Why I’m Betting Bitcoin Will Soon Shoot Higher

If it can’t go lower, then just a little bit of buying pressure will push it higher. [Jeff Clark's Market Minute]( Jeff’s Note: Before I get to today’s essay, I’d like to warn readers of a 40-day window I recently spotted in the market. Something big is about to snap, causing dozens of popular stocks to freefall overnight. For many, this will be scary. But if you’re on the right side of this [“market snap”]( you could stand to profit from a $4 trillion shift. All you need to know is which stocks will snap to potentially return 3x, 5x, sometimes even 10x your money day after day. This could be your best chance to put your retirement back on track. And if you join me on November 2 at 8 p.m. ET, I’ll even reveal the name and ticker symbol of three stocks everyone should be watching right now. [Just click right here to sign up](. --------------------------------------------------------------- Why I’m Betting Bitcoin Will Soon Shoot Higher By Jeff Clark, editor, Market Minute After a few months of choppy, consolidating action – bitcoin is setting up for a big move. It could go either way. But it looks like bitcoin bulls have the edge right now. That might seem surprising to regular readers… After all, it was just on [September 20]( when we noticed a bearish pattern on bitcoin’s chart. The various moving averages had completed a “bearish cross.” And that often leads to a sharp, immediate move lower. Recommended Link [Retirement outlook not so good?]( [image]( “Ever wondered why the rich seem to get richer? I can tell you why… Because they don’t follow the same old tired advice that everybody else does. But today I’m going to share a special technique with you… For two decades, I ran a $200 million money management firm. I guided the private investments of 100 of the wealthiest people in California. And my Rolodex read like “the who’s who” of Silicon Valley… Most of my former clients were CEOs, entrepreneurs, and Venture Capitalists. Some of these accounts were worth up to $40 million alone… I was really good at making my clients richer. And It was all thanks to a technique I perfected called the “Money Multiplier.” It’s a way to take a small amount of money and double, triple, even quintuple your initial stake in a matter of weeks… It’s the same technique I used as a former money manager to make money for my wealthy clients. And today I’m going to share it with you… And to make things even easier… I’m also going to show you how it can be applied to just three stocks.” – Jeff Clark [Click here to see my urgent bulletin.]( -- But rather than breaking down, the “King of Cryptocurrencies” has been holding at support. And now, the chart looks more bullish than bearish. Take a look… [(Click here to expand image)]( After falling 33% in June, bitcoin has spent the last four months consolidating between about $19,000 on the downside and $24,000 on the upside. This long, choppy period has allowed all the various moving averages (blue, red, and green lines) to come together. This tells us energy is building. Bitcoin is about to make a big move, in one direction or the other. The question is, which way will it go? In most trade setups, I’ll look at a variety of technical indicators to help determine the most likely direction of a coming move. Different stocks respond to different indicators. So, traders must examine each case individually to determine which indicators have the most accurate predictive abilities on a particular stock. In bitcoin’s case, the most accurate indicator is investor sentiment. For whatever reason, investors get quite emotional over bitcoin (similar to how investors react to gold). Folks tend to have a strong opinion – whether strongly bullish or strongly bearish. You don’t find too many people who are “neutral” towards the cryptocurrency. It’s either going to $1,000,000 per coin, or it’s going to zero. But investor sentiment is usually wrong – which makes it a great contrary indicator. So, when it seems as though everyone is bullish on bitcoin, it’s best to bet on a decline. And when everyone seems bearish, then that’s the best time to bet on a rally. Right now, it seems like almost everyone is bearish on bitcoin. Of course, that has a lot to do with the fact that bitcoin has lost 70% of its value over the past year. It also has a lot to do with bitcoin going nowhere for the past four months. Bitcoin buyers have disappeared. They’ve gotten bored. There’s no action in the bitcoin price. So, traders have moved on to other assets. Meanwhile, the faithful bitcoin investors have stayed on the sidelines. This year’s decline has been brutal. Even true believers doubt the resiliency of bitcoin. So, they’ve put their purchases on hold. Heck, just watch the financial television interviews of previously popular bitcoin bulls. They lack excitement and enthusiasm. They’re cautious. While they still believe in the long-term promise of bitcoin, they’re indecisive on the short-term direction. That is a remarkable shift from the “to the moon” dialogue we heard as recently as this past April. But here’s the thing… The bitcoin sellers have disappeared too. Free Trading Resources Have you checked out Jeff's free trading resources on his website? It contains a selection of special reports, training videos, and a full trading glossary to help kickstart your trading career – at zero cost to you. Just [click here]( to check it out. Let’s face it, anyone who was looking to sell bitcoin over the past few months has had plenty of reasons to do so. The cryptocurrency space has been littered with fraud, hacks, security/regulatory concerns, and multiple negative “news” stories. Yet, at $19,400 per coin, bitcoin trades today at the same level it was trading at four months ago. Despite all the bad news, bitcoin hasn’t fallen. When a security doesn’t fall in the face of repeatedly crushing bad news, it’s most likely “sold out.” Anyone who may be tempted to sell is already out of their positions. There are no sellers left. And in that situation, it takes only a little bit of good news to bring buyers back into the market – and force the price of the asset higher. Admittedly, I’ve been cautious on bitcoin for most of the past few months. The technical picture looked bearish. And it appeared bitcoin was set to break below its support line near $19,000 – and perhaps drop as low as $13,000. If that was going to happen, then all the negative news in the cryptocurrency market over the past few weeks should’ve been the catalyst for such a move. [Market Wizard who predicted negative indexes in 2022 shares shocking new forecast]( But bitcoin didn’t break down. Support is holding. And now, all the moving averages are coiling together – suggesting a large move is coming soon. My bet is that move will be higher. There’s no guarantee, of course. But if bitcoin didn’t fall in reaction to bad news – and it didn’t fall in the face of increasingly bearish investor sentiment – then I’m not sure what else is left that can push it lower. And if it can’t go lower, then just a little bit of buying pressure will push it higher. Best regards and good trading, [signature] Jeff Clark P.S. If you missed my confidential [“Weekend Update,”]( you can still watch the replay. I reveal the latest beta-test results from Imre Gams’ new forex strategy. In total, we’ve seen a 448% return in just 76 days and are on track to make 2,248% over the next year. And as a bonus gift, I’ll share a way for you to gain access to my “$4,000-a-year” Earnings Trader service essentially for FREE. [Click here to watch now](. Reader Mailbag Where do you think bitcoin is headed next? Are you bullish or bearish? Let us know your thoughts – and any questions you have – at feedback@jeffclarktrader.com. In Case You Missed It… [Do Recession-Proof Stocks Exist???]( According to millionaire investor Brad Thomas, recession-proof stocks do exist, and he calls them SWAN (Sleep Well at Night) stocks. [Click here to learn how to build your own SWAN portfolio.]( [image]( Get Instant Access Click to read these free reports and automatically sign up for daily research. 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