Earlier last month I predicted that Bitcoin has already reached the top and will not go higher during this bull run. As with 2017 the high for Bitcoin was $20,000 on the 17th of December and then it was the altcoins rising into new highs. In this article:
The final Bitcoin ATH is at place and price of $BTC will only go lower from here.
I've also made another bold prediction two days ago. I predicted that things will be different, not for this time, but during the following years.
Between 2022 and 2023, Bitcoin will find a bottom price. During the next bear market that is imminent, Bitcoin will find support at levels lower than $20,000.
This is important because Bitcoin, after finishing the bull run cycle, it enters a bearish state, usually following a huge crash (40-50%) in just a few days. It then make a few bounces but for a long time it becomes extremely bearish, abandoned, and out of the mainstream.
This is the part that will not change, and this time is no different.
What is different is that Bitcoin in the next two years will find support at levels lower than the previous ATH of $20,000. It means quite a lot, and will crash all naive models like the S2F that have an irrational and inconclusive argument that the halving will keep increasing demand.
Demand is increased only when there is a use case and I don't expect the financial illiterate Bitcoin Maximalists have any understanding what use case is. But, in this post I'm not going to bash the maxis again, I'm over that already, and I'm sure that most of them are in a selling spree for months. They just lied with "hodl" and they lied more with articles like this:I’ll Give You My Bitcoin When You Pry It From My Cold, Dead Hands, just a month before Bitcoin reached the 2017 top of the bubble.
The bull run is over, nobody is buying and the institutions are in a selling mode for months. Everybody is selling Bitcoin, and creating huge pump and dumps in the altcoin market.
Bitcoin is now entering a bear market that will end with $BTC price bellow $20,000. And it will mean the end of Bitcoin (The Core Version) and the new beginning for the true Bitcoin, which today has the form of Bitcoin Cash.
Yes, the whole market will reach very low and insignificant capitulisation once again. I can predict that market cap will reach a low of $450 Billion, in 2022. Which will not be bad at all, since in 2019 it was lower than that.
Bitcoin in the following bearish cycle though, will suffer. It will crash by 80%, and all the bulltard patterns will have collapsed. This, because it is not a network that is revolutionary any more. Revolutionary is Bitcoin Cash.
The flippening has already started, and users are abandoning Bitcoin Core en mass, and moving to the Bitcoin Cash version, which is decentralized, fast, very cheap to use and has a maximum potential of being adopted by 8 billion for its capabilities.
It is tough to be bearish when everybody else is bullish. And when you are right about that, you can't convince everybody else. You see the unreasonable and irrational market and wait for the signal to short it.
Time to remind to ourselves what was the end of the previous bull run and how it ends this time:
I have hundreds of contacts on my phone and most of them know I am into cryptocurrencies. Occasionally they call me and ask for investment advice. My only investment advice is one word: RUN!
