Does The Crypto Bear Market Start TODAY? [I’m Doing THIS Right Now]

Does The Crypto Bear Market Start TODAY? [I’m Doing THIS Right Now]

it’s rough out there many altcoins are bleeding giving up 40 50 60% of their gains and after scrolling through my timeline this morning there’s been a lot of talk about this potentially being the beginning of a bare Market people saying the bull market is over we’re now in a bare Market that was it so in today’s video I want to give you my full opinion of where we currently sit in the market we’re going to look at the recent events over the last couple of days we’re going to also dive into the technicals as to what I believe is happening look at previous Cycles to see is this kind of dip in Bitcoin and in altcoins normal and then of course answer the question are we still in a bull run and if we are is now the time to be buying altcoins or are things about to get much much worse so quickly let’s take a look at what has happened over the past few days Bitcoin has dipped substantially it actually went all the way down to 56,600 right now it’s sitting around the 57 to 58k region but I think what has shocked a lot of people because you know most people most retail aren’t fully capitalized in Bitcoin in fact they are mostly capitalized in the altcoins is just the severity and how quickly altcoins actually ended up giving up their gains in the midst of this Bitcoin dip so you look at Bitcoin down 20% for the week but many altcoins are now down 20 30 40% some are down 50 60% for the month and I think this has been you know the most bitter pill for people to swallow it’s the old performance so that’s of course something we’re going to get into later in the video whether it’s time to be buying altcoins or not right now but I think viewers of this channel in general at least I hope that have been watching these videos should have been at least mentally prepared for this considering over the last few weeks I have tried to issue a little bit of caution in the face of shaky market conditions I’ve done a couple videos like this one a couple weeks ago warning you about a potti poal crash when Bitcoin was 68 and I said this a strong likelihood we going to 59k I also did a video 4 days ago telling you why I actually der risked a significant chunk of my portfolio as you can see in the thumbnail here I want to play a quick clip from that initial video that I did on April 10th which by the way got no views 39,000 views one of my lowest viewed videos of the month but it was a very important video for people to watch because I was basically outlining this potential scenario when Bitcoin was 68 uh that we were going to go down and touch range lows there is some likelihood to suggest in fact I would go out on a limb here and say it’s the probabilistic likelihood that low 60s get tagged before the 80k region so you hear that I said on April 10th that I thought it was probabilistic that Bitcoin would touch that 5960 K region before a potential resumption uh to new all-time highs and that is exactly what has ended up happening we went down and touched 59k we’re actually now sitting slightly below 59k which is funny because as I said and I want to make this point for a reason this video got some of the least views out of any video on the channel but these are the kind of videos that are very important and it just goes to show you the sentiment of the market you’re rewarded as a social media creator for being Max bullish when the Market’s going up and Max bearish when the market is going down but always remember that before blindly trusting someone on the internet and don’t be so quick to judge when you click and don’t be so quick to judge when you see a video and you might see a title or a thumbnail you might not necessarily agree with if you do like that Creator like for example you like my content give the video a chance because in the videos there’s really important context like this one for example that potentially could have helped save you now I’m not saying I’m a genius or anything because many other people were also talking about a potential Market correction at that time but I do hope at least it helps some people that were maybe getting a little bit overleveraged and Overexposed towards the top and then of course 4 days ago I gave you another market update there’s been more since but the most recent one um essentially saying this except that the price action right now is actually starting to look a little bit exhausted and for that reason I do think from a pure probabilistic perspective going back down to this area here is likely in my opinion so that was one of the reasons why in this video um as you can see I did choose to drisk because I thought there was a strong likelihood that Bitcoin was going to come down into this region which you can’t quite see the price is the 57 to the 59k region down here and that is actually the region we currently find ourselves in right now I will answer whether I think it is time to get back into the market now that we are at my price Target a little bit later in the video but firstly let me give you my general opinion on where we sit then we’re going to look through some of the macro data and then I’ll get into the altcoin stuff specifically oh and by the way if you do want Market updates so I can help navigate you through these times make sure you do smash that subscribe button if you haven’t already and click that post notification Bell so you don’t miss a single video I believe that every video I upload on this channel is important I’m actually taking the stance with my content right now that I’m not