Episode Summary

Today On Crypto Breakdown Joe Dewitt looks at what's next for Bitcoin.

• Bitcoin (BTC)
• Ethereum (ETH)
• Dogecoin (DOGE)

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Joe Dewitt Follow at: https://twitter.com/metabitz

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Unedited Transcript:

Hey everybody happy Thursday. My name is Joe Dewitt, and this is crypto breakdown. Taking a look over at Bitcoin price.

Price has continued to consolidate and the downwards direction as we've been discussing, we are heading down towards that support level of 58,000. It is a textbook support. We have tested it about four times now, and price is currently holding that level for Bitcoin here. It will be a simple matter of if price can hold this 58.

Or if a little bit of buying pressure can come in to push that back up towards that 64,000 zone, taking a look over at a theorem. Ethereum is following closely in Bitcoin's footsteps. It has a very similar retracement here down about one and a half percent on the day. And Ethereum is working its way down towards this 3,900 sewn.

It is testing at this 50 day, moving average for a theorem here. We would like to see. Breakthrough that 50 day and test the support level at 3,900 and get a bounce off of there with a little bit of buying pressure, depending on overall market sentiment and momentum here on a theorem, it could fall below that support, putting it in that 3,903,000 zone.

If that's the case, there'll be a little bit of consolidation for a few weeks until we break out of. And taking a look over at doge coin at doge coin. Doesn't look too great at the moment, just because of the overall trend here. I am seeing lower highs, which is not a great sign there and falling below that 50 day and 200 day moving average.

If this coin here on doge coin continues as the indicators show doge coin could be looking at about 19 cents to come in and get that buying pressure here on dose coin is going to be a lot harder than, um, getting that momentum on a theory. Bitcoin because I Deely the momentum will come from market sentiment and dos coins.

So if Bitcoin and Ethereum starts to perform, then doge coin can see a reversal, but on its own, uh, it looks like dos coins target is heading down towards that 19 cents. And if it continues to fall break and below, it will head towards that 15 cent mark. And today, guys, I'm going to talk about what's up next.

Bitcoin looking here at the daily chart, Bitcoin has broken down and below a psychological number of 60,000, 60,000 has always been a struggle for Bitcoin price. And it is a very psychological number here. So falling below that 60,000 may put us in a short-term correction, although in the mid to long-term, according to most institutional investors and independent traders, um, Bitcoin is still looking very strong.

Overall market sentiment is. Um, with the adaptation of defy and the metaverse just continuing to grow now seems to be the most bullish time ever. So the most likely scenario here would be a breakdown through this 58,000. Um, maybe a retest down towards this 55, 50 6,000 level. I'm a bounce off of there with strong momentum, strong volume coming in, because that is also a psychological number here, that 52,000 that we have tested a number of.

And bouncing off of that 52,000 would put us at a nice 10% correction, as well as giving us higher lows to continue that overall bullish trend. The alternative case for what's next with Bitcoin would be to hold this level of strongly. We get a wave of institutional investors and a little bit of upwards momentum, and we absolutely break through that all time high in the upwards direction.

Breaking that 80,000 and continue to push push for all times. Um, both of these scenarios will closely depend on what price does on this current support level. If we can hold the support or if we can fall below. So make sure to keep a close eye on Bitcoin over the next few days, and that's all the time we have today.

Guys. Thank you so much for tuning in, make sure to follow and subscribe to our podcast on Twitter, which you can also follow me, which will all be in a subscription. Have a great day

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