Aah, what's, going on guys? It's kdub here with another episode of crypto zombie. Welcome back to the channel hope you're having an excellent day bitcoin over 60 000, my goodness! What is happening well in yesterday's, video.
We were talking about the death cross on the four hour and i showed you guys how back in 2020, we did have something very similar. Everyone was freaking out, it was a fake out. It was a bear trap well to anybody that decided to short that yikes guys it is an uptrend.
The trend is your friend until the end right. So let's. Talk about whether or not this was actually significant. Did we have enough volume, or is this just another shakeout trap? Could we actually go lower? I'll, let you know exactly what is going on with bitcoin right now, but what i do want to talk about is the fact that bitcoin has massive news: lots of interest coming out and in yesterday's video.
I hinted at something that could be absolutely massive for bitcoin price and i definitely think we have that confirmation today. Bitcoin could potentially be headed for 70 000 and higher faster than you think, and if that sounds good to you, you know what to do.
If you're, not subscribed, definitely consider it and without further ado, let's hop into the chart. So you can see right here. We did in fact have that four hour death cross, a lot of people were looking at this.
They were scared, they thought this meant that the price was gonna fall, but i showed you way way way back here. We actually did have a fake out back in 2020, where it looked like. We were going to dip and we didn't, whereas this time we did actually fall under it, but most likely what's gonna happen is this.
20? Is going to come back above the 50 and in fact all the bears just got trapped, so i don't know why you're shorting, the corn right now i told you guys, i told you guys. The trend is your friend and you can see right here.
We have had multiple tests ever since we had this bounce back in january, we had one two three, four and right here we had another five six and if you actually know from just looking at bitcoin, bitcoin is infamous for these double bottoms.
You can see. We had one right here, double bottom and test and again we had another double bottom and boom right, so we are exploding. We are trying to break above and hold above the 60 000 level. So what am i looking at for bitcoin? Do i actually think that we could come down here well number one! I just want to say: congratulations if you actually did get an opportunity to put in the long.
I actually took an opportunity to long at this point because the trend is your friend and right now you can see. We are in fact doing quite well in our position, so i'm, not complaining guys. I'm, not complaining.
This is exactly why we wait. We let the market come to us. We don't chase pumps right, and that is that situation by the way, guys, if you are interested in trading over on by bit, they have huge news today.
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We talk about our different potential entries and how we're looking to trade, this right. So look at this guys. We did have that beautiful bounce right here and i do still believe we are in this ascending wedge.
So i would look for some resistance, maybe some minor resistance at around the 62 000 level. 62. 000. We might see a little bit of turbulence, but after that guys the next level is about seventy thousand three hundred and fifty four dollars you can see.
Bitcoin would probably come up here. Do something like this, maybe before having another retest to the downside, so that's like the super bullish scenario right the bearish scenario, the worst, i think it was going to get.
Is we fall back into this blue box territory right around the 50 000 level? You know we have a little fake out down here before still moving up to the upside, because i still believe that we would be putting in a higher trend.
So, regardless of whether or not bitcoin is higher or lower tomorrow, like i said guys, the trend is still your friend. I would still be looking not financial advice. You guys know that, but i would be looking to still add into those longs accumulating as we go lower laddering into them.
I'm, still looking for a massive move and, as we have seen with the whale bubbles, we have lots of whale to man at 47 we had more at 55, more at 57 and mike novogratz just came out yesterday yesterday and said that he Bought more at 56 000 right, so we are seeing the interest oh and mike novogratz actually has something to do with the news today.
In fact, so is it real is the demand there? Are the institutions buying? Well how about this? For the news today, my friends, morgan stanley, okay, will soon be launching three bitcoin focused funds as demand for cryptocurrencies pick up among institutional clients.
Now keep in mind. They were not very for bitcoin before they they didn't, see a reason to list it or have any type of instruments to get access to it right. But according to this report, morgan stanley told advisors in an internal memo that it would soon launch access to three funds that allow investors to gain exposure to bitcoin.
So the move would be part of the bank's, 4 trillion dollar wealth management, business and michael saylor actually commented. He said: morgan stanley is the first bank to offer bitcoin they won't, be the last the move, a significant step for the acceptance of bitcoin as an asset class was made by morgan stanley after clients demanded exposure to cryptocurrency.
So i don't know why i just uh clicked on that, but you can see down here. They said that clients literally demanded for services to be made available, so accredited investors currently only really have access.
You know through coinbase or gemini or grayscale, but what's? Interesting is out of the three funds. Two okay would be from galaxy digital, the crypto fund, founded by mike novogratz, which is interesting because yesterday he was saying how bullish he was on bitcoin and how he was buying bitcoin at 56 000, and i feel like he was kind of trying to hint at The news without actually saying the news right, another joint venture, would be from asset manager, fs investments and bitcoin company.
Ny dig and ny. Digg also said that they have extremely big news coming out within the week, so it's, definitely going to be a uh gonna be an interesting week. Uh coming up for bitcoin, i'm. Definitely super excited and uh talking about what anthony scaramucci said.
He's, the head of sky bridge and he said that over time, bitcoin may bring returns comparable to those by amazon after 12 years of holding 64 x. Now i don't know if he's talking about 64 x from this current uh price right now, because the 64 x from where we are right now, um, i don't, even know what that would be.