going to force videos I was doing a video a day but I’ve decided I’m going to Peg it back a little bit maybe do four or five videos a week instead to make sure that every time I upload a video it’s essential information for you so you know when you click on a miles video you know what you’re getting you know you’re getting information that’s necessary instead of forcing content I think in the bull market and the crazy Euphoria of the market there is something to talk about every day that’s relevant but in these market conditions there may not always be ultra relevant information on a specific day so I want you to keep that in mind in case I’m not uploading every day but I will be uploading around this General time slot of 6 to 700 p.m. GST which is the morning in EST if you are in the US cuz most of my audience is in the US and for the Aussies out there also my third biggest audience that’s uh early morning for you so I think it’s roughly like 1: to 2: a.m. so a few days ago I did this tweet saying my stance on the market Remains the Same as the week prior I der risked a chunk of my liquid exposure don’t feel rushed to re-enter with size yet many alts in a low time frame downtrend which they still are technically looking for a confirmed reversal I’d rather miss the move from lows than catch a knife of course this was also protecting myself prior to what was an even further decline in the altcoin market I want to bring you all the way back to April 10th with this tweet where I said if you’re worrying about this dip you’re either Overexposed or overleveraged Bitcoin could and at the time Bitcoin was 68k here on April 10th pull back to the 59k region and still be structurally intact alts would likely take a big hit in this scenario which we ended up taking a big big big hit across the altcoin market but it could end up being the last decent accumulation opportunity this cycle and I actually said from a purely selfish perspective 59k sounds pretty nice so I want to give you my official apology here for wishing for 59k um be careful what you wished for miles but if I was wishing for this on April 10th and now it’s May 1st why would I be panicking right now so this was part of my plan that we would potentially get this dip and I did say it would be a good accumulation opportunity if that did end up eventuating it has ended up eventuating now so the lesson here is if you make a plan you have to follow through and stick with it unless information changes of course and unless your thesis is fundamentally challenged if you’re constantly changing the plan when things happen it’s very hard to succeed in the market because you’ll end up being prone to the emotional swings of the market and I’ve got a quote here which has really helped me recently because a lot of this stuff a lot of my positioning is based on intuition but some of it is based on some general ground rules that I set for myself and there’s this quote that I saw which basically states that when you’re trying to make money act slowly so if you’re in the pursuit of financial gain make decisions with a bit of caution act slowly before you make those decisions but when you’re in the act of trying to protect money act quickly which is interesting because most people do the opposite when people try and make money so when people go to buy for example they act really quickly they want to fomo in they want to rush cuz they’re trying to make money quick but when people are trying to protect Capital preserve Capital they tend to make really slow decisions in terms of whe that be taking profits drisking like I have over the last few weeks and also over the last few days people tend to make those decisions really slow and they tend to make these decisions to buy really quick so my number one piece of advice if you are in a position right now where you feel like maybe you haven’t played the last few months very well it’s okay it’s normal because I went through this for years in crypto I made so many mistakes in crypto keeping this in the back of your mind I think can really help and I posted this on my Twitter my Twitter’s in the description the original quote and screenshot which I found when I was reading a book and honestly if you can print this out frame this put it on your desk put it in a trading rule booklet however you want to store information bookmarket on your phone um I would highly recommend doing that because it has saved me multiple times and this quote keeps coming up for example you know when the market started to look a bit shaky and I was really overleveraged and Overexposed it came into my head and it was one of the reasons why I ended up drisking because I kind of thought to myself okay when Bitcoin was 68k I thought to myself if Bitcoin hits 59k right now will I be upset and I came to the conclusion that the answer would be yes why was the answer yes because I was Overexposed so that helped me make the decision to drisk some of my portfolio so I would be better protected in that eventuality and it’s the same question you have to ask yourself when the Market’s pumping maybe when you don’t ask yourself that question it’s actually the most important time to ask yourself if ults draw down 40% here would I be upset and if you’ve got an emotional response to that dip the likelihood is it’s probably because you’re Overexposed and maybe I wouldn’t be the most popular person ever for saying that but it’s true and I think it’s genuine advice you can apply time and time again to your risk management in crypto so now let’s go through the technicals and then let’s get into what I’m currently doing and get a