I think bitcoin is the ultimate winner right, because you know – and i was talking with some other people – Music, hello – everyone today, our guest is gareth soloway in this video gareth soloway talks about why he thinks bitcoin going to be tate ultimate winner, bitcoin price action and Much more on the market analysis, if you enjoy this, highlight videos please kindly subscribe and help share this video for us to share more of this valuable content. Thank you. Over the past month, bitcoin has been experiencing a steep decline with significant bearish momentum. In fact, this was the worst ever quarter for the primary cryptocurrency. However, after dropping below the 2017 all time high area amid 20k dollars, the bearish momentum has begun to diminish with the choppy price action. Alongside consolidation, after ending another red candle week, can btc finally see some green, although the price has plummeted by almost 74 since recording its a th in november 2021, reaching the undervalued zone based on many price models, there are still no signs of a possible trend reversal. This, besides the amplified negative sentiment and lack of demand, increases the odds of another bearish leg, resulting in the breakdown of the 17k dollars crucial level which marks this bear markets low. If this happens, it will likely push the price of btc below the current support area and towards the 15k dollar mark. The 18k dollars level has significantly supported bitcoins price over the last couple of days.

Nevertheless, the price hasnt been successful in breaking the channels middle boundary and there are no signs of a reversal pattern on the lower time frames. Charts markets usually form a correction pattern right after an expansion. Move bitcoin is forming a triangle correction pattern, as it did in the second half of may, when the price was consolidating above the 28k dollars level going forward. There are two likely scenarios bullish the price breaks above the channels, mid trend line and the triangles upper boundary and attempts to break the 22k dollars sentimental resistance level aiming for the channels upper boundary bearish. The price fails to initiate a new bullish, move and breaks below the triangle. Turning the 17k dollars level into a critical resistance there we go so lets. Take a lets. Take a look at the bitcoin chart right so so last time we talked, it was below 40 000. It was flushing, it was kind of in that downward draft and and basically what we ended up doing – and this is this is where charts get so cool right is that when you connect the highs on bitcoin right, so we take these two highs. The april high and the november high and im just going to extend that line out and youll see why, in a second, if we look at a parallel line, look at how the low here of 33 000 touches the exact low, which again is parallel perfectly parallel. This is why people that say, charts dont matter are just insane in my opinion, because they absolutely matter now.

One of the things here to keep a note on is that, as we have bounced and i ive been long bitcoin, i did pair back about half my position at 44 000, but, as weve been bouncing up theres a new trend line im watching, which is this One right here right – and this is about at 46 000 and what you can see here is you have a pivot here, pivot right there right here and it retested right there and right here so thats, obviously a very big level. So if, as we head up watch the 46 000 level, if we can get through 46 000, you should have upside to about 50 to 52 000, its also the midpoint. You see this dotted line. That midpoint is the likely next target. Now, if we cant get through 46 000 youre gon na start to trade back down towards that 33 000 trend line down here, so is what, if you can break through this up sloping trend line? You start youll start using this line as support. So what what the in, in technical analysis, resistance lines once broken, become support lines and support lines if theyre broken to the downside becomes resistant? So absolutely this would now become resistance if price trades in this range youd probably go up to this area, which is again between 50 and 52 000, and then you might just start going up and down and chopping and trying to figure out where bitcoin will go.

Next and again, as we look around the world, we start looking and saying: okay, well whats the fed going to do. We know the fed the more they tighten. They draw liquidity out of the market and thats a negative for bitcoin. Or do we see maybe some of these recent headline? You know inflation numbers, maybe thats peak inflation and if inflation starts to come down, they dont have to be so aggressive on tightening interest rates. Would you say that the 52k will 53k in this case would be a very um would be a dangerous pattern as a maybe its drawing a bigger heads and shoulders um generally, or would you not be looking at that yeah, so i mean what youre breaking up Is kind of going to my my midterm and i call it midterm because my long term view if youre asking you know five years out unbelievably bullish on bitcoin. I am, i really do think its going to become the digital gold. More and more investors and big institutions will get involved and ultimately the price is going to be much much higher than it is here today, but in the midterm. When youre. Looking like three six nine months out, i am concerned that were gon na get this retrace to kind of this midpoint right up here and then in fact, it starts to form a bigger pattern which could be a head and shoulders using this right. So you could actually start to see this pattern right and then this would be the shoulder.