Let's, see 64.. Let's just say we're at 60 000, just for easy math. What is that yeah? That's? A 3.8 million dollar bitcoin, so i'm, not sure if he's. Talking about like i don't know that that's, crazy, though i mean it's possible.
I i do believe. I mean if they just keep printing the money. You know, i think, the the you know the ceiling for bitcoin is pretty much uh as high as you want it to go, but he says at the moment bitcoins passing through its transitionary period same as amazon during its first 10 years.
If you bought 10 000 back in 1997, you'd, have 21 million dollars now, once bitcoin scales and reaches adoption levels of more than one billion. The same may happen in bitcoin and it's likely to show similar returns on investment.
Scaramucci also reminded cnbc that the as soon as bitcoin reached the 1 trillion market cap um, you know it became uh. What what am i trying to say? It became very exciting, like in other words like it's.
It's funny because people think like oh, the price is getting too high so like that means that people don't want to buy. But what's? Crazy is actually the higher the price gets for bitcoin the more legitimate it is seen through the eyes of the institutions and the more that the institutions will actually come in.
He also says that the reason that it got to this market cap so fast is because it's decentralized and he is positive that we yeah. So i guess he is good. He says that bitcoin is going to 64x, but he says it's gonna take maybe 15 years.
So he's, saying in 15 years we could see a 3.8 million bitcoin, so it's possible guys. It's possible and it's, not just that, but in the new deutsche bank report they also talk about bitcoin, no longer being able to be ignored after the one trillion dollar market cap.
Literally. What i was just talking about, bitcoin's, market cap of 1 trillion and a scope for a continued rise in price makes it too important to ignore, and central banks and governments understand that bitcoin and other cryptocurrencies are here to stay.
Thus, governments are expected to start regulating them late this year or early next year. Also, what i talked about in yesterday's. Video was the fact that lots of u.s citizens are getting their stimulus checks.
Did you receive your stimulus check? Yet? Let me know, drop a comment below. Are you going to be using it to buy bitcoin? Well, two polls determined that about 10 percent of u.s citizens plan to use their 1400 stimulus checks to buy bitcoin and other crypto assets, as had happened in previous occasions.
They actually um surveyed a thousand people and asked them what they had previously used their checks for, and you had people saying things like obviously, groceries, rent savings paid down debt etc. But 15 said they had invested the funds into things like bitcoin and crypto currencies and the participants planned for the third round of stimulus checks.
Uh very similar, they say about. Seven percent are looking to buy crypto bitcoin digital assets again right. So you can see right here: 90 billion biden checks have made their way to the american bank accounts and the surveys does suggest that 40 billion will go into bitcoin.
With the fed's. Chair jerome powell expecting any bump in inflation's this year to be short-lived interest rates. My dad actually was on the phone last night. He's like do you see what they're doing. He was talking about.
You know these interest rates expected to stay at zero until 2023. The fed changing its policy to allow for higher than two percent inflation for some time which, honestly, at this rate, you're, clearly going way higher than two percent inflation.
I mean. I remember last year i think it was the month of july. They had four percent in just one month, which is insane so uh that had increased bond yields to about 1.7 percent for 10-year treasuries, because no one wants to buy government debt anymore.
People therefore, are getting out of bonds, and presumably, presumably they're gonna end up in stocks or, as we just saw things like cryptocurrency right. So all signs are pointing towards bitcoin rising and rising and rising, and whether or not we have these shakeouts, these fake outs, these pullbacks - i cannot stress enough - you're, probably sick of hearing me say this right now.
The trend is your friend. Okay, p, i oh man, it it actually frustrates me there's, some people that i respect some of these people. Okay, these are like different traders, and you know they they go on like they'll go on twitter, although they'll, be like oh, like i'm shorting here like get over it or like it.
's, the top fellas and every single time they're wrong and it's. Just like what are you trying to prove you're, trying to scalp trade, the greatest asset in human history, just as the institutions, the banks are except it's, getting put on s, p 500.
You know um treasuries, and now you're gon. Na short, it now like are you kidding me guys, come on get out of town with that mentality, but on in other news, super quick. We also have nfts exploding um lindsay.
Lohan has doubled down on her support for nfts and tron, and she is planning to launch an exclusive uh line of collectibles on justin sun's platform, so nfts uh, whether or not you think they're in a bubble.
They might be in a they might be in a bubble. I mean a 69 million dollars for a painting is a little crazy um. Although i do believe that was a bit of a marketing ploy uh, we can go into that another day.
Um i had some look into that, but um yeah so guys. Also don't forget unmarshall. They actually have formed a partnership with elrond and they're saying that they're, going to be indexing. The elrond around extensively and also decoding it to provide rich and meaningful on-chain data and also they are going to be on pokerstars, so keep your eyes out on that and, finally guys we do have odds financed.
Let's, see how it's. Doing uh it's. Actually going up was a dollar 89. Now it's 206. that did get listed today, um over on uniswap and coingecko. So that is it for me guys, thank you so much for coming back to the channel.
If you haven't seen the uh videos that are popping up right here. Right now check them out and until next time stay, crypto and, of course, peace out. You