little bit more practical so from a technical perspective Bitcoin is now flirting with on the weekly this 57 to 58k Zone it is a Super Key region that from a recovery perspective Bitcoin really does need to close Above This 57k level or it’s starting to look like that 48 to 52k Zone does become more probabilistic if you look at Bitcoin from a lower time frame perspective it is making lower lows unfortunately so you can see a low here a lower low here and a lower low here and it’s also making lower high so you have your first High your second High a rejection lower high a lower high and if we bounce here for example and we roll back over that could potentially be another lower high so this is not great price action this is slow bleed choppy boring SL scary price action Bitcoin rarely gives you what you want and this is the best way to shake the weak hands out of the market this slow grind down but unfortunately it’s the most painful thing to endure in the market when you do get this price action so but so from a technical perspective what’s next there’s two things to look for one look for the Reclamation see if Bitcoin can reclaim this 60 to 61k Zone then this would be deviation below and then everything is good again right if that doesn’t happen and it’s my suspicion it may not happen but let’s see you have to take a pretty loose mindset to this stuff because you got to watch what the price action gives you right then there is a possibility that Bitcoin comes down to this 52k Zone which is the next key Zone this is the next major level on the 4H hourly basically we smash through that zone to make a new support band here at the The 60k Zone but this level is the next major support and that’s 52 if Bitcoin does hit 52 TS probably do have that extra 20 to 30% downside considering that is a 9% move down for Bitcoin if we have a look at Bitcoin dominance it is grinding upwards that would probably be the move that takes dominance to this major resistance level although you know technical analysis on dominance isn’t always the most accurate thing to do it’s still something I like to use as a guideline we’d probably push up towards this 6 1% Zone and that could end up being the you know bottom for Bitcoin and Ts that is one scenario right that I just want to run through unless this ends up being um if you go into the lower time frames this becomes more evident deviation above and then we end up flipping this and then that becomes a a local high for Bitcoin dominance and it Trends back downwards these are two scenarios that I’m looking out for why can’t I give you the exact scenario it’s because I don’t know exactly what’s going to happen over the next week and I prefer to position myself generally with a slightly longer term out look but for all the Traders out there those are the scenarios you’re really watching right now based on the levels that I just mentioned so now let’s zoom out and let’s go a bit more macro and discuss what is happening with the bull market are we still in a bull market is it now a bare Market I’m seeing a lot of people saying this was the first day of a bare Market a bare Market’s beginning the bull Market’s over do I believe that to be the case well the first thing you have to take into account is this has happened in Bull markets before look at the price action that we got in July 2021 very similar this slow this slow bleed after that initial capitulation before we eventually ended up reversing and obviously making all-time highs again there’s also one chart here by res Deen which I found to be a little bit of hopium um which lines up the fractals and the price action of January 2021 to where we are currently so this is where we are currently you can see in January 2021 um despite wicking and teasing below a major support Zone it ended up being the local bottom and then you know we went much much higher difference being we’re in a harving year this year which is more similar to 2020 although there is an argument floating around we are in a left leaning cycle which could Propel us more into 2021 territory you know when it comes to the current bull market that’s something to keep in mind but what is the actual price action of previous bull markets say based on the data we have compared to where we sit well this graph sums it up perfectly where currently in this Zone here we are now sitting a little bit further than this more than a year past actually a year and a half past the GL Global cycle low which was in November 2022 you can see this Zone that we are currently at is exemplifying pretty similar price action to what we saw in the 2018 to 2022 cycle and also prior Cycles as well uh you can look at 2015 to 2018 you can also look at 2013 as well so if you are mapping us to previous Cycles there’s no major Divergence that we are seeing right now that is massively scaring in fact the major dip that we are getting at the moment looks similar to what ended up happening in 2020 but obviously that was a Black Swan event that happened that resulted in that major crash and then resumption so if there’s any hopium chart to give affirmation to the fact we’re still in a ball run then it’s this one it’s the fact that we haven’t really deviated that much from previous cycles and we’re still on track from the previous cycle perspective to where we currently sit and even if you look at something like the Wall Street cheat sheet you do get these massive shakeouts in the disbelief the hope the optimism even the belief phase so if you want to make the argument we’ve already had our first major rally and this is the first big ShakeOut because you can