Bitcoin Analyze (Bearish 🏁Flag🏁Patterns Festival & Events)!!!

In this article, I tried to make a connection between the classic technical analysis patterns and the fundamental news that we see in the market.

First, I must say that in these few months that Bitcoin has been in a downward trend, the Bearish Flag Pattern has worked well.

It should be noted that each of the Bearish Flag Patterns required a trigger, and Fundamental News activated these triggers.

In the first flag (blue), Project Luna activated the pattern.

In the second flag (sky blue), the bankruptcy of 3AC caused Bitcoin to fall.

Currently, Bitcoin has formed a bearish flag pattern (orange), and I expect this pattern to be activated during the Mt.Gox Bitcoins release event.

It is interesting to know that each of these flags has caused a 45% drop in Bitcoin, and if the current bearish flag is activated, Bitcoin may drop to $13,850.

Another thing that can be said is that the previous big correction lasted about 2 months, and in the current correction, the price returned from the upper line of the current bearish flag pattern after 2 months(Is it a sign of the next drop?).

Let's get to know this fundamental news a little.

🔴What is Happening to Luna crypto❗️❓

The token which was formerly known as Terra Luna $LUNA is now known as Terra Luna Classic $LUNC. The asset is now famous for the crypto crash that occurred in May of 2022: the token which sold as high as $80 per $LUNA is now currently $0.0001074 per $LUNC on CoinMarketCap as of the 20th of July 2022.

🔴Why did 3AC collapse❗️❓

3AC filed for bankruptcy last month, bringing down crypto broker Voyager Digital along with it. Crypto billionaire and the founder of the FTX exchange, Sam Bankman-Fried, blames 3AC for triggering a ripple effect that caused crypto companies to file for bankruptcy or freeze transactions.

🔴What happened to the Mt. Gox bitcoin❗️❓

Gox lost 850,000 BTC in a hack, a creditor dump could conceivably be worse. That said, Mt. Gox wasn't able to get back the stolen Bitcoins, so the trustee is not actually paying out 850,000 BTC to creditors.

In July 2022, the Mt. Gox trustee posted an update that the trustee is “preparing to make repayments” in “accordance with the approved rehabilitation plan.” The trustee currently holds approximately 140,000 BTC, BCH and U.S.$500,000.

Creditors who previously filed claims can elect to receive 90% of what they are owed via an Early Lum-Sum Repayment (which could be somewhere between 15%-25% of what they actually held on the exchange) and also choose which assets would like to be paid back in BTC and/or BCH or cash.

No date is set for repayments to start, though the document did state that the “Setting of Assignment, etc. Restriction Reference Period” may start from the end of August in 2022. This period would prevent the assignment or transfer of claims “for safe and secure Repayments.” This August date could indicate that repayments could start in September, but technically the two dates are unrelated.

Bitcoin Analyze ( BTCUSDT ) Daily Timeframe ⏰

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