Bitcoin (BTC) broke primary support at 30K, providing further confirmation of a bear market. The primary down-trend in Bitcoin signals that financial markets have reversed to risk-off.
The target for the decline is 15K. The calculation is based on price doubling from 30K to 60K (in 2021). Now that BTC has reversed below 30K, we can expect it to halve (to 15K).
Colin Twiggs is a former investment banker with almost 40 years of experience in financial markets. He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters.
Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis.
Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008/2009 and 2020 bear markets well ahead of actual events.
He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.