actually see it is the biggest ShakeOut that we have gotten to date this cycle it’s over 23% compared to the other ones which has been between 20 and 22% then you can even say look we’re in the belief phase and this is one of the shakeouts before later on in the year maybe we chop sideways for a bit we go into thrill and Euphoria once again I don’t know exactly what the time frame is but my general advice here would be don’t get shaken out before the main event so if you believe if you have any inkling of hope that in the next 6 to 12 months we trade higher why would you want to get shaken out right now it makes no sense unless you’re genuinely convinced that was it we aren’t following previous Cycles there’s no hope for the stock market or Bitcoin or anything and we’re now in a bare Market I do not subscribe to that thesis I don’t believe in that thesis because there isn’t any evidence that has significantly deterred me against my prior theory in the market we did mention in previous videos that these preh Haring shakeouts happen we got the pre- Haring ShakeOut and post Haring if you actually look at previous Haring around the time of the Haring and after the Haring especially in the summer months you do see this chop and this is very reminiscent of Prior Cycles from that perspective so if we are still in a ball Market should you be buying right now is now the time to St buying well there’s a couple opinions on this I did generally subscribed to this opinion here by Trader Motif he says panic at the lows Euphoria at the highs I mean that’s typically how the market tends to operate right whether this level holds or not it’s plus EV to look for Longs in this region shorting slaking profit was for much higher up when we when we were being ridiculed for it it’s funny because that’s exactly what happened when I posted this video at 68k people I mean they weren’t really ridiculing but they were certainly not clicking on the video not watching the video and I did have some backlash in the comments because it wasn’t a popular opinion at the time that we were going to go down just like right now it’s probably not a popular opinion to buy it’s just so funny how the market works the popular opinion is never the right or the most accurate opinion and you have to keep that in mind before you buy too much into all the Panic you might see on Twitter or even you know YouTube while you’re watching this video right now motive says I feel nothing here completely relaxed focused ready for the next play and I do feel similar in the sense that look if you are more of a Trader you can definitely hold off right now and wait for that low time frame reversal in fact if you’re very low on stable coins or if you’re trying to trade this Market that may be the best thing to do just sit back relax wait for that reversal that confirmed reversal on bitcoin and alts then start to build long positions and then you have clear invalidation it’s much more simple for you if you’re holding slightly more stable coins let’s say you did drisk when I did that video or let’s say you you just have another income or stable coin set aside for an event like this you’ve been scraping profits off the top like we talk about so much on these shows you’re wondering when the time to get back in is is now the time to buy well I would say if you have a longer term opinion on this Market if you have a longer term time Horizon the risk reward of starting to average in here or at least take a nibble on some strong altcoins I think is actually in the positive direction not the negative Direction so maybe a week ago when things were looking shaky and there were lots of geopolitical concerns and Bitcoin was just starting to break maybe the risk reward there was very not in favor of longing I do believe with the amount of panic and fear we’re seeing and also the draw Downs we’re seeing if you do have Stables set aside there in my opinion are worse things to do if you have a longer term time Horizon than to start averaging in right now to the strongholds and this is something I’ve actually started actively doing I’ve I’m pretty heavy in Stables right now very heavy in fact more heavy than I’ve been for the entire year I’ve got ammunition and I’ve started to use it today I’ve started to use it mostly on the strong old coins that I believe are going to recover quicker because here’s the thing you may think and this is a very common misconception in the market you may think that the alts that are down 90% you know the small CS like the memes and some of the really speculative AI coins they’re going to bounce the strongest right because they drew down the most I don’t believe that to be the case I think a lot of retail is really scared right now and I think if people are going to buy anything or trade anything they’re going to get back into the coins that are exhibiting strength and are some of the larger cap coins with maybe slightly stronger macro narratives before they feel comfortable scaling into those risky coins again so for me the most obvious play compared to getting into the riskier coins which I’m not doing yet and I will wait for those lower time frame reversals to get in into some of the risky olds instead I’m focusing mostly on the major olds I mean a coin like Sal is now down 40% from highs this is now becoming an opportunity at what is actually a a a high time frame support level so salana at 120 if it goes down lower you got to be prepared for that right there’s another support at 80 but averaging it in this General Zone I believe salana does end up making even higher Highs at some point in the next 6 to 12 