Bitcoin Price Plunges Towards $30K: Is the Big One Imminent? Is It Time To Panic?
My complete analysis of the current situation.
I went on vacation for a week in San Francisco at the beginning of May, and I got scared when I saw some of my contacts talking about the Big One. The San Andreas fault goes through the city of San Francisco, and everybody is afraid of the famous Big One that could happen in the future.
I quickly realized that it was something else entirely. Something more insidious, since it was based on the panic of investors to see the crash of all crashes have started a few hours after the announcements of the Jerome Powell at the end of the last FOMC meeting of the Fed.
Having decided to give myself a real week off from the San Francisco side of things, I didn't break my rule and left out the Bitcoin market despite the red that was appearing all over the markets, and the extreme fear that was taking over the market.
The reason I was able to do this is primarily that I have fundamental confidence in the Bitcoin revolution, and my goals are long-term as you know. Back at work yesterday, I updated myself, and so I offer you a complete market update with different potential scenarios.
No guarantees as always, it's up to you to see which one seems the most relevant for the time being. Only future events will give us the full answers to the questions I will raise in this article.
While everyone is talking about an extended Bear Market coming up, here is what it looks like to me as I shared it yesterday on Twitter:
Bear Market extended or not, I will remain a Bitcoin HODLer of last resort as I have always been in the past. Patience is the key with Bitcoin as you know.
For what lies ahead, the big question you may be asking right now is whether we are hitting the ultimate bottom of the correction that started in November 2021, or whether the so-called Big One has started. If the Big One has started, the next question would be how low Bitcoin could fall.
To better judge the situation, it is interesting to take the time to do 6 different analyses.
1. Fundamental analysis
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