Bitcoin: More BLOOD To Come! – Is BTC Copying The 2019 CRASH?

Opening Statements 0:00-2:08
Wolves Of Crypto Paid VIP Group 2:08-2:35
Bitcoin Analysis & Predictions 2:35-13:45
How Ethereum & Altcoins Will React 13:45-19:04
Final Notes 19:04-19:35
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It is worth noting that this video, as with all Wolves Of Crypto content, is a representation of my personal opinions on the market and should in no way be considered direct financial advice in any form. I am not responsible for your investment decisions or outcomes, analyse the charts for yourself before proceeding with a trade. This applies to every investment decision in cryptocurrency, stock market and any financial market – including investment decisions directly related to Bitcoin BTC, Ethereum ETH & any other altcoin. This also applies regardless of the wording I use in my context or posts.

Ladies and gentlemen this video is quite an all-arounder it’s a hot spot for information on this pending Bitcoin downtrend I say pending because the downtrend hasn’t actually started yet we have not seen a break of the higher low uptrend and so we need to be seeing that

Breakdown soon I do think it will occur we’re looking into three main questions today where will this downwards Trend take us price-wise when will we reach the bottom and what will happen to ethereum and altcoins in relation to bitcoin when this down Trend occurs right we’ll also be looking into sub you

Know subtopics like uh for example Fibonacci for example RSI these are all Trends we’re using to answer those questions we’re also looking into things like when Bitcoin will reach an all-time high perhaps it’s something people have discussed a lot before but I’m going to be giving you my take on it ladies and

Gentlemen lots to discuss today let’s get into it guys Bitcoin is finally testing the support lines that are making up this upwards Trend and have made up this upwards trend from around September 11th 2023 when we saw the bottom here at 24K before moving upwards these yellow lines

On the screen here we’ll look at those in a second they’re very important to look at we need to discuss them we also need to discuss the daily chart RSI and then get into things like the weekly chart because the weekly candle is going to show us quite a lot about Bitcoin I’m

Expecting further downside price action on bitcoin I want to make that very clear we’re going to discuss where we can go uh we use the weekly chart to discuss that Weekly candle closes we’ll use the weekly chart RSI we’ll use things even like the BLX to get in

Determination about where we need to be at what time for example we’re using this chart here specifically to determine when we’ll be breaking all-time highs on bitcoin that will be around the end of this year uh Bitcoin dominance we need to look at as well you know look at how altcoins performing

Against Bitcoin what altcoins will do in comparison to bitcoin on this move downwards on bitcoin ethereum and total cryptocurrency Market cup are going to help support those cases and then finally at some point we’re going to look into Fibonacci uh cuz Fibonacci Fib from last cycle uh did something very

Particular and we could be doing it again this time okay and that would suggest Bitcoin going downwards to a certain price level we’ll discuss that all within the bounds of this video right so lots to discuss today before we get into any of it though check out the

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Short as I possibly can okay so starting out off the daily chart what exactly is going on on bitcoin well as we know we saw a rejection from the major resistance level at 49k uh we predicted a 48k to 52k rejection that occurred perfectly as per our predictions and now

We’re progressing to the downside this upwards trend is now at risk of being broken it’s not quite broken yet uh and it’s important to note that let’s delete everything so we can take a clean look here when you’re looking at upwards Trends and downwards Trends it’s quite

Simplistic but it is a point that’s worth mentioning how what makes up an upwards Trend an upwards trend is essentially when you see right higher lows okay and higher highs consistent higher lows and higher highs once you get a breakdown once you get a lower low for example so a breakdown of something

Like 40K which is our our kind of neckline of this move here once we get a breakdown of that level that’s when we start to see the upwards Trend uh flip into a reversal flip into a confirmed downwards Trend and so it’s actually very simple for this reason

Uh to call tops and bottoms on bitcoin I mean cyclical tops and bottoms I’m talking about you know tops and bottoms of bull markets of bare markets it’s very very simple because once you understand the cyclical Trends once you understand when we’re meant to bottom okay you can very easily determine that

When we flip a macro resistance level and start an upwards Trend you can very easily kind of identify okay that was the bottom let’s buy right so Trends and macro Trends and and what we do Based on cycal data is quite simple in this case we’ve got four months of upwards Trend

Which is extremely long you know upwards Trends don’t generally last this long unless it is unless it is a bull market which is not yet right cyclically speaking it depends on your definition of bull market right but cyclically speaking the bull market only occurs after the Haring so this isn’t a bull

Market we’ve seen four months of upwards Trend we’ve seen 90% price action 90% gain in the price action without any serious correction whatsoever and now finally the ETF narrative that d drove the price to the upside has finally ended there’s no more ETF narrative now

And I know people are going to say oh there is ETF narrative cuz etf’s buying is going to be coming no let me make something very clear okay narratives rumors you know anticipation is much much stronger than the actual reality of something so the anticipation of ETFs is