months for me that’s a decent risk reward entry at least to start adding tons a similar one coming back down to this support at 450 could have break down below maybe these aren’t trades um necessarily right I told you if you’re a Trader you might wait for a reversal what’s a reversal well if you go into the 4 hourly 1 houry it’ll be something like this okay you might miss the low it might even Weck down here and do something like this so you might miss the low so you don’t catch a falling knife down here but you wait for a Reclamation Market looks better Bitcoin flips 61 again and then you buy in here at 520 that’s not what I’m talking about here I’m talking about more longer term spot accumulation if you have Stables aside then ton becomes a play as well things like Ono that have showed relative strength also fit this category things like Pepe have shown relative strength it actually didn’t make a lower low this is a higher low compared to where it was trading in April whiff is similar this technically is a higher low it did have that major Wick during the first ShakeOut but it has held up so it’s the strong coins which I’m prioritizing first taking top down approach to the market and not getting into the trash yet so salana ton Ono Pepe with I’m going to miss some stuff Phantom uh just a few things off the top of my head there are other coins as well but these are the ones in on the top of my head just make sure that if you’re buying into any coins right now you have a long-term thesis on them and that you have conviction in them because if you don’t have conviction and if you don’t have your own thesis and if you don’t understand the thesis Behind These coins it’s going to be incredibly hard for you to deal with any further the downside if it does come if you’re not prepared for that and you don’t believe in these coins fundamentally don’t buy now you’re better off waiting for the reversal and trading things there’s one more thing I want to say today if you’re tempted to log off and go on holiday and just like completely switch off look you can that’s definitely one approach to the market it’s just kind of like you know buy some coins then just go around relax and come back in three months but for anyone serious about making millions of dollars in crypto for anyone serious about penetrating this industry creating lifechanging maybe even generational wealth from this industry logging off is probably the worst thing you can do right now you now have an opportunity to sharpen your Edge when your competition will be logging off and slacking the market until retail comes in and it becomes very PVE is still PVP and when everyone starts coming back to the market they’re going to be trading against people in this case you if you sharpen your tools during this period that are really laser focused and have the advantage CU you understand the current trading metas that’s if you’re sharpening your tools in the trading Arena if you’re building a product now might be the time to build a product if you’re a project raising now might be the time to consider getting investment and building something if you’re a Trader now might be the time for you to just make observations about where the narratives are if you’re an investor you want to be looking at what coins are holding up the strongest and actually using this time to research stuff like when the bull Market’s crazy when it’s in Peak Euphoria you guys will know this when mem coins are running in March it was impossible to focus I couldn’t focus on Deep dive research you think I could read a white paper no way I couldn’t even get through a 30-minute YouTube video my phone alerts are going off the Market’s pumping I’m printing cash I’m feeling euphoric your dopamine gets skewed so this is actually the time where if there are gaps in your knowledge if you want to research something further if you want to find new low cap gems if you want to find new old coins discover untapped stuff now’s the best time to do it you’ll be less distracted there’s less competition and if you do end up deciding to take a position it’s also at a much better level from a price perspective to get entry so that is my last advice do not log off stay engaged in the game and I think it will pay dividends this year as things start to recover because although right now it might seem like they they’re never going to and things are looking really bad I can assure you this is very normal for the crypto market and it’s actually during these times that major opportunities are created I’m going to see you in the next video hope you have a lovely rest of your day peace out

In today’s video, I provide my opinion on where we currently are in the crypto market cycle, the events that transpired over the past few days, how this Bitcoin dip compares to previous cycles, and also answer the question of whether we are still in a bull run.

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Topics discussed:
-Bitcoin crash
-Crypto crash
-Bitcoin & crypto market update
-Crypto bear market
-Altcoins
-Time to buy altcoins?
-SOL, TON, WIF, ONDO, PEPE, FTM

Disclaimer: The “Miles Deutscher” YouTube channel is a social podcast for entertainment purposes only. All opinions expressed by the host should not be construed as financial advice! Listeners are encouraged to do their own research.

#crypto #altcoins #bitcoin
___________________________________________________________________________
0:00 – Intro
0:55 – Bitcoin & Crypto Market Update
13:13 – The Start Of A Crypto Bear Market?
17:03 – Time To Start Buying Altcoins?
20:22 – Identifying Quality Altcoins
22:15 – Outro