They Will DUMP Bitcoin to THIS Price (Get Ready)!! Bitcoin News Today & Ethereum Price Prediction!

They Will DUMP Bitcoin to THIS Price (Get Ready)!! Bitcoin News Today & Ethereum Price Prediction!
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Timestamps:
Bitcoin ETF News (must watch)!! 0:00
Important Bitcoin Analysis! 5:43
Ethereum Technical Analysis! 13:17
Solana Technical Analysis! 16:04

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– Crypto World –

Welcome back to the good Channel everyone my name is Josh and right now Bitcoin has just confirmed the break to the downside below this critical support setting up a bearish trend reversal on The Daily time frame as this warning signal has been telling us and on top of

That we are about to see billions of dollars worth of sell pressure hit the Bitcoin Market while ethereum is still playing out this bearish pattern running into the final area of support before potentially much lower prices so I’ll be talking about all of that and more in this video definitely watch to the

End first of all we need to talk about the spot Bitcoin ETFs because of course we have some massive spot Bitcoin ETF news today first of all Black Rock is now holding almost 40,000 Bitcoin in their spot Bitcoin ETF worth around 1.6 billion us as you can see here on black

Rock’s own website once again right now they’re currently holding around 39,9 25 Bitcoin worth approximately 1.6 billion US which means black rock is just continuing to buy more and more Bitcoin basically every trading day when the Bitcoin ETFs are trading on the US Stock Market and now you might be

Wondering well if black rock is buying hundreds of millions of dollars worth of bitcoin every trading day how is the Bitcoin price dumping and well one of the main reasons behind that is of course gray scale dumping even more Bitcoin than what black Rock’s actually buying for example as you can see right

Here just yesterday gray scale sold another 19,200 Bitcoin approximately worth around $780 million that they just dumped on the market and I’ve been saying this basically every single day since the spot Bitcoin ETFs have been approved I’ve been saying that gray scale is likely going to cause a lot of selling

Pressure at least in the short term and moving forward from today they’re likely still going to continue a lot more selling pressure every single trading day they’re likely going to dump hundreds of millions of dollars worth of bitcoin when the Bitcoin ETFs are actually trading and in case you’re

Wondering how much Bitcoin Grays scales actually still holding right now they are still holding over 558,000 Bitcoin worth well over 21 billion us and so overall since the spot Bitcoin ETFs actually got approved gra scale has dumped billions of dollars worth of bitcoin but that’s still nothing compared to what they are still

Holding and so once again as I’ve been saying over and over again here on the channel since the spot Bitcoin ETFs have been approved once again expect selling pressure in the short term due to grayscale expect lower Bitcoin prices and in case you’re new to this Channel

And you’re wondering well why is gray scale selling all of this Bitcoin and the reason behind that is honestly due to the fact that they have very high fees because first of all all of this Bitcoin right here does not actually belong to grayscale themselves this is just people’s Bitcoin that’s sitting

With grayscale grayscale is just looking after it and basically while that Bitcoin is sitting in the grayscale Bitcoin trust in the spot Bitcoin ETF that grayscale is managing grayscale is charging around 1.5% in fees every single year on all of that Bitcoin whereas by comparison if you’re looking

At the spot Bitcoin ETF managed by Black Rock black Rock’s charging 0.25% on their spot Bitcoin ETF and so when you compare a 0.25% fee to a 1.5% fee obviously that’s a massive difference in fees that you are paying if you’re talking about tens of billions of dollars and so simply due

To the fact that gray scal is charging very high fees on their spot Bitcoin ETF a lot of this money is Flowing out of Gray scale and flowing elsewhere like for example to the Black Rock Spot Bitcoin ETF but because the grayscale Bitcoin ETF is a cash create ETF it

Means they have to pay out this money in US dollars so if all of this Bitcoin is wanting to leave grayscale grayscale is having to dump that Bitcoin on the market to raise US dollars to actually pay out those withdrawals and so that’s basically what’s been happening once

