In short: Simon and the ParadiseTeam read Poolin’s Chapter 11 filing as bullish for crypto, not bearish. Poolin realized its losses in 2022 and holds no Bitcoin, so there is nothing to sell. The news lands at a strong medium-timeframe support, feeding bearish sentiment that could set up a short squeeze.
Why did the ParadiseTeam mark Poolin’s bankruptcy as bullish?
Track it live: our Crypto Fear and Greed Index updates in real time, so you can watch this shift for yourself.
Because Poolin already realized its losses back in 2022 and no longer holds any Bitcoin. With nothing left to sell, the filing puts no real selling pressure on price. Simon says the value sits in timing and sentiment, not in forced coin dumping onto the market.
The ParadiseTeam frames the filing as part of a market purge. Bad risk managers must capitulate before a real macro bottom forms. Simon notes this pattern has repeated since 2011.
What do funding rates say about positioning right now?
The ParadiseTeam splits exchanges into retail-heavy and smart-money venues. On the retail exchanges funding is turning neutral to negative, with Bybit going negative. On the smart-money exchanges funding stays positive. So retail is leaning short while smart money leans long, a setup Simon tracks on the funding board.
That split feeds bearish sentiment while smart money quietly builds longs. Simon reads this as selling pressure being absorbed. He sees that raising the odds of a short squeeze to the upside.
Where are the key levels Simon is watching?
Simon is bullish on the daily and 4-hour charts, bearish on the weekly. He expects a push toward the $79,000 resistance, a level he says carries many confluences. If price stalls there, he wants to buy near the $60,000 to $61,000 zone during a secondary wave lower.
He also flags a magical number around $69,000 as strong resistance. Below that, the $60,000 area is his preferred buying region. These are levels for planning, and Simon ties them to position sizing discipline.
Is $44,000 inevitable for Bitcoin?
Not inevitable, but Simon calls it the highest-probability path. He sees Bitcoin working through a five-wave structure toward a $55,000 to $44,000 zone, where he expects an exchange of hands. A medium scenario just taps the zone. The lowest-probability scenario recovers now toward the $169,000 target.
Simon says four of the five waves are done, with the fifth forming an ending diagonal. He is watching a net unrealized profit and loss indicator for capitulation. More of these breakdowns are covered in the video analysis hub.
How is Simon trading this setup?
Carefully, with confirmations before buying. On the 4-hour chart Simon sees hidden bullish divergence and exhausted bears, hinting the support may hold. He wants an RSI bullish cross and a reclaim before going long. Paradise VIPs already took a first Zcash target at 1x leverage and moved stops to break even.
Simon puts the odds of another long squeeze near 5%, down from the prior video. He would rather buy the third wave for a stronger risk-reward. Discipline and process, he stresses, matter more than any single call.
Frequently asked questions
Did Poolin’s bankruptcy force Bitcoin selling?
No. Simon says Poolin realized its losses back in 2022 and no longer holds any Bitcoin. Because the company has nothing left to sell, the Chapter 11 filing adds no direct selling pressure to the market. Its impact is on sentiment and timing, not on forced coin liquidation.
Is Simon bullish or bearish on Bitcoin?
It depends on the timeframe. Simon is bullish on the daily and 4-hour charts, expecting a push toward the $79,000 resistance. He is bearish on the weekly timeframe. He stays aware of lower-timeframe bearish signals but still favors one more push higher before a secondary wave lower.
What is the exchange of hands zone?
It is where Simon expects bad risk managers to sell into strong hands. He places this current zone at $55,000 to $44,000. Historically the prior zone sat near $24,000 to $16,000. Simon says price needs to spend time there for a proper macro bottom to build.
What confirmations does Simon want before buying?
Simon wants proof, not guesses. On the 4-hour chart he looks for an RSI bullish cross and a reclaim of resistance turned into support. He also wants a bullish candle pushing the RSI line up. Only then does he treat continuation to the upside as high probability.
What is Simon’s longer-term Bitcoin target?
Simon points to $169,000 as his target for the next bull trend. Before that, he expects the market to work down into the $55,000 to $44,000 zone. He wants to see losses realized and absorbed by spot buying first. That divergence, he says, signals the macro bottom.
MyCryptoParadise has run a professional crypto signals and trading-education service since 2016, led by founder Simon Mach and the ParadiseTeam. Simon records these sessions three times a week, and every episode lands on the Bitcoin video analysis hub.
Educational content, not financial advice. Crypto trading carries substantial risk; you can lose your capital. Past performance does not guarantee future results.
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