Bitcoin Bear Market Is Over, My $175,000 Target

Hey folks, welcome to verified investing.com. My name is Garrett Soloway, cheap market strategist here. Now in today's video, we're going to deep dive into crypto and Bitcoin. There's some major things going on. Number one that tells me the bear market is over and that a new bull market is on the verge. Now, the question is, when will we get back to all time highs and how high will the next cycle go? And this is the crux. Many people will be calling for a million dollars. We've heard that before. Is it true? Can we go up there? And really why was this bear market shorter than the previous four years, two cycles that we've been through? I have an answer for you in just a minute. Before we get into the charts, get into the levels, get into the data and the projection and forecast. Just a reminder here, my sponsor today is Coinbase. Check this out guys, our QR code right there. I'm going to be charting everything on Coinbase today. It is virtually identical to trading view, which is amazing. So I can just do it exactly like that. But what's nice is I can do it within my account on Coinbase. So when I see a great trade, boom, boom, buy, sell crypto, whatever I have to do. In addition, if you use the QR code or the link in the description, you get $25 once you create an account and you verify yourself. And there's up to $275 in bonuses for free, just by doing a couple minor steps. For instance, put a couple thousand dollars in the account. They give you an X amount more money, put this, do this. They give you more money up to $275. And listen, Coinbase is the gold standard. Let's be honest. If you're here in the U S, if you're abroad, whatever it may be Coinbase to me, publicly traded, massive market cap, SEC regulated. All of these things make me confident having my large sums of money in Coinbase. So check it out guys sign up, but let's get into the charts. So here we go, folks. What we're going to do is we're going to start with nothing on our chart, and we're going to go through each scenario here to really build out the forecast on Bitcoin and some other coins. So let's jump in here. Here we go. Here's my Coinbase account. And this is Bitcoin's daily chart. Again, you guys are used to seeing my trend lines here, so we can just add them in. Notice I go right here, click, draw down. And there's that trend line, the infamous trend line where I had and I posted a video with the title saying $5 million long position in crypto. This was the trend line break that got me to do that. Now, what I like to do here, I like to show you guys, this is your all time high. All right. And we can even change the color on that. Look at how cool that is. Boom. And then we have right here, we have another new high here and I'm going to lock those in. So that stays on boom, boom, and boom. And all the way down right here, this is where we broke out. Now look at how we broke out and then hugged the line. This was something I was watching. Once we broke out on this, I was watching so closely to decipher whether or not we were going to break back below the line. As long as we were in that, I was sticking with my $5 million long position. And remember folks, a lot of people talk about, you know, Oh, I did a million dollars long Bitcoin. This was a cash million, $5 million position. This wasn't, you know, use a hundred X or 300 X leverage. I don't do that stuff. All right. Because honestly I'll get wiped out. I mean, one misstep and boom, it's gone. So I use, I basically use almost no leverage if ever. And it's all about just hardcore charting, which enables right here on this software and Coinbase me to do. And you can see that boom, that was the explosive move. Now, initially remember what we were seeing here. So let's go back. Let's use our brush here or our, our, uh, our pen. This high is what I've been telling you all to monitor. Okay. So this high over here, when we had this big move up, we never made a higher high. That was a concern to me. Okay. Then we got the clarity act. The clarity act did not do so well as we know here, right? So what we've been watching for right here was this zone. And I'm going to do this in yellow right here. And remember what I said to you, I said in videos over the last, when we were right back here, about a week and a half ago, I said, as long as Bitcoin holds 75,500, this is a bull flag. Sure enough, even when clarity kind of got washed out, it held it inched up, it inched up, it exploded. Now this is where things get even more exciting because Bitcoin on this explosion, explosive move, it made a new higher high. Now you might say, wait a minute, it's made lots of higher highs. I mean, if you go back to the chart and we look at this, let's go right here. Well, you could see, I mean, technically speaking, you