Again a lot of Money’s been flowing out of gry scal because grayscale is charging very high fees to the point where they’re losing a lot of their business but while this business is is Flowing out of grayscale’s hands once again it’s causing a lot of selling pressure for Bitcoin and like I said

Earlier they’re still holding well over 500,000 Bitcoin worth well over 20 billion so we could potentially see a lot more selling pressure ahead of us but as I’ve also been saying in recent videos here on the channel even though I’m expecting short-term selling pressure due to the grayscale Bitcoin

ETF and a lot of outflows coming out of grayscale ultimately this is temporary selling pressure obviously this is not going to last forever because even though gr scale holds a lot of Bitcoin it is a limited amount of Bitcoin they don’t have unlimited Bitcoin and so just for example if they continue dumping

Around 19,000 Bitcoin every single day from now on with this amount of Bitcoin that they’re holding they’ll run out of that Bitcoin completely in roughly around 1 month from now but it’s unlikely that all of their Bitcoin Holdings is going to completely drain to zero they’re likely going to retain some

Bitcoin Holdings and so basically in less than a month this selling pressure from grayscale will like stop but at least over the next few days possibly over the next few weeks once again we could continue to expect this grayscale selling pressure dumping the price of Bitcoin and once again the selling

Pressure from grayscale is simply greater than any buying pressure from Black Rock for example which is why we’re seeing dumps in the price of Bitcoin in the short term and not pumps even though black rock is buying once again they’re buying less than the amount that gry gal is actually dumping

But perhaps in a few weeks from now or in a month from now when gry gal’s basically done selling obviously at that point Black Rock could still be buying hundreds of millions of dollars worth of bitcoin and so at that point obviously we could potentially see a larger

Bullish recovery in the crypto Market perhaps in a few weeks or in a month from now for example but at least for now once again in the short term we are simply looking bearish ever since we saw a perfect rejection from the golden pocket area of resistance sitting in

Between around 48,000 to 50,000 here on the weekly Bitcoin chart and as I said all the way back then in fact before we saw that rejection I said that’s the most important area of resistance that we need to pay attention to on the larger time frames and obviously we did

End up seeing a perfect rejection from that resistance which means that is still the strong area of resistance to pay attention to here on the weekly time frame but as I’ve also been saying here on the larger time frames like the weekly Bitcoin charts I’ve been saying

Ever since the beginning of 2023 that I’m extremely bullish on the much larger Trend here on the larger time frames and now as always it is important to understand the difference between the different time frames to not confuse bullish or bearish Price action between different time frames so for example

Once again like I said earlier I am bearish in the short term as in potentially over the coming weeks I am bearish but remember during a much larger bullish Trend like the bullish trend on the weekly time frame we can see short-term bearish Trends or short-term pullbacks during the much

Larger bullish Trends just like how in these previous significant bearish Trend that we saw in 2022 obviously we can see short-term bullish Trends and shortterm ter pumps to the upside during the much larger bearish Trend and so basically when you’re looking at the much larger Trends on the weekly time frame for

Example we’re basically looking at the bare market and bull markets but once again the bare markets can contain short-term bullish Trends just like how the bullish markets can contain short-term bearish Trends from time to time and so that’s basically what we’re seeing right now once again a shorter

Term bearish Trend that is occurring within a much larger bullish Trend here on the weekly time frame and if we zooming into the daily Bitcoin chart obviously the bearish Divergence is still playing out as expected in the form of a pullback in the price of Bitcoin which is one of the most common

Outcomes from a bearish Divergence either a pullback or choppy sideways price action is usually what we see from a bearish Divergence and as for support levels to pay attention to on The Daily time frame we’re just about to run into this area of support which is sitting in between around 37.9k to around

38.4k and that level of support is based on previous resistance but if we break below around 37.9k then in that case our next area of support is sitting in between around 35.3k to 35.8k and below that we have this area of support sitting in between around 33.4k to around

