Transcription
Today, the Bitcoin price is going crazy. People are going crazy on YouTube, they are going crazy on Twitter, and probably in their private lives as well, because Bitcoin is going crazy also. I want to shed some light here. I don't know if you watched my videos in the last few weeks, especially this one. I predicted a Bitcoin dump after a pump—almost four weeks ago. I made that video in front of my house, on the beach, showing one chart. I'll leave the link below in the pinned comment and video description. It's a four-minute video; take your time. That chart excludes all the noise for Bitcoin. At that time, I wasn't sure it would work, of course I'm not telling you I can predict the future. No, for sure, come on guys, I mean, Bitcoin goes down, I lose money too, don't get me wrong. But that chart exactly predicted what's happening to Bitcoin. Right now, I want to pull up this chart and tell you what it predicts. This is the easiest chart I've ever shown, and I said the same thing in that video. I want to revive it and talk about that one chart. Let's go straight into it.
Before showing you that chart, I want to show you a quick excerpt, a one-minute video from that video from three to four weeks ago. Then I'll go into the chart and tell you what it predicts right now. When I show you what it predicted three to four weeks ago, look at this little clip: Bears are stronger and preventing Bitcoin from creating that second higher high. So, what this chart shows is: if we close a weekly candle below $93,500—and guys, believe me, I'm saying this for the fourth time because my storage is full, I hope I fixed it now—if we close a weekly candle below $93,500 US, the likelihood significantly increases for us to break down to the following price target of $88,400 US for Bitcoin in a final capitulation move towards the downside. This is basically exactly what was happening.
If we go into the chart—that's the weekly line chart. I explained in that video that the line chart is the easiest kind of chart to look at. Usually, we use the candle chart, as you can see here, which shows this M pattern with a second higher high. But going into that line chart, you can see this perfect M pattern, and that's what I was showing in that video. The moment we broke down, we are actually going lower. The price target of that chart, and we went already today to like 85,000 or something. The price target is 84, basically. So we have almost reached the price target. Of course, 85,000 could be it, right? The matter of fact is that the price target here was almost perfectly reached. Now the question is, can we go lower? It's hard to say. $83,000–$85,000 that should be the level, the price target of this specific breakdown. But if we are zooming out, this is the most likely price target; that's why I made the video. But it is still possible—and that is my worst-case scenario—to reach the top here. It doesn't really look perfect with the touch points because it's the line chart. My worst-case scenario price target would be $73,000 for Bitcoin. Again, that doesn't mean I'm shorting right now; that doesn't mean I'm selling my Bitcoin holdings. No, I am holding all of my Bitcoin holdings. That's how I was able to outperform the Bitcoin market in the last eight years, ever since I started buying Bitcoin. By not trying to outperform the Bitcoin market, I was outperforming almost all people in the Bitcoin market. On my long trade here for Bitcoin, I took profits at $104,000 US. In fact, half of my profits; I took almost $99 million US in Bitcoin holdings from this profit, taking another $8 million US which are still exposed in that trade. Why am I still holding it? Because I do not believe that the liquidation price of this Bitcoin long position around $44,000 is actually most likely ever going to get reached. This is my prediction for today. I just wanted to revive the memory on that specific chart and what it predicts—not only what it predicted three weeks ago but exactly what it predicts right now for the future for Bitcoin. Thank you so much for watching, and we are going to see you very soon at the next one. As always, guys, as always, bye-bye.