know, here was a high, here was a higher high, higher high. No, that's not what we're talking about. What we're talking about is during a bear market, you have a big draw down and then you get a bounce. All right. Then you have a big draw down. Then you get a bounce. These bounces high, lower high, lower high. That's what you were watching. You needed to have one of the bounces off the lows here of lower lows, make a new high. Well, guess what happened folks? Just looking at the chart here, here's our high. And now higher high. That's how you know with, again, there's no certainty, but with high probability that you now, the bear market is over that you now have the beginnings of a bull market. Now remember, bull markets don't go straight vertical. If you look back at the lows in 2022, if you look back at the lows in 2018, guess what? We had a higher high and then we trickled back down. Sometimes we even came close to those lows. Then we had the next wave and it's at the end of a bull market. That's when you get the explosive moves to the upside. Keep that in mind. It's a really, really important thing to understand. So don't expect like vertical to 150,000 overnight. That's not going to happen. Or at least it's very, very improbable that it's going to happen. Now, going back to the charts here. So what are we talking about? Well, how high? So number one, the first level of technical support is going to be right here, right here. Why right here? And notice when we pull back, this will be a level that I watch because on this move up high pivot right here, here, right through here. And then we hovered, look at right here, how we went sideways, sideways, boom. So now this becomes support. If that breaks, you guys already know the next level, 75,500 right here, becomes secondary support. All right. Now, if it were to get below here, that's where a lot of people will start getting bearish. I actually start to get more bullish. You want to see that. You want to see the weak hands flush out. I will be looking to majorly buy right into this technical level, right? So we're talking about 66, 67,000 on Bitcoin. Now it doesn't mean it can't, it has to go there by the way, it doesn't have to go there, but that is something I'm watching. Now I did promise you a longer term forecast. Where is Bitcoin going in the next bull market? Let's get rid of these bars. Let's get rid of all of this stuff here. Remove indicators, et cetera. What we're looking at is we have to go to a bigger timeframe and what we want to do here. Bear with me here as I bring this in and I want to show you, wow, that's kind of weird. But in any case here, let's go back to the daily chart here and let's, we can refresh. There we go. All right. So what we have here is we have a high from the 2017 bull market. And by the way, just before I do that, I want to show you guys here. There we go. I want to show you how it was. It played out in the previous markets, right? So here was your bear market in 2018 to 2000 and late 18 into 19. Here was your low. And you could see once we got above this zone here, really right through here. Okay. That was the beginning of the new bull market. Boom, right there. And so you could see you had to kind of take out a key level. Now what's interesting is that notice how once we went up, we then did have quite a few corrective moves, even one where we flushed almost to make a new low, but we didn't. And so again, this is why I caution people on thinking that it's, Oh, it's, you know, no problem. Is it going to be, you know, vertical? It doesn't always play that way. Now look at over here. Here's your 2022 bear market. If we come down and we look at our bear market, very similar, right? So again, look at this. I'm going to zoom out so we can see this. All right. So what we see here is that when we pull back one bounce to bounce three and on three, the low is in. We'll look over here on the current cycle. One bounce to bounce three. The cycle is in look, pivot, low, pivot, low, pivot, low, pivot, low, pivot, low. So this is very normal. And then look right here up we go. And, but then we get a sharp pullback. So this is our up move here. Okay. Now the question is number one, how high do we go? Do we go up here? Maybe then we pull back. This is the pullback I want to buy. So the reason is, and this is kind of a little bit more into the echelon of like institutional trading is in general. I like to know that the bear market low is in, if I'm going to buy heavily for the next bull market, the higher high tells me that now it also tells me from past cycles, we're going to get big drawdowns. It's going to happen. Just the nature of the beast. So, but what I do is now on big drawdowns, I buy heavy. I go heavier on the positioning in Bitcoin. So that's where we are here, guys. Again, we've got our