33.9k and so once again as of right now those are the important areas of support to pay attention to on The Daily time frame and I would also be keeping a close eye on the daily Bitcoin RSI because as of right now this is actually getting very close to oversold

Territories and typically if the daily Bitcoin RSI enters into oversold territories that means we have limited room to the downside for the bearish price action on The Daily time frame but once again we’re not quite there in the RSI so technically we still have a little bit more room to the downside

Here in the price of Bitcoin but once again I’ll just be watching that RSI in case it does enter into oversold territories once again that could be a potential Buy Signal to watch out for if if we continue lower but staying on the daily time frame looking at the dxy also

Known as the US doll index and obviously this is continuing the bounce to the upside which as I’ve been saying for over a week now close to two weeks this is a warning signal for Bitcoin and crypto telling us that we’re likely going to see bearish price Action Moving

Forward because as you can clearly see on this chart right here when the dxy is bullish that is almost always bearish for Bitcoin and crypto and it’s happening once again as we can see right here and speaking of those bearish signals we’ve just confirmed another one with a confirmed break below this

Critical line of support this ascending line of support which was sitting at around 40.3k and obviously we have now seen a daily candle close below that line of support but once again as I’ve been warning about recently on the channel the RSI has been acting as a leading indicator for the price because

At the very least if we see a bearish trend form in the daily Bitcoin RSI at the very least that’s a sign of weakness for the bullish Trend in the price of Bitcoin but once again as I’ve been warning about on this channel this can be a leading indicator for the price

Quite often if the RSI enters a trendy reversal in the bearish direction it usually happens just before we see a bearish trend reversal in the price of Bitcoin and so once again that is the situation right now in the shorter term on The Daily time frame we are currently

Trending in the bearish direction so I continue to expect lower prices in the short term especially with the selling pressure due to grayscale and I’ll pay attention to those levels of support those are the areas where most likely to bounce at but remember this is talking about the short-term bullish and bearish

Trends on The Daily time frame but if you zoom out on the much larger time frames this is occurring within a much larger bullish Trend and if we’re taking a look at the much shorter term looking at the 4-Hour time frame obviously we’ve just confirmed a break below that area

Of support which is why I’d be paying attention to those areas of support here on the daily time frame and just before taking a look at the important Bitcoin liquidation heat map revealing a massive price Target to the downside just just before talking about that if you’re

Wanting to trade these moves in the price of Bitcoin whether we’re bullish or bearish you can use Longs or shorts to make money in either direction and personally I take those trades over on buybit and so I’ll make sure to leave a link to buybit in the description down

Below and in the Pinn comment and if you use that link to make a buybit account and deposit on that account you can get up to a $30,000 deposit bonus but only if you use that link down below this video but for whatever reason if you

Cannot access bit or if you cannot kyc on bit there is also bitflex which is another crypto exchange similar to buybit but you don’t need kyc for bitflex and so I’ll also make sure to leave a link to bitflex in the description down below and in the pinned

Comment and if you use that link to make a bitflex account and deposit $100 worth of crypto and to make one trade over on bitflex then you can get 10 usdt completely for free and so if you’re trading crypto anyway or if you’re preparing to take the next trade you

Might as well get set up or ready to go on one of those exchanges using those links down below this video If you want to get those extra bonuses but anyway taking a quick look at that Bitcoin liquidation heat map this is looking at the last 3 months worth of

Price action and we can see some liquidity zoned to the downside first of all we have some liquidity at around 37.8k and some more liquidity at around 36.7k but our most significant area of liquidity our most significant level of liquidity here in the Bitcoin liquidation hit map when you’re zooming

Out is starting at roughly around 34,000 more specifically we have a level at around 34.3 to 34.4k and our most significant level of liquidity is sitting in between 33.9k to 34k and so once again at roughly around $34,000 we have billions of dollars worth of liquidity a massive

