Bitcoin's bear market is over and Gareth Soloway walks through the exact chart signal that confirmed it, plus how high he thinks the next bull market runs. Gareth, Chief Market Strategist at VerifiedInvesting.com, starts with a blank Bitcoin daily chart and builds the whole forecast from scratch, one level at a time. Video by Gareth Soloway.
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In this video Gareth explains why the higher high off the lows matters so much more than the higher highs most traders point to. In a bear market you get a drawdown, then a bounce, then a lower high, then another lower high. Until one of those bounces takes out a prior bounce high, the downtrend owns the chart. That finally happened, and Gareth says it is the signal he waits for before he buys heavily for a new cycle.
He also walks through the trend line break that put him into a $5 million cash long in crypto, why he uses almost no leverage, and the levels he is watching on any pullback. Gareth names the first technical support zone, the secondary level at $75,500, and the deeper area near $66,000 to $67,000 where he says he would be a major buyer. Gareth explains why he gets more bullish, not more bearish, when the weak hands get flushed out.
Then comes the forecast. Gareth measures roughly 1,000 days from bear market low to bull market top across the last two cycles, extends the pivot-high trend line forward to 2029, and lands on a target near $175,000. Some viewers will be disappointed by that number. Gareth explains why 40% from $127,000 is a much bigger move in dollars than 40% was at $20,000, and why the charts are the charts.
He closes on why this bear market was shorter than the previous two, and what exponential debt growth is doing to the length of crypto cycles.
Probability over emotion, being the casino instead of the gambler, and why following the charts beat chasing fear and greed.
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