I am just as bullish as anyone out there on Bitcoin.
More than most people actually.
For the next few years here,
I believe Bitcoin is definitely going to millions of dollars per Bitcoin.
But I would rather see it happen now rather than in, like, 10 years.
So, I also hope for the bullish scenario here.
But in my opinion, like I said,
I think we need to break above $46K approximately.
Hey, guys!
I'm here with Carl, usually on Mondays, but today is Tuesdays with The Moon
because Bitcoin is mooning.
And, Carl, how does it feel to watch the price of Bitcoin go up?
Did you know this was a possibility?
It's very nice. Finally!
We've been in a bear trend for such a long time now,
and every time I come on,
I've been having to look at the bearish case
because it's been the dominant force for sure.
But I believe last week, we were talking about the descending broadening wedge,
which is, of course, a bullish pattern.
And this bullish pattern now did indeed break to the upside.
So that was maybe not very unexpected.
But I want to go into the charts, of course, and talk about exactly what it is I'm seeing now.
Here, we have this broadening descending wedge.
And I was talking about how this is, of course, a bullish pattern,
which means that they break to the upside more often than they break to the downside.
And many people are still expecting Bitcoin to retest $30,000.
I still think that $30,000 is for sure a possible scenario.
But on the--
in the immediate short term, we are now in a small uptrend here.
And it's going to be very, very interesting for me now to see
if we can retest some previous support and resistance.
For example, you can see here, back there, back in February of 2021,
we had $46K, big support,
then we had some support from the same level back here.
So $46.3K approximately.
We didn't even test it yet.
That will, in my opinion, be the big level to watch right now.
We are in an uptrend.
I put in a few long positions.
And all of my followers, of course, on my channel,
you guys know that I put in a long position here
because I saw this bullish scenario as a potential scenario.
This level here,
that's my potential take-profit level to watch.
Because previous support becomes new resistance.
That's how it always works.
So one scenario that definitely could play out here is that we get rejected,
maybe even come back down,
and later retest the $30K level.
This is absolutely still a possibility.
I hope not though because I think the longer we trade sideways here,
the more likely it is that this was the top,
which we, of course, hope is not the case.
I am just as bullish as anyone out there on Bitcoin.
More than most people actually.
For the next few years here,
I believe Bitcoin is definitely going to millions of dollars per Bitcoin.
But I would rather see it happen now rather than in, like, 10 years.
So, I also hope for the bullish scenario here.
But in my opinion, like I said,
I think we need to break above $46K approximately.
Yeah. I mean, if you look, you know,
there seems to be some similarities there,
you know, between this broadening wedge and the descending wedge
that was, you know, previous back in September.
I know they're shaped differently, but if you look at the big long red candle,
you know, at the end of this recent dump,
and then you start looking over at the candles back in the descending wedge,
and the way that it broke out,
the breakout looks very, very similar.
- So are we talking about this breakout - Yes.
- against this breakout here? - Yeah.
Yeah, for sure. I mean,
I think so too.
It's definitely very similar.
And any uptrend usually starts with a bang.
Right back here, we also saw some big bullish volume coming in.
The same here, we saw a big green candle, some bullish volume coming in.
And right now, we're seeing a big bullish candle.
I wouldn't say that we're seeing any, like, incredible volume here,
but we're definitely seeing a big, confident green candle.
And that's amazing to see because usually that's what we see in the beginning of a new trend,
a big bullish engulfing candle essentially.
So if we go to the weekly timeframe,
we can see that essentially,
we got a nice reversal pattern here
where we're basically back above key resistance and support.
We have this green box at $41,000, $42,000.
That was a big level I was watching.
Actually, Ben, did you see on Twitter that I changed my name to The Floor?
- Yeah, I did see that. - Yeah.
- Be back? - So-- yes.
So I told my audience that, "Guys, as soon as Bitcoin breaks back above $41,000,
I am going to change from The Floor back to The Moon."
So if you go to Twitter now, you will see that my name is now The Moon Is Back.
- That's awesome. That's awesome. - So--
- Well-- - That's nice.
Yeah, yeah. Very, very, very nice.
So let's talk about the worst case scenario here, you know.
Worst case scenario, we get rejected. We head back down.
I want to know, what is your--
what are your low targets for Bitcoin?
Like, what do you think the lowest Bitcoin could possibly get to in a downtrend?
Okay. That depends on if we assume that the bull cycle is over or not over.
- Yeah. - So if the bull cycle is not over,
then I think $30,000 is definitely the lowest,
- and then we could potentially still go up. - I agree.
That's what I think.
