Thread by @0xStacker

Why $BTC will likely bottom at $24k 👇

Simply, $24k is the point at which it becomes significantly risky to short $BTC.

Why? Because as soon as $BTC's price drops below $24k, shorters can no longer maintain their liquidation points above the key resistance of $48k ($BTC's last swing high).

This has been the case for nearly every big crash in $BTC's history.

Here is the 1x short bounce from our all time high.

Bought @ $34.5k twice and laddered out by $46k twice.

Here's last summer's crash. Short pressure completely gone at $29k.

Here's the March 2020 crash.

Here's the 2019 Summer rally. Bottoms at the 1x short after a slow bleed down.

Here's the Nov/Dec 2018 crash.

And, of course, the initial 2018 bear market crash.

If the bears really get ballsy, they may be able to take $BTC down to $20k, using the beginning of this crash as their local high resistance point.

So... buy hard at $24k. Save a bit for $20k if you feel so inclined. Not financial advice.

These charts and the margin pressure level (MPL) tool used in them is part of the cryptostackers.pro dashboard, a dashboard I designed to make TA simple.

If you think I'm right, retweet 🔁 the top tweet.

If you think I'm wrong, comment below.

Either way, #WAGBO.