Why is Bitcoin STILL Dumping? Watch it hit THIS Price Level!

Why is Bitcoin STILL Dumping? Watch it hit THIS Price Level!

why is Bitcoin still dumping how low can
Bitcoin go when am I buying what am I
buying watch bitcoin price hit this
level let’s talk about this in this
video and find out everything else going
on in the wonderful world of
cryptocurrency smash the like button
send this video to one friend who’s just
a little bit worried about the crypto
markets let’s get into it bitcoin’s
price is tanking right now why for
context remember Bitcoin spent the first
3 months of 2024 in a major rally and
the last 2 months in consolidation and
now it broke below support of about
$62,000 usually breaking support like
this means that we’re going to go lower
before we go higher again the question
is how low can Bitcoin go at what price
will buyers be enticed to jump back in
it’s important to note although this
correction feels like a lot Bitcoin is
only 23% down from its highs of March
but putting it in context here’s a list
of all Bitcoin pullbacks dating from the
bottom of the bare Market in 2022 all
the way to today so February 2023
bitcoin’s price was in the low 20s it
fell 23% that felt like a lot in April
and May of 2023 bitcoin’s price fell 21%
this was in the high 20s this felt like
a lot in July and September of 2023
Bitcoin fell 22% bitcoin’s price still
ranging in the 20s felt like a lot felt
like Bitcoin was never going to go up
again January 2024 now we’re getting
into 2024 bitcoin’s price fell down to
the mid-30s everybody said the ETFs were
a failure in March of 2024 we saw that
18% dip in April May of 2024 we saw that
23% dip and indeed that is today’s dip
so with Bitcoin being just 23% off its
all-time high why does it feel worse
than it is well take a look this is the
second longest run of red weekly candles
in bitcoin’s history second to here in
2022 and tied here in 2015 both times we
were in deep bare markets I think
anybody who says bitcoin’s about to head
into a bare Market is way off because
for context Bitcoin just had the equal
longest run of green monthly candles in
its history seven consecutive green
monthly candles say as 2012 seven
consecutive green monthly candles a red
candle was inevitable now interesting to
note the last time this happened it was
followed by a 6month streak of green
candles then another 5 months of gains
so we did have that big red candle here
but look huge rally after that and then
a huge rally after that so what’s the
real reason that bitcoin’s price is down
well it was really a buy the rumor sell
the news event with Bitcoins having now
two big Bitcoin coin narrative catalysts
are in our past the Bitcoin having and
black rocks ETF not that those aren’t
largely significant for bitcoin’s future
but in the short term these two
narratives are in our past and we’re
seeing a cool down because of it so how
low could bitcoin’s price fall 50k 45k
40K where am I buying Standard Chartered
Bank says that bitcoin’s price could
fall to 50,000 major global bank
Standard Chartered believes that the
Bitcoin price could see further downside
to around $50,000 according to recent
comments Jeffrey Kendrick head of Forex
and digital assets research at Standard
Chartered told the block bitcoin’s
proper price breakdown below 60,000 has
now reopened a route to the 50,000
52,000 range Kendrick cited both the
Bitcoin market and broader macroeconomic
factors Weighing on bitcoin’s Price He
highlighted five straight days of
outflows from the US spot Bitcoin ETFs
and the slow start of the new Hong Kong
spot Bitcoin ETFs as the reason for the
recent price draw down Beyond markets
Kendrick pointed to deteriorating
liquidity measures in the US that have
put pressure on risk assets like Bitcoin
so because support has been broken I am
watching for the 52,000 range for
Bitcoin I think Standard Chartered makes
a good point I think this is spoton it
might not happen because ultimately
there’s plenty of reason to be bullish
Standard Chartered and Kendrick maintain
a bullish long-term Outlook the bank
recently raised its 2024 year-end
bitcoin price Target to
150,000 and sees the price of Bitcoin
potentially reaching quar million dollar
by next year 2025 so I’m still long-term
bullish I’m still bullish for Bitcoin
and crypto this cycle I do want to give
you a warning though you know the market
goes in ab and flows and benjam Cowen
says there’s still a real risk of alts
versus Bitcoin pairs capitulating to the
range lows in the coming months what he
means by this is altcoins versus US
dollar how we usually see the charts
well maybe they go up maybe they go down
but alts versus Bitcoin goes down is
what Benjamin Cowen is speculating
nothing with investing is a sure thing
of course but Ben says I saw it happen
last cycle just before rate Cuts arrived
and wish I had thought about that
outcome which is why I keep reminding
you personally I am into alts trading
holding some quality ones altcoins are
the best way to make money in crypto and
from the charts I’m looking at the
biggest altcoin season since 2017 is
loading up take a look at this chart of
the total crypto market cap excluding
Bitcoin this is us today as you can see
few months ago we broke out and now
we’re retesting just like in 2020 here
just like in 2016 here so anyone who is
bearish here obviously hasn’t done their
homework altcoins about to enter the
parabolic curve if we repeat 2016 and
2020 history doesn’t repeat itself but
it often Rhymes accumulation back test
send it this is what we’re seeing months
of Glory ahead but maybe this happens
first important to note too that the
total crypto market cap has just tested
the 20 we moving average right here
bounce here keep the trend line that’s
what we’re looking for and from a
fundamental point of view there’s still
a lot of reason to be bullish black rock
is moving ahead on its tokenized fund
Bitcoin ETF leader Black Rock leads a 47
million funding round in securitize
Black Rock’s build fund created with
securitize has 375 million in assets
under management securitize says about
working with black rock they say for
years we’ve been grinding and working on
our Tech stack getting all our licenses
and being regulatory compliant the fact
that this is led to work with the
largest asset manager in the world
issuing the largest tokenized Fund in
history is a super big accomplishment
the US spot ethereum ETF is inevitable
particularly when we continue to see
stuff like this Patrick McKenry the US
House Financial Service committee chair
has accused Gary Gensler of misleading
us lawmakers over ethereum I mean
Patrick McKenry is one of several
lawmakers who’s trying to call Gary
Gensler out on his BS you remember this
clip Gary Gensler getting called out by
Tom emmer the biggest crypto failure in
history is probably FTX at9 billion were
you the chairman of the SEC when FTX
collapsed yes and how many times did you
meet with FTX prior to their collapse I
think my public record shows two you met
it with FTX at least twice and arguably
the second biggest crypto failure in
history was teral Luna who was the
chairman of the SEC when teral Luna
collapsed sir we had brought you were
sir reclaiming my time you were does it
concern you that your approach to the
digital asset industry is actually
driving this industry out of the United
States we’re trying to drive it to
compliance and if they’re not complying
with the laws you say the crypto Market
is Rife with non-compliance however
existing SEC rules make no sense for
blockchainbased companies and following
them but actually k these businesses
your regulatory style lacks flexibility
and nuance and as a result you’ve been
an incompetent cop on the beat doing
nothing to protect everyday American and
starting today coinbase rolling out
support for the lightning Network
enabling instant lowcost Bitcoin
transfers the point is my friends
despite this volatility the industry is
moving forward in a big way
cryptocurrency is the future I mean
Bitcoin and crypto did rally hard
throughout 2023 and 2024 so this is part
for the course stick with crypto now is
the time to really dive in now that
people aren’t ecstatic now that it’s not
frothy now is the time to get serious
about crypto and prepare for the next 9
to 11 months which should be the best of
the cycle my name is Aaron at altcoin
Daily subscribe to the channel see you
tomorrow