So if we do go up there in price and then we curl over, you now have a new head and shoulders that you have to kind of monitor very very closely. So i think youre 100 right. I still think that you need to see a flush out in crypto as bullish as i am long term. Just like you know, if you were bullish on amazon back in 2000, you know you were you lost 95 of your money, but if you held, you made thousands of percent back literally thousands and thousands from from the lows all the way to where currently trades and Thats, how i kind of envision this playing out for cryptocurrency, where you see this flush out, you get rid of a lot of the junk coins. I mean theres literally over 10 000 coins. Today i cant even tell you what any of them specifically do, except maybe the top ones they need to be flushed out. Then money can focus and concentrate on the best of breed and they can survive later on. The problem is when everything else collapses. Itll take down things like bitcoin as well. You know, anytime, you see a global conflict. I think bitcoin is the ultimate winner right, because you know – and i was talking with some other people about this is – is a lot of people were surprised? Thinking? Oh bitcoin might sell off, but if you think about it, if youre in ukraine or youre in any of these conflict regions, you know its almost easier to hold bitcoin and then be able to flee to a different country and just access.

Your bitcoin and all of a sudden you have your wealth transferred to anywhere in the globe that you want to go versus taking suitcases of money right. I mean its going to be harder to get away with that. So so again in the near term, like you said its a very new asset and and its going to get this whippy wild moves, but i think the more conflict, the more lack of kind of um. You know feelings that governments are in control or that theres any stability, thats always going to be a positive longer term for something like bitcoin. The most important thing you know, at least here in the united states, is that you now have a ton of jobs that are being generated based on cryptocurrency. So you know, for instance, texas is becoming the hub of mining after after china banned it. Its now become the hub of miners here in the united states or in fact, most of the globe its one of the big hubs, and as soon as you get jobs dependent, the politicians are going to be much more lenient. On regulations. Theyre not going to want to ban it because number one, it costs them votes and and then number one it just. I mean its just overall super unpopular when people are going to be laid off because of it. So you know ive even heard that politicians here in the united states own bitcoin now thats like thats the best thing to hear, because you know theyre not going to be voting to restrict it.

You know abnormally and again. I think some regulation is really good and helpful, but again you dont want that over regulation that overreach, i did buy a little bitcoin um, so so the key is here is what i what i ended up doing. So we were short right up here, which was the obvious level, the resistance point right up here and then, as we came down, i covered my short right in here and i actually flipped it into a small long position right in this area. Right really just a hair below forty thousand. I waited for that even number pierce and then were just basically holding as long as were holding support here. I think its worthwhile to let it run and maybe itll get up to 42 44 000 as a possibility here. Yeah im looking at im, looking forward to past that man im looking forward as im looking forward to pass that ill. Tell you this! If it doesnt in the next week or two im, gon na start getting worried, gotcha yeah, i would happen to agree with you, because, if it doesnt get really above, i would say three its gon na its creating a bear flag and thats. What you got ta be worried about for sure. The altcoins also went down during the week, but most have comed. Since the start of the weekend, ethereum came close to breaking below one thousand dollars but managed to retain that level.

As of now eth trades at around one thousand, fifty dollars bnb is close to two hundred twenty dollars after a minor daily increase. Cardano and solana are also slightly in the green on a 24 hour scale, while ripple dogecoin sheba in u and leo are just in the red. Tron has lost the most from the larger cap alts with a three percent decline. Theta fuel is among the few impressive gainers, with an 11 daily increase to above 0.05 dollars. Some unexpectedly, the crypto market cap has also remained rather stagnant at just over 850 billion dollars. If you enjoy this highlight videos please kindly subscribe and help share this video.