Much stronger than the actuality of ETFs the buying that comes from ETFs that’s a very fundamental point that people need to understand now that the narrative the anticipation is over okay yes the reality is there now the anticipation is over we’re testing the upwards Trend we’re coming back to reality of what’s

Going on with ta we’ve lost the 50 SMA okay and now we’re testing these support lines what’s the likely thing to occur well I think what’s likely is we potentially see a bounce maybe to 44.7k something like that or maybe not we just break down I expect a break down at some

Point I’m not sure if we’ll see a bounce or not if we’re looking at short-term price action go to the early chart we’ve already kind of had a little bounce but uh as you can see some sort of descending Channel some sort of descending wedge formation forming here

Look yeah perhaps we see a bounce as I said 44.7k would seem reasonable something in that region but overall if looking at the actual medium-term price action rather than short-term movements which don’t mean anything in the long-term scale medium-term price action we’re looking for a breakdown of his

Yellow lines here okay once we get that breakdown that would be a confirmation that the upwards trend is over specifically once we break down from 40K okay so we’re actually still in an upwards Trend which is very important to note we’re genuinely still in an upwards

Trend on bitcoin we haven’t seen a lower low uh again once we break 40K that would be complete confirmation that this upwards trend is coming to an end and once we break 40K our targets will become valid you know actual ized I should say we’ve got targets that we

Spoke about at the very Peak here uh 38.5k is the first Target in this move below that we looking at 35k below that looking at 32k I don’t think we’ll go below 32 I’m not even sure we’ll reach 32 I’m not sure that seems a little bit

Low but for sure 38.5k seems very very very likely and potentially go lower than that there are targets we need to speak about about fibon in a second but I’ll just finish my point here we also have targets stemming from the weekly chart RSI and this is why it gets a

Little bit complicated when you’re speaking about actual direct targets like it’s very difficult to say where the actual price point of the bottom will be that’s not really how ta Works ta is not really used for predicting actual price point it’s used very well to predict where roughly it will happen

And when roughly will happen yeah that’s what we can predict by that’s why calling cyclical tops and cyclical bottoms is a little bit complicated because you don’t know exactly where the price will be but you know vaguely when it will occur and vaguely where it will occur right so actual price tar that’s

Why I gave you three price targets there right I didn’t just say 38.5k I said 38.5k is the first Target it’s highly likely to be reached 35k is possibility 32k is also possibility but it’s looking less likely as we get that far down I still think it’s possible I still think

The macro structure would be intact if we went there but it just wouldn’t be my first scenario I wouldn’t be claiming 32k I’d rather claim 38.5k be safe of course uh that’s what ta is you know if someone’s giving you a direct number for every single move there it looks it

Looks like they’re being professional but in reality they’re actually just a Charlton because that’s not how ta works that’s not what ta can do for you but what I will say is this there are things like the weekly chart uh candle closes as you can see very strong resistance

Been forming here at 3 43.8k very strong support at 41.3k we get a candle close below that level you can expect the downwards Trend to continue for many weeks if you get a candle close above that level you can expect the upwards Trend to continue for many weeks right

There’s levels like that that help us determine where the medium-term trends are right now we’re facing very strong resistance and a double top it’s very likely we’ll get a c candle close below 41.3k it’s very likely we will go down for many weeks okay that’s that’s the

Reality but right now it hasn’t actually been validated yet as you can see was still trending in the middle uh moving forward further weekly chart RSI weekly chart RSI has been very important in previous Cycles in between bull markets and bare markets like where we are right

Now uh and right now we are targeting this yellow line in the weekly chart RSI that will be our Target we don’t know exactly where the price will be when we get there cuz that’s not how the RSI works but we know that that is a mage support Zone because that’s got four

Separate retests now sorry three separate retests now uh over the course of uh you know basically a year and a half or more and in the previous Cycles it’s been used as very important as well so we know that that’s a Target we know likely just like in the last Cycles

We’ll probably break down from that Target as well so again you know I’m not ruling out any particular price target for Bitcoin in this correction I’m just saying a correction is very likely and the correction has technically started yes we are down uh you know we’re down

15% and that was predicted and we did very well in predicting that but in terms of the actual Trend itself the trend itself hasn’t broken down yet I’m saying that Trend probably will break down that’s what I’m saying in this video I’m giving you vague areas where

We can expect the price to go again 38.5k certainly the first Target I would be very very surprised if Bitcoin didn’t reach that level it would be shocking actually if Bitcoin didn’t reach us 38.5k that would genuinely shock me uh but again you know I’m not saying that

So you sell all your Bitcoin cuz I’m not doing that I’m not selling my Bitcoin right for tax purposes I’m not doing it because I get the tax reduction after a year of holding if I sell so I’m not even selling my Bitcoin right now and I’m not telling you necessarily to sell

