So what’s going on?
I see a lot of influencers out there trying to take credit for something that @BCBacker (Blockchain Backer) called back in 2021, which is a retracement back to the 0.702 fib extension.
As this looks as though its playing out now, so Bitcoin back to the 50-60k range by approximately May 2023, with alt coins following, people are jumping on the idea now. I’d say 99% of these people were not interested in the potential scenario when they may have heard about it at the time back in 2021, as Bitcoin should have been at 100k then right???
It was a bold move for BC Backer to make, and I’ll be honest, it didn’t sit right with me at the time. He called the Bitcoin top in 2021, and then predicted this retracement. I didn’t want to hear it, along with everybody else.
However the more I watch his content, the more I have got to understand him and how he doesn’t get caught up in the day to day noise. He does have some odd altcoin picks, but as far as Bitcoin goes, he has not been wrong in his predictions…yet.
The plan
Bitcoin trades in the 50-60k range, the alts follow BTC and pump too.
The 0.702 fib extension is reached for Bitcoin, now we dump hard, back down to 10k region, or potentially lower. There is also the potential that the alts for whatever reason, so not follow BTC in this pump, maybe due to a Black Swan event.
How I am playing it
I’ll sell half of my Bitcoin stack at around 48k. I can’t give an accurate number as I’ll need to see what the charts/market looks like at the time, but let’s go with 48k if I start getting a twitchy bum…if the alts have not pumped at all in to this BTC retracement I will sell 75% of what I have in alts. If the alts do as intended and pump with BTC, I will sell half of alt positions.
Now that may sound bizarre, but my reasoning is, if the alts have pumped then I want to take profit. If they have not started pumping into Bitcoin's 0.702 fib level then it’s unlikely that they will pump at all, so I would want to get out with what I have before they come tumbling down with Bitcoin.
I could be wrong (BC Backer could be wrong), so I’d still like some skin in the game if this retracement miraculously turns into a bull run (highly unlikely though).
I have documented my plan now on the blockchain, so no deleting if it doesnt play out like this.
This is my fault if it doesnt play out, I have put my trust in BC Backer, but also appreciate that he could get this wrong for the first time. No one can be right forever, but I am confident.
Lets see what happens.