Is the biggest bitcoin crash still ahead of us? This is the topic of discussion of a Quoth the Raven podcast with Peter Schiff. Given that this podcast title was based upon the most recent btc move below $30,000 on 22 June 2021, which I informed my patreons yielded the first buy signal in months, I would hope that Peter Schiff’s answer to that question is No, especially since I know Peter Schiff is well versed in gold price manipulation schemes. It would seem odd if he completely ignored how btc prices are manipulated as well given his understanding of gold price manipulation, and my sentiment that btc indicators produced a decently strong buy signal on the movement below $30,000 for the first time since btc’s price started crashing from $64,000. So yes, NO buy signs for bitcoin existed on the price dips to $55,000, $50,000, $45,000, $40,000, or even $35,000.
The first buy sign, as the analysis I provided on 13/14 June and 21/20 June on my patreon platform here, came on 22 June 2021 on the dip below $30,000. I discussed, on my patreon platform (benefactor membership level and higher) in great detail exactly what data I utilized to understand that further bitcoin crashes were ahead at $55k, $50k, $45k, $40k and $35k. The data I analyze for my price predictions has nothing to do with technical charting, as technical charting analysis is near useless for an asset with the immense price volatility of bitcoin, even though platforms like glassnode charge $799 a month for access to such technical analysis. I would be curious to know from anyone that pays for this service if glassnode’s technical indicators yielded no buy signal during the entire bitcoin crash from $64,000 in mid-April to the end of June and finally yielded a buy signal on 22 June at $29,000 as the indicators I use did.
I know that many have identified a head and shoulder’s pattern in bitcoin’s technical charts that they are using to predict a continuing bitcoin crash to $10k, but since a technical buy signal was generated when bitcoin was $63,000 this past 15 April that was completely wrong, the value of a head and shoulder pattern that is predictive of a continuing bitcoin crash should also be summarily dismissed. The traders and bitcoin whales have the power to paint whatever chart formation they desire and it means very little in predictive capacity for future prices. If bitcoin never rises higher than $40k again on a descent to $10k, trust me, it will NOT be because of a technical chart head and shoulder pattern, as whales and traders control prices, not technical chart patterns. Assigning any possible further bitcoin crash to a technical chart pattern would be like stating that crumbling buildings caused an earthquake instead of assigning blame to crumbled buildings to the earthquake. Technical chart analysts confuse correlation and causation all the time and don’t understand how influential traders paint the charts to make it appear, at times, that technical chart analysis has high utility.
It would be odd to me if Peter Schiff indicated that the dip below $30,000 marked the bursting of a BTC price bubble, simply because he should understand that technical chart analysis should never have top dog status in predicting future asset prices. I did not listen to the podcast, which you can find here, but merely read the comments to discern Schiff’s position to the proposed question. From reading the comments, it is clear that Schiff stated that bitcoin’s move below $30,000 marked the end of BTC. Again, I highly disagree with this statement due to the buy signal I uncovered when BTC moved below $29,000 on 22 June. Thus, my conclusion was that that there were POSITIVE, not NEGATIVE immediate term price implications from BTC’s move below $30k. By the way, my patrons received my notice to follow this signal on 13/14 June so all skwealthacademy patrons at the benefactor and higher membership level were well aware before 22 June to keep an eye on this signal to understand when to finally purchase BTC if they had been waiting to do so.
However, I am not a proponent of BTC HODLing and only in trading, as in my opinion, I strongly believe it is unwise to hold any asset for the intermediate or long term that continues to display high price volatility until it stabilizes in price with considerably more price stability. Furthermore, although traders have undoubtedly already benefited a great deal from my buy signal around $29,000 as bitcoin quickly moved to $34,000 as of 23/22 June, confirming signals have not yet been produced regarding sustained price movements higher from $34,000. So until the additional buy signals are manifested, I don’t have an opinion as of yet if possible lower prices can develop as there are no indications from the indicators I have identified as to whether this current move is temporary or one that will continue further. Though I don’t discuss bitcoin every week in my four to five financial analysis videos my patrons receive, and one shouldn’t expect this, when I identify important enough moments, I provide detailed discussions of them.