Two days ago I called the next BTC price drop - which happened yesterday. Now I'm calling the next one.

As in my previous post: https://mentormarket.io/cryptocurrency/@bitbrain/bit-brain-s-bearish-bitcoin-bodement, I see no immediate reason for a change in market sentiment. Other than the big spike, which we will return to in a short while.

Bit Brain's Bearish Bitcoin Bodement - Part 2

In my last post on this topic, I posted the little prediction arrow you can see on the chart below, which has since transpired (a few hours later than I predicted it would).

Made by Bit Brain with TradingView

As I said before, I'm predicting drops down the Fib level steps. I analysed the last Fib level as being at $3725, which is where the price has now paused.

But in the absence of a near immediate recovery (which one would expect with a bounce off the bottom), we must anticipate a further drop. Once again I predict that the Fib levels will come into play. My next Fib level is $3002, so let's just make it $3000, because that is also a major psychological level.

Here is how my Fib levels now look, they are unchanged since I last published them:

Made by Bit Brain with TradingView

You can see the current level where BTC is sticking ($3725), but probably not for much longer. You can also see the next level down - $3000 ($3002 on the chart).

Where is the bottom?

Made by Bit Brain with TradingView

I do think that $3000 may well be the bottom, for a few reasons:

1. The dip has now formed a sufficiently large downwards spike, compare it to the one in early 2015. Size and shape wise, it's primed to bounce off a bottom.
2. $3000 is a strong psychological support level i.e. If anyone hears of BTC selling for $2999.99, they are liable to buy it up right away. I also expect a large buy wall at $3000.
3. Looking at the long-term trendlines - the last of the great support bases BTC will turn around at - you guessed it - $3000.

So never one to be afraid of putting his head on the chopping block, I'm going to go ahead and call the bottom at $3000 (well $2999.98ish ). In terms of time, I estimate that the bounce should happen within the next week.

Confidence levels:
BTC will drop again: - 66.7%
The bottom is $3000: - 70%
Bounce off the bottom within the next week: - 48%

On a personal level I hope I'm right about the bottom, because I'm more than just a little sick of watching my once proud portfolio get decimated! But on the other hand, no matter what happens now, I still firmly believe in cryptocurrencies and blockchain tech, and I have no doubt about the inherent value of them. It's just sad that people fail to appreciate this potential value; more "crazy" than "sad" if you think about it.

Yours in crypto,
Bit Brain

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by Bit Brain

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