However, if the bull cycle is now over and this was the top,
then actually,
I would actually agree with you, Ben, that
in that case, we have to start looking at price targets
similar to what we've seen previously in Bitcoin history.
Like, 70 to maybe even 90% retracement.
- But I would probably go with more of the 70% range rather than 90% - Yeah.
because we didn't have that super parabolic run-up.
But let's say 70% chance or 70% correction from the top
because that is definitely aligned with what has happened historically for Bitcoin.
That could put Bitcoin down back at $20,000.
And essentially, that would be retesting the previous
- all-time high we had back in 2017. - Yeah.
So that would be my bear market low if we now end up in a multi-year bear market.
Bitcoin never went back below the previous hype cycle in modern history
if you look at the previous two, three cycles.
So I think the very lowest we can see, in my opinion, will be down to $20,000.
But I'm sorry to say,
if the bull cycle is over, then we're probably going to range down here for two, three years.
- And then maybe, - Yeah.
I don't know, 2025 or something, we can go up and test towards a million dollars.
I hope this is not the case because I still want to see $300K this year.
I really think that it's possible.
I really think it's kind of necessary to keep the trend of these bull cycles.
So, yeah.
Let's just pray everyone together here that Bitcoin goes to $300,000 this year.
- And-- - Amen. Amen. Amen, brother.
- Amen. Amen. - Amen.
- That would be amazing. Right? - That would be amazing.
And I think, you know, when we're looking at the low price targets,
you know, you've got to look at the high ones too.
And, you know, somewhere between $100,000 and $300,000 should be
where, you know, traditionally it would head to.
You know, and when we look at that 70-90% drawdown potentially,
you know, it is important to understand we didn't get the blow-off top,
so if that was a bear market,
then there's a good chance we don't go as low as we have in previous cycles.
We didn't go as high as we went in previous cycles.
So, my number is like kind of $18,000 to $20,000.
That's-- that, I think, is pretty much as low as it could go.
I could imagine it wicking below $20K.
I don't see it going below that.
But, you know, people don't understand, like, there are, you know,
there are good entry points for Bitcoin,
there are great entry points for Bitcoin,
and then there are the best entry points for Bitcoin.
There's never a good time-- or never a bad time, excuse me, to get in.
- Even people that bought at the $20,000 all-time high. - Yeah. I tell people all the time.
- Yeah. And-- - I tell them, like--
people ask me always, like, "Carl, when should I buy Bitcoin?"
- and I tell them, "Now. Always." - Yeah.
Every single time you ask me, it's a great time to buy Bitcoin.
Just keep accumulating.
Don't think so much about the prices because most people are not traders.
- Most people are investors. - Yeah.
They just want to hold for the long term.
And then it literally does not matter if you go in at $25K, $40K, $60K.
Just get in at any price that you can,
and honestly, at the end of the day,
you, you will buy Bitcoin at the price that you deserve.
If you buy Bitcoin at $3,000, then you deserve the gains.
If you buy Bitcoin at $20,000 and then hold it in the bear market,
then you deserve those, those years of pain because you jumped in at the top.
If you buy Bitcoin at $1 million, then you deserve Bitcoin at $1 million.
It's like you decide what price you deserve.
And I will just say this.
Stop looking at the price so much.
Just buy all the time.
If you want to trade, go ahead.
But you are an investor and a trader, in that case.
The investment portfolio should be put away for the long term.
The trading portfolio is something you can speculate in the short term.
You can trade Bitcoin, trade altcoins, whatever.
So, different timeframes and different time horizons,
they're very important, guys, very important to think about that.
Absolutely. You've got to-- you have to shift mindset.
You know what? I've really been thinking a lot lately. I made a tweet about this.
Like, there are people in crypto who have been absolutely wrecked,
and there are people in crypto who have made fortunes.
We all basically have the same information.
All the same information is available to us.
The same information that has led Carl to feel so strongly about Bitcoin is out there,
and so you just have to ask yourself the question
if you're the type of person who has not been making money in crypto,
and, of course, if you got in at the very top, you know, a couple months ago,
maybe it doesn't apply,
but if you've been in crypto for a year or longer and you haven't crushed it,
you've got to ask yourself why.
What is it that you're doing wrong?
And I think for a lot of people, it simply is mindset.
That's how simple it is.
- You've got to shift to the long-term mindset. - I agree.
So, Carl, thank you so much for joining us today. It'd been very insightful.
As always, you guys, don't forget to subscribe to Carl's channel
down below in the video description.
Let us know, do you think Bitcoin is in a bull market or a bear market?
And what is your low target for Bitcoin?
Alright, guys. That's all I got.
Be blessed.
BitBoy out.