Your Bitcoin I’m just telling you what to expect from the market you know uh so I think there’s differences in that but what I will say is this you know we did we need to talk about Fibonacci at some point there are Targets on bitcoin that

Stem as low as 28k uh I think these targets are slightly optimistic right as I said even 32k seems slightly optimistic I think it’s possible I think it’s on table certainly I don’t think it would be any you know I don’t think it would be any cyal damage by going to 32k

Uh and 28k you know we could see a wick to 28k from 32k but again once you start talking about the 20ks again it just gets a little bit a little bit optimistic just like the Bulls who were talking about 68k on this move of FF it

Just turns into a little bit of that but I do see the the chance of it I don’t think it would be I don’t think it’s ridiculous I I will say that cuz if we’re looking at 2019 uh we have a f Trend if we take the the Fig uh

Measurement from the peak of the bull market to the bottom of the bare market and we see that we generally reach around 0.618 uh on Fibonacci and then retrace downwards to 0.236 or at least we did in 2019 we reached 0.618 if we retrace down to 0.236 we’d be reaching 28. I think

28.1k it says there uh so yeah look who knows that’s not a trend by any means but we do have similarities to 2019 in a lot of ways that we’ve disc discussed previously particularly in the fact that we’ve seen an overextension before the harving that’s exactly what happened in

2019 so we could see a uh a retracement that’s equal in sizes per Fibonacci which which would take us to 28k uh you know again I’m not confident in any particular price Target I’m just putting in possibilities here I will say this if Bitcoin spent any considerable time

Below 32k I’d start to get bit worried I would I would start to get worried because I don’t think we need to go below that level again if we’re looking at you know for any extended period of time perhaps we see a wick you know but I I don’t think there’s any reason

Really why after fighting for so long in in The Bu in the bar Market uh and in the bull market to hold of a support we now after pumping so high so close to the harving would have to drop back down below this 28 uh K to 32k block there’s

Just no reason to do that uh I think as I said the lowest we can probably go on bitcoin is 28 uh to 32 that is a support Block in itself 28-32 if we go below that green box in the screen I would start to get genuinely worried about

Bitcoin but that would be a nice correction to see again so I’m going to list out my targets on the screen right now so you can see them these are my targets for the move and and obviously the lower we go the more hypothetical they become but I think 38.5k is very

Likely uh I think that something like 35.4k is is not particularly off the table whatsoever in fact I think that’ll be a healthy correction 32k is when we start getting into this territory where it’s a bit uh risky and then 28k is the lowest possible healthy Target we have

Anything below that level and I’d start to get very very concerned about the Bitcoin s structure but I think all these targets are hypothetically possible I don’t think any of them would necessarily damage the structure too much you know Bitcoin does have a long time until uh it needs to be breaking

Alltime highs we’ve got a trend here that says from from Peak to Peak right from bull market top to when we break that bull market High we see 1,100 days that’s happened in 2015 that’s happened in 2019 uh and it could be happening again here for all intensive purposes we

Think it is uh so that would bring us to a break of all-time highs around October November December J January you know that’s what we’re looking at for a break of all time high so we’ve got time you know we’ve got you know 9 months until October that’s that’s a long time that’s

Three qus of price action you know we’ve we’ve got a long time you know to think about N9 months if you put it in perspective in four months right in four months from September we moved upwards 90% right if we moved upwards another 90% from where we are right now uh that

Would bring us to a price point of around 77k all right so we’ve got time time’s not the issue for right now for Bitcoin Bitcoin can take its time in this correction Bitcoin can go down quite significantly as long as we see the same kind of momentum Return of the

Market after the Haring like we saw in the previous cycles for example here and for example over here we are fine time is not an issue right now we’re very much on track in fact we’re ahead of course which is why we need to see this correction uh what about ethereum what

About uh you know other other coins other than Bitcoin because a lot of people are talking about that right now well I’m going to tell you something right now okay I don’t think the Bitcoin dominance top is in if we’re looking at the cycal structures which is what we do

On this channel cycal theory is the the number one basis for all of our predictions been very important for us in the past it’s going to be very important in the future provided it’s still valid right but you know if we’re looking at Cal structures we can see

Okay cool yeah we’re seeing a top formation here from a TA perspective but we see that so often on total cryptocurrency market cap and it doesn’t do anything right here top formation we just Consolidated when upwards again you know the thing is totto cryp uh sorry Bitcoin dominance is not really subject

To TA in the same way that a regular Bitcoin or ethereum or altcoin chart is this is much more cyclical okay okay so if we’re looking cyclically when does Bitcoin dominance generally top well it topped it had a temporary top in 2019 around the same time we’re at right now

Okay after the big peak so perhaps we see a temporary top here as I said but we could go downwards But ultimately after the harving or before the Haring I’m still expecting a peak on bitcoin dominance I’m still expecting highs to be reach on bitcoin dominance because