move up. We've got our confirmed higher high. Maybe we get up here. At some point we have a drawdown. That's where we have to monitor to see what levels are hit. Of course, I'm here to guide you as I always am. Now just going into this next phase here, guys, let's go into the bull market. What we were just talking about, where is the next bull market going to head? This one's simple. Now I want to be clear. Some of you may be disappointed. And I say that because every bull market I've ever been through, which is basically all of them on crypto, when we're in the heat of the bull market, when we're at our highs, I hear ridiculous price targets. Like I still remember last October about a year ago, right? It was, Oh, 250,000 by year end. I heard people saying a million. And I'm like, I, you know, I'm sitting there like rolling my eyes. I'm like, Oh my God. You know, like, come on, let's be serious here. It's still going to be a great move, but let's look at this. What we do. So simple. So simple as they say, a caveman can do it. Connect this high through this high, which gets, look at this, high pivot, high pivot. Guess what? High pivot. Look at that trend line. That is absolutely phenomenal. In fact, I'm going to make it bigger because it's just that freaking amazing. What we can do here is we can extrapolate out. We say, okay, well, we know that between peaks of bears, the peak of the base of the bull market, the bear market to the high of the bull is approximately, and let's do it here about 1000 days, right? So from that low to that high. Okay. So basically three years, one year bear market, three years upwards, right? With the bull culminating at the highs, by the way, same thing over here. If we look at this, we can see one year bear down, right, right down to here, 366. And then from that point, look at that almost identical 1060, 1058. And again, my, so basically we know that three years from the low should be the high of the bull market. So we already know what the lowest, now we extrapolate out and we see on the graph where that, where price is going to hit. And this could literally give you almost to the dollar, the Bitcoin top of the next bull market. Let's do it right now. So three years out. So let's, we got to measure that here. Three years out. Okay. So it's about a thousand right here. So it's 2029. We'll call it maybe even a little bit more right in there. And what we do is we drag this up here. Okay. And then we can do a vertical move from that point. Oh, so from the low of the bear market, it'll be about a 200% gain. Your target is going to be about a hundred and 75,000, 175,000. Now, honestly, that's still pretty good. That's another 50,000 in price percentage wise. Now, like I said, I think some people will be disappointed in this, but that would be a 40% higher high. And remember as assets increase, they, they have like when the NASDAQ, you know, the NASDAQ is now where it's trading, right? When it was at 5,000 in the.com to go to 6,000 was a 20% move. Okay. To go 40% higher from 127,000. That's a lot versus 40% when it was 20,000 was a lot smaller. Think about that. So again, that's why I say people will be disappointed, but honestly, listen, the charts of the charts is what it is. Okay. I'm talking about lastly, and I did say this at the beginning and I'll, I'll end with this is that we did see a shorter bear market cycle, assuming the bear market cycle low is in, which is the charts are telling us probability wise. It is. This is, to me, this is not surprising because as you see the exponential debt increasing, okay. Well, gold cycles are getting tighter and tighter. You have to expect, if you're like me and you think there's a digital gold in Bitcoin, there's a store of value there. There's only 21 million people, even institutional money and big money has adopted it as such Michael Saylor, et cetera. Then you have to assume cycles. The bear market cycles will get shorter. Will the bull market cycles get, get to stay the same? We don't know fully yet. We're still kind of watching, you know, first two, two major cycles, you know, they were generally 17, 2017, 2021 Bullmark. Those were spaced out, but we really seen an acceleration on debt, on interest rates and all these other things that are going to Mount debt. And that could also, it could also bring the bull market peak even quicker. I hope it's not because I want the one 75, but we have to just monitor this. All right, guys, don't forget. Coinbase is a no brainer. I have that. You just literally were looking at my Coinbase charts with my Coinbase account right here. Okay. It's right there. Use the QR code so that you do it for us. Go create your account. If you don't have one rock and roll, let's have some fun. Let's make some money in crypto in the next bull market. Have a good one. Take care.