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 founded PVT Capital (AFSL number 546090), which provides income and growth strategies to wholesale clients.
Colin also co-founded Incredible Charts and writes the popular Patient Investor newsletter.
Using a top-down approach, Colin identifies macro trends in the global economy and then combines fundamental and technical analysis to evaluate opportunities in sectors that stand to benefit.
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.