Bitcoin Breaking Out of Downtrend Again?

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Avatar for Rutkowski
Written by
2 years ago
Topics: Strategy, Trading, Crypto Trading, Crypto currency, Bitcoin, ...
Based upon Bitcoin History on Feb 22, 2022 a made the grey downward triangle that would put a Bitcoin bottom at around $26,600 and $22,300 since I added the down trend Bitcoin broke above it once for a four day period before falling back into the down trend. It is now looking more likely to brake from the downtrend today and make another leg up before returning into the downtrend. I look for the downtrend to be completed by April 28 depending on world crisis. I would like to see the downtrend over by April 20, 2022. Keep in mind this is not financial advice, this is just merely an analysis of previous cycles what we should expect going forward. The big factor being mass adoption, while Bitcoin hasn't gone massive public adoption world wide yet. We are currently in the Institutional phases of Bitcoin in my opinion. We are seeing ETF's, governments adopting Bitcoin as legal tender, governments accepting Bitcoin for taxes, Governments making Bitcoin friendly laws. Major financial institutions admitting they were wrong about Bitcoin and now offering Bitcoin related products to their customers. The World we live in is changing rapidly, and a lot of people are calling Bitcoin the great Financial Reset. While that may be a reach it is becoming obvious that Bitcoin can still thrive even amongst the threat of World War 3 and Nuclear Warfare threats. Bitcoin has proven it's worth over the last 13 years and is entering a game changing stage where we would ideally not want to revisit normal lows. $30,000 bottom would be extremely bullish going forward.

Are You Bullish or Bearish?

Let us know in the comments if you are bullish or bearish. I personally remain Bullish as I have been in the crypto space for years. Within the past year we have seen a massive amount of crypto adoption. The Crypto.com Arena here in the United States was major, along with the Coinbase Super Bowl Ad.

Governments dissolving their currencies into Bitcoin. Corporations choosing to hold Billions of Dollars in Bitcoin. These are all major signs that we are about to see some major changes in the Bitcoin cycles. While it is a possibility we are headed out of the bear market well before April 26 no one truly knows.

Another reason I remain Bullish is the fact that we have had two tops that dipped back down into a bear market. We could potentially be going for the Third and final top before a true bare market if we were going to look back on Bitboy Crypto's three top theory. This is how I had imagined his theory would of played out, just with different number ranges.

XRP Rumors Floating Around

XRP is currently around .76 cents and a lot of people are claiming a soon to be announced settlement that could send XRP parabolic as charts are supposedly indicating a retest of the $1.00 levels.

I personally know that XRP is primed to do something major. Yeah, XRP did perform rather well in spite of the ongoing sec court case, but did XRP really do its best? Not yet in my opinion. I look for the settlement to be announce around the time Bitcoin is rallying towards a new high. I am probably wrong though...

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Avatar for Rutkowski
Written by
2 years ago
Topics: Strategy, Trading, Crypto Trading, Crypto currency, Bitcoin, ...

Comments

Hey you good to see you back on writing here again 😁

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User's avatar Jane
2 years ago

Feels good to be back on. Trying to be more active.

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User's avatar Rutkowski
2 years ago

I am bullish but I think the change to the uptrend will be in April. Something that fills me with a lot of hope is that Bitcoin closed last week with a higher low

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User's avatar Mafer8866
2 years ago

higher lows are definitely a good sign.

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User's avatar Rutkowski
2 years ago
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