Bitcoin's MAX PAIN Next (Most will miss this)

Drew (0:00)

Are we going all the way to 60? I mean, there's people calling for 50K. There's people asking me to already apologize that the low is not in yet, and that we're looking at breaking this $57,000 level and just cascading down. What do you think what's gonna happen here, Kelly?

Kelly (0:15)

It's definitely possible. We could get lower lows and lower lows and lower lows. I just, I don't see the conditions for which lines that up. And if you guys will give me about three minutes, I'm gonna, I'm gonna really rapidly go through a number of different charts really quick that just outline like what we're seeing. So let's throw it over to my chart here. And first things first, we're looking at the Bitcoin chart to US dollar on the one week chart. Look at where this is at right here. Boom, came right back into this red line. I've had this chart set up since back here.

And you see this is a support that goes all the way back to the all-time high in 2017

That was support, that was support, that was support, that was resistance, support, support, resistance. And we're basically right back to a level, projected level, that we've seen over and over again. Now what's interesting to me about this is that when we had, let's go down to the daily chart so you can actually see this. When you go back to the FTX crash, which will be right about right here, if you take the dip, basically the breakdown from the FTX bottom, boom, the first pullback, another barely new high, and then boom, this sort of washout, it's so over. Well, this was an 8% drop below where that previous low was. And interestingly, currently, we're sitting at about the same trajectory, just a touch more, but right in that 8% to 9% range. So very, very similar. Now, when you come and you look at this sort of projection power law of where the price on Bitcoin tends to hover below and above, but spends a lot more time above, and it rides it to the upside when it's below. I mean, even here, oh my god, it's so over. Nothing's happening on Bitcoin. This was still a melt to the upside. Again, here, support, support with that flash crash down on COVID, support. Now, we barely came under it on the FTX crash. Here we are again, barely under it.

That's one case. I'm looking for a mean reversion back to this and that next sort of exuberance to get back above it. And then again, here we are. Dude, it's been five years. Bitcoin's price has done nothing. Well, it did the same thing back here when we had that 17 to $19,000 range, price came back down. But then yet again, you think about all the price activity that's happened. So yes, it's done nothing, but we had opportunity basically over a 6X from here and another reset to load up. The problem is people buy once it gets past previous all-time high where they're excited, they expect it to go higher, they never take profits, and then it drops and they sell down here. So it just continues to rinse and repeat retail traders. So as it stands right now, I'm looking at this area, much like we saw back here, much like we saw down in here. So that's another case. And then we see, okay, what, guys, price action, FGX crash, what's happening? Oh, it's so over. That was that one that I just showed you. And then what happened? Oh my God, absolute bloom to the upside. And then here we are again. It's, guys, it's, oh, we're gonna do it. Oh, hold on a second. Hold on, hold on. It's so over yet again. Is it? Is it so over? Because this is the same thing. We're seeing it on multiple different people's charts, multiple different analysts in the space, big money players. I showed you last week how the big money players, the long-term holders have been stacking into this region. And so it just gets better and better from here because remember, you want to buy low and sell high. So let's stop crying when it's low so that we have way more things to take profits on when it's high. And yes, S&P 500's in a little bit of a pullback right now. Gold's in a little bit of a pullback right now. These are obviously great investment opportunities, not financial advice, but we've seen consistently even Bitcoin versus NVIDIA, and NVIDIA's had a massive move compared to the stock market over the last 13 years, yet Bitcoin outpaces it tremendously. And so when we're having this opportunity lower, and we know Bitcoin consistently outperforms the market, we're looking at this. I got three more charts, and we're gonna get off of this because we also have other charts like this right here. 100% hit rate since 2012 that the bottom has been put in.