don

#Bitcoin Weekly Forecast📌‼️ August 21 - 27 What do you need to know about #crypto market this week? 1/ $BTC finally experienced a major breakdown 2/ All targets I posted in my last weekly forecast are achieved 3/ Why #crypto crash❓ 4/ Topping signals I repeatedly warned about, before the breakdown 5/ More #BTC and crypto market downside❓ ⇢ Recap of last week: Did you miss the topping signals and bearish warnings I consistently shared? If so, last week was probably quite rough for you. Follow me for knowledge and alpha in the crypto market. Don’t get rekt‼️ Last week, after nearly 2 months of sideways, $BTC finally experienced a significant breakdown from 29.3k to 26.2k (based on closes), or 29.6k to 25.1k (based on wicks)📉. While exchanges like #Binance and #Coinbase had a dip into 25k, the 24k range was hit on major platforms such as #OKX and #Bybit . ⇢ All targets I posted in my last weekly forecast are achieved🎯. My last weekly forecast proved accurate on many fronts, hitting all low and high time frame targets❗️ ✅#BTC's historic low volatility hinted that a potential big move was coming. ✅Low time frame: Frequent tests of the 29k support signaled a potential breach soon, with next support around August's low at 28.5k (1st target from last week). Then, noticing the absence of a decisive bounce around 28.5k, I forecasted a quick move to 27k. This prediction materialized within 12 hours of my post. (check them to verify) ✅High time frame: My 3rd target at 24.8k was soon reached on various exchanges due to liquidation cascades. Notably, #Kraken 's lowest price aligned exactly with my 24.8k target❗️ ⇢ Reasons behind the recent $BTC / Crypto crash On the surface, bad news seemed to be the catalyst behind this extreme price volatility. Two bearish headlines emerged around that time: (1) #Evergrande files for bankruptcy. (2) #SpaceX reportedly sells all $373 million worth of #Bitcoin. However, the market had just been weak (and still is). There’s been a decreasing amount of liquidity in the crypto market. On top of that, many people FOMO-bought the ETF pump in late June, went underwater as $BTC slowly bleeded in the last 2 months, and then added fuel to the fire as price nuked to their entry prices /stop losses last week. Result? The biggest liquidation cascade since the FTX collapse, resulting in a total network liquidation of more than $1 billion. Lesson here? Don’t #FOMO-buy in a weak/bear market, or you may be buying the top.⚠️ ⇢ Topping signals and bearish warnings I repeatedly shared The recent crypto crash might have come as a surprise to many people. However, to me and my followers, this was anticipated more than a month in advance. Since July 15th with $BTC at $31.2k, I called the top (check my tweets in July), and since then I’ve been cautioning everyone with my bearish reasons. ＞ Topping / weak Price Action on high timeframes ＞ #Bitcoin weaker than equities while #SPX was at HTF resistance; implying a big nuke if SPX crashes ＞ $BTC dominance dropped, while #altcoins rallied. Who’d support BTC if everyone’s into alts? ＞ Rug pulls and PvP ⇢ More $BTC downside? Since #BTC was at 31.2k, I’ve been publicly bearish and shared my short targets (28.5k, 27k and 24.8k). After achieving all of them now, I’d like to share some new targets for the upcoming weeks/months. The market won’t crash to zero in a single candle, so there will be mean-reversion bounces here and there. But in general, after some consolidations and pumps, I think another round of nukes might be in store. Specifically, if bulls cannot hold $25k (or quickly reclaim it after dipping below), I’m targeting $23.5k, $20k, and potentially a wick to $18-19k, over the next few months. The #Crypto market is known for its sudden changes, so my stance and targets can shift quickly depending on PA and momentum shifts (the real bull run is not that far away‼️🚀) For my most up-to-date thoughts, please be sure to follow me. ⇢ Key Events This Upcoming Week🗓️ Wednesday: S&P flash U.S. services PMI Thursday: Fed officials interviews; Initial jobless claims Friday: #Powell gives speech While the influence of the traditional market news on crypto has been diminishing lately, it's still wise to monitor significant events. ⇢ If you enjoyed my analysis, please don’t forget to: ☆Follow me for daily trading strategies and market analysis on #BTC , #crypto and #stocks. ☆Like, RT, bookmark and drop a comment.🧑‍🍳