We’re looking back to the previous cycle right something like 2017 uh we can see that the 2016 harving was around July and just before the Haring it was actually a massive drop in Bitcoin dominance we saw we saw then you know it Go upwards again after the Haring and

Then only started dropping properly uh until you it started dropping properly you know when we saw the Bitcoin break all-time highs from the previous cycle so look the fact of the matter is Bitcoin dominance is still cyclically uptrending uh yes we could see a local top here we could see local price action

To a downside on bitcoin dominance but if we’re talking what generally happens okay I know that 2019 was a bit of a it’s a see 2019 is hard to look at for some reasons right yes we saw a a local top on bitcoin dominance yes it led to

Downside price action for a long period of time but we have to be honest about 20 2019 and 2020 we just we can’t take it out of context 2020 was Co okay in February 2020 we saw the coover drop so it’s very difficult to take data from that specific price region so seriously

And given the fact we only really have other than 2019 you know 20 uh 2015 to look at in Bitcoin dominance it’s very hard to make claims about Bitcoin dominance this year what we can do is generalize where are we right now we’re not in the bull market yet we haven’t

Seen the harving yet we’re in a pretty similar phase of the market cycle to what we were 6 months ago realistically right in the uptrend before the Haring accumulation before the Haring and so we have to to some extent you know concede that in lack of data the most logical

Thing we can expect is continued uptrends on bitcoin dominance regardless of the short-term price movements I don’t necessarily think the Bitcoin dominance top is in I think we’ll see a Bitcoin dominance top around that 50 57 to 59% region that’s where I think we’ll

See a top and then I think when the bull market kicks off it will start downtrending from there and that speculation I will admit there’s not a massive amount of data due to the pollution of data in 2020 during covid that supports that but I think it’s

Still a little bit too early for out for altcoins to start outperforming Bitcoin I I genuinely do think it is you know we’ve only come back in this pullback to Regions we saw in October on bitcoin dominance uh I I do accept that ethereum is looking quite good ethereum slipped

It’s macro support Zone but I also do acknowledge that ethereum is very much behind Bitcoin still you know if we’re looking at the percentage ethereum needs to go to get to alltime highs we’re looking at 96% if we’re looking at the percentage Bitcoin needs to go to get to

All-time highs we’re looking at something much more uh small we’re looking at something like a 60% okay so Bitcoin is still ahead of the ball in ethereum and altcoins in general even if Bitcoin dominance was to go down it still would be uh and so you have to

Trust the macro Trends you have to try and uh go away from the short-term data but look there’s a reason why I’ve been interested recently in in low cap altcoins and at when the harving occurs I will start to become interested in medium high caps I’ve made that very

Clear in my pinned Channel video my buying strategy but the low cap altcoin things is quite new I am uh buying low cap alt coins I’ve made various videos about it you can just scroll back on my Channel History and look for the titles uh and I’ve given My reasonings for that

You know right now I don’t think still that it’s a time to buy mid and high caps I don’t necessarily think they’ll hold up against Bitcoin too well still for the next few months but we are certainly getting into the period of time you know a few months from now

Where perhaps okay we can start to consider it more seriously but I’m just saying I don’t think necessarily it’s over yet for Bitcoin dominance uh although I’m I’m admitting that there’s not a massive amount of cical datas to support any particular bias in that I’m just making a guess essentially based on

What I believe to be uh the The Narrative given to me by SEL Theory so look who knows with Bitcoin dominance to an extent it’s a bit hard to guess specifically we have to accept we did see an alltime high onit coin dominance after the harving so we could expect to

See that again which means we need to go higher on bitcoin dominance uh but look we’re not making this video to speak about Bitcoin dominance really that was meant to be a brief thing it just turned into a bit of a ramble uh I want to talk about targets for total cryptocurrency

Market cap as well because obviously totto cryptocurrency market cap lines up of Bitcoin quite well we’ve got Targets on Toto cryptocurrency market cap down here at 1.5 trillion down here at 1.4 and 1.3 trillion so those are levels we’ll be looking at as well if they line up with any particular Bitcoin support

Level that will greatly in increase a chance that Bitcoin sees a bounce and Bitcoin sees the bottom of this correction but as of right now I’m using this video to tell you that Bitcoin technically speaking has not started a downtrend yet it has seen a significant correction to support and if we break

That support we’re on right now that’s when we’ll start the downtrend real realistically 40 40K 40.1 K is what we’re looking at for an actual confirmed break of the entire neckline of a structure once we get that we can start really discussing uh the targets below

We’ve just giv you a brief intro to those Target so you’re aware of what we could see not necessarily predictions about what we will see but guys thank you for watching the video I hope you enjoyed it if you need an exchange to buy and sell cryptocurrency you’re going

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