Bitcoin (BTC) briefly broke $10,000 again today. This has happened at least 5 times in the last month. This constant attack alerts technical traders that eventually it will flush lower. But the million dollar question is, just how low will it go?

Let’s look to the charts for our answer…

Analyzing the charts tells us that target 1 for Bitcoin is $8,800 and target 2 is $7,575. These are the two levels I plan to personally accumulate again at. I have been patiently waiting to re-buy Bitcoin since it topped out around $14,000. I am a believer in crypto as the future, mainly because of the massive printing of fiat currencies by central banks and the increasing debt of countries like the United States. It is unsustainable and a collapse is inevitable. When the epic financial collapse finally comes, debts will vanish and central banks will be dissolved. From the ashes citizens will demand a currency with a defined print structure so that governments cannot just print trillions on demand. While I am a believer in Bitcoin, I am also believer in having it as part of an overall portfolio, not the entire portfolio. Read the charts, have patience and buy when others fear.

Gareth Soloway

Gareth Soloway

Chief Market Strategist Gareth Soloway has been an avid swing and day trader since his days at Binghamton University where he studied Economics. After college, Gareth quickly excelled as a financial adviser but his heart was always in swing and day trading. He had this long standing belief that he could help investors make more money by advising them on shorter term investments (holding a stock for days to weeks) than the buy and hold crowd who lost 50% of their money during every market collapse. “Why not profit during the bear markets just like the bull markets”, he said. While helping others gain financial independence during the day, he spent his nights studying charts and price action, developing a unique market trading system that put his profits on a rocket ship. Some nights he would barely sleep when he found a new technique that was proven, once back-tested.