M
madisonalex
Guest
The massive sell-off in may caught a lot of people off-guard. Before that, there were a lot of bullish sentiments going into 2021. Most of the YouTuber crypto traders had the price of bitcoin pegged at 100k by the end of the year, hence the surprise on everyone's face when the market came crashing. However, a few notable guys called the sell-off before it happened and gave out signals to watch for an imminent bear market. One of such guys on telegram I follow his signals and invest with is Dominic Ericsson @Ericdomtrades of cryptostations.co. Earlier in may, Eric gave out trade signals that were targeted at shorting the market in anticipation of a major pullback, and just like he said, the market crashed and people who listened to his signals cashed in over 1500% profit while shorting the market. Now the question that is on everyone's mind is, what's next for the price of Bitcoin? are we going further down or we ready to go to the moon now?
Well to answer the question, we need to look back at key significant price levels during the last bear market. The top of each cyclical event is topped by an estimated 18months of bear market preceding each bull run. The bear market saw an 83% and an 86% respective pullback in price which left most alts decimated. To put this in perspective, at the current price of bitcoin, we have only seen a 55% pullback in price and for price to follow the prior bear market we had earlier on, we would need another 30%-35% pullback. This will bring the price to about 24k-25k.
Another reason why the price may trade within the 20's range is the presence of an age-long CME gap at around $24,120 and this gap is itching to be filled.
Now as a trader when do you buy? I invest and follow signals from ericdomtrades and so far the buy signals he gave for the first order are at $24,180. There are about 3 DCAs set in place to get in at lower prices should the market continue to dip. For those who don't understand the concept of DCA and what it means, you can write Eric on telegram and he will happily explain. Like I mentioned earlier, I followed his signals to short the market and copied his trade set-up, and make a staggering 1700% profit during the crash; while everyone was losing money, I was making money using his signals.
