to $97,000 in a couple of days! Even so, Tom Lee who is head of research at Fundstrat still calls for the end of year target for Bitcoin between $200,000 to $250,000! The question now is . . . how far will Bitcoin dip before reaching this projected target? ๐Ÿค”

Sigma Capital Unveils $100 Million Fund for Web3 Startups! Who doesnโ€™t love DeFi, especially when it is surrounded by tokens of your favorite dog breeds. ๐Ÿ˜‚ Well, we have great news for you! This fund is focused on just that - by managing a portfolio of liquid tokens! This middle east-based company is betting on Dubai becoming a global crypto hub along with Singapore and Hong Kong! What could go wrong . . .

The SEC Sues Elon Musk! There are only two types of people in this world . . . those that love Elon Musk and those that hate Elon Musk - no middle ground. As Elon steps in the spotlight โ€” yet again โ€” with cryptocurrency, the SEC continues to target him. What for exactly? We will give you a hint . . . it has to do with Twitter. ๐Ÿ‘€

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