The Perfect Storm for BTC is Developing Right Now
And here's what it predicts for coming BTC prices
A week ago, in this article, I stated, “The metrics I reviewed over the past few days strongly predict a clear direction for ETH prices in the immediate term, and though less strong for BTC as a harbinger, predict BTC prices to follow in the same direction.” In the video, available only to my paying subscribers, I stated that it was quite clear that BTC and ETH prices were going to drop in the immediate term. Since then, ETH prices have fallen by more than $112 and 8.3% and BTC prices have fallen by more than $1,180 in price and 6%, so that leg of my prediction has come true.
As always, the usual suspects, BTC permabulls like Galaxy Digital CEO Mike Novogratz, Kevin O’ Leary among others, are exposing themselves as having zero understanding of the mechanisms that truly drive BTC and ETH prices. This week, Novogratz stated that once US Central Bankers stop hiking interest rates, this will be the inflection point that propels BTC prices in a sustained higher trajectory again. He further stated that BTC sellers have been exhausted right now, which typically marks the bottom price and point at which prices reverse. So in other words, he has stated what all BTC TA chartists typically state:
If BTC prices break higher out of such and such consolidation point, then BTC prices will regain $30k soon, but if they break below this resistance point, then $15k prices are on the way!
In other words, their analysis, which simultaneously include higher AND lower price predictions, instead of the type I made a week ago that only strongly predicted one direction, provide about the equivalent insight of stating, If I pour this cup of water on you, you will become wet, but if I don’t, you will remain dry. Now, the same metrics I analyze, which are used by no other BTC analyst I know of in the entire world, along with the following information, may be setting up a perfect storm for BTC, and this is what the perfect storm means for BTC prices for the rest of this month into November.