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Timestamp:
0:00 – intro
0:23 – Bitcoin price TANKING
0:51 – This correction vs other corrections
1:52 – Why does this dip feel soo bad?
2:51 – the REAL reason bitcoin price is down
3:15 – How low could bitcoin price fall?
4:55 – Altcoins about to get wrecked & then biggest ‘alt season’?
6:32 – BlackRock $47M funding round for tokenized assets
7:17 – Gary Gensler accused of misleading US about Ethereum
8:39 – Coinbase & Bitcoin lightning
8:46 – Final thoughts

**Note: My overall opinion is that the name of the game is to accumulate as much Bitcoin as possible. Alts are interesting but a lot more speculative. I use them to accumulate more Bitcoin & Ethereum.

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Most of my crypto portfolio is Bitcoin, then Ethereum, but I hold many cryptocurrencies, possibly ones discussed in this video.

Coins I hold or will hold more than $1k worth (in no particular order): BTC, ETH, ADA, SOL, DOT, AVAX, EGLD, MINA, SUPER, FEAR, VPP, XCAD, RUNE, XDEFI, OPUL, LINK, RFOX, INJ, XPLOT, REALM, NIF, VPAD, SENATE, SIDUS, FORM, DON, CELL, BICO, SIS, MATIC, IMX, METIS, BNB, MANA, SAND, THETA, TFUEL, GMT, TOMI, SEED, TET, COTI, AIT, Prisma

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