TheCryptoPharaoh

Potential Bitcoin Scenario: Institutional Utilization Leading to

Short
BINANCE:BTCUSDT   Bitcoin / TetherUS



If a new ATH occurs in BTC , I believe it will be heavily utilized by American institutions, and following the new ATH in #Bitcoin, the price will swiftly plummet to around the 52000 level, leaving all retail traders behind in a very sharp manner. In the event of this extreme scenario, assuming Bitcoin reverses from the $80000 range shortly after its initial ATH and rapidly loses value, I will open a 100x SHORT position from $77900 with my stop loss set 6% above. The first take profit area for this Short position will be around $62000 (black line area). The second take profit area will be around $59700 (blue line area). My third take profit area will be at $53000 (red line). It may seem utopian at first, I'm aware, but on February 26th, the Bitcoin surge yielded a 25% return in just three days. If we calculate a 25% return from today's price, it leads to around $82000. In the crypto market, people often fantasize about rallies, hence they feel disappointed during downturns. To avoid such disappointments, don't limit your imagination only to upward movements; let it also flourish during downturns :)

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.