There is a high probability that Bitcoin is starting a new bull run.
So this is my second video of 2020, and believe it or not, I was not planning to make a video tonight because as I'm making this video right now, it is a 10 47 a GMT UK time. So I wasn't planning to make a video at this time of the night. The reason I'm making this video right now, it's because there's something very interesting I'm seeing on the charts here of Bitcoin before I tell you about something important that could happen here on Bitcoin, potentially the next few days, maybe the next few weeks as well. Let me just draw your attention to this chart first. This is the chart of Bitcoin last year and at the beginning of 2019 now, here's the, here's why I'm looking at this chart right now. You see guys at the end of 2018, and the start of 2019 fascinating pattern emerged on Bitcoin, which I think is repeating right now on the chart of Bitcoin.
Bitcoin HODL' ing strategies change when Bitcoin is down more than 50 percent
I'm going to very quickly look at a daily chart. None of you should be focused on the daily chart. I just want to illustrate here that ever since we topped here in June at around about the just shy of the $14,000 range, we have been in a significant downtrend of more than 50% at this point from a shorter term cycle perspective. What is very clear here is that we have a series of lower highs that are emotion and for the most part lower lows. That is a classic cycle downtrend. That's the definition of a downtrend. And for that reason in the short term, the um, the bias here is to the downside adventurously or at some point I firmly and strongly believe that this downtrend will end, will come to its conclusion. I thought it was going to come to a conclusion here in October.
When will Bitcoin hit 14 thousand dollars for 1 Bitcoin
Clearly. Now I'm going to rehash some old ground for many of you. So please bear with me. I hopefully you want to hear some of this again. But if you do recall the first video came out in December, right before the final decline. Um, the coal there was that we are now, we were heading into the very final stages of a four year cycle. Um, and the decline in Bamaga here from the 2017 top was coming to an end that we were in the final capitulation level and the call essentially was that yes, we may not be at the absolute lows in December, but we're getting very close and from a price perspective, I think the price at the time was 3,700 from a price perspective. There really wasn't any, any reason at that point to try and get a lower price. The goal there was to get your position before the market turned and got away from you quickly.
Bitcoin has retraced more than 40 percent, and it can go lower, but it is the best time to buy it if you have missed the chance to buy Bitcoin on a low 3k.
I've tried to group many of the questions from Twitter and YouTube together into like-mind the topics. I'm going to try and cover as much of that as possible for you today here in this video. I know there's a lot going on, a lot of significant price action on the downside of late and I'm going to cover a lot of that here today as well. Before I do that though, let me quickly go over to some housekeeping items, which I think is essential, and I'll try and get through this fairly quickly. Just the typical standard disclaimer that I'm not a financial advisor, I'm not a registered advisor, and none of this is, you know, financial advice to you.
Possible that altcoins will crash further as this downtrend is not over yet, but: what altcoin to buy? When to purchase altcoins? Will there be any altcoin season at all?
Now it is a very exciting time right now for crypto. Let me explain why other than Bitcoin, which has been consolidating for the last few months, the other crypto markets have actually been, as you can see here, they've actually been in downtrends so a lot of the cryptocurrencies like XRP Light, coin dash and so on have been in major downtrends and um, and just take a look for example XRP here, which has actually gone down from the 50 level now to the 25 level, almost a 50% drop in the last few months. Light coin as well has been a downtrend dash, which is one of my favorite cryptos is also now in a down trend at the moment. And here's the thing guys, and as I'm sure you'll probably agree, this is very exciting because I think we could be getting close to another great buying opportunity on crypto very soon. In the last few days I've actually opened a few more cryptocurrency accounts with some other cryptocurrency exchanges like Coinbase, Cracken bit stamp obviously.
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