Amount of liquidity down towards around 34k and so basically what this means is this is attracting the price of Bitcoin towards that area because usually these liquidity Zones Act as magnets basically pulling the price of Bitcoin towards these areas and so considering we just broke below critical support and we’re

Currently trending in the more bearish Direction once again that is a potential massive price Target to the downside at around 34k but remember between now and then we do have those levels of support here on the daily time frame that we could potentially bounce at but anyway

Getting into the ethereum part of this video this is on the daily time frame and right now the bearish Divergence is still playing out as expected because once again the most common outcomes from a bearish Divergence are either choppy sideways PR action or a pullback and obviously we’re very much seeing a

Pullback right now and so as I’ve been saying almost every day over the last 1 to two weeks since all the way back up here I would not be expecting any significant bullish price action at least in the short term or bullish momentum in the short term and as I’ve

Also been seeing over the last half a week since the price was all the way back up at around 2.5k we’ve just seen a bearish cross in the daily ethereum macd telling us we’re going to see more bearish momentum so expect lower prices in the price of eth and as for

Significant support we do have this area of support on The Daily time frame which was previous resistance all the way back here and also previous support right here and this area is sitting in between around 2.1k to 2150 and so that’s basically the final significant area of support here on the

Daily time frame for the price of e because if we start breaking below around 2.1k with daily candle closes back below 2.1k then we could potentially see much lower prices and some potential levels of below that first of all we could find some support at around $2,000 but below that our next

More significant level of support is starting at around 1930 and below that we have more support down towards around 1770 to 1780 and so once again at least for now in the short term we’re simply trending in the bearish direction at least in the short term here but once

Again we could potentially bounce at some of those important levels of support that I just mentioned and if we’re zooming into the shorter term looking at the 4-Hour time frame obviously ly we were already trending in the bearish direction as I’ve been talking about for a while now on the

Channel but the price even broke that bearish Trend breaking even more bearish and once again we already knew that we were going to see more bearish momentum start picking up due to that bearish cross telling us we’re going to see more bearish momentum as I’ve been warning

About over the last 4 to 5 days and so right now once again that short-term bearish trend is still the case but we are picking up bearish momentum but right now we are actually running into this important area of support in the shortterm on the 4-Hour time frame

Sitting in between around 2170 to around 2.2k and so once again it’s possible that we could see a slight bounce of some sort from that area of support but ultimately we’re still trending in the bearish direction even if we do see a small Bounce from that level and staying

On the 4-Hour time frame obviously we’ve just broken below this previous area of resistance which was temporarily acting as a bit of support and so our next support to pay attention to is once again this area sitting closer towards around 2150 which here on on The Daily

Time frame is once again in between around 2.1k to 2150 and if we’re taking a look at the price of salana against the US Dollar on the weekly time frame obviously that perfect rejection from this significant area of resistance is still continuing and once again as I said around 1 to two

Months ago here on the channel when we initially saw the breakout Above This golden pocket on the weekly time frame I said at that point right there that we’re likely going to quickly move up towards around $120 and then it’s very likely we’re going to see a strong

Rejection from $120 and obviously that is continuing to play out exactly as expected but right now obviously the price is basically already retraced all the way back down towards the golden pocket which could now act as support as we saw back here and that area is sitting in between around $69 to

$77 once again acting as support but if we actually see a confirmed break back below that golden pocket on the weekly time frame so if we see weekly candle closes back below around 68 to 69 $9 then in that case our next significant support is sitting at around

$46 but anyway taking a look at the short-term looking at the price of salana and obviously just now we’ve seen a break below that golden pocket on the 4-Hour time frame which was sitting in between around $835 to $85.50 and that was acting as a bit of

Short-term support for a while now over the last couple of weeks but now that we’ve broken below the Goen pocket obviously that means we’re exiting that sideways price range that we were in over the last few weeks and basically we’re resuming that short-term bearish Trend that we were previously in before

That sideways price range and so right now some shortterm levels of support to watch out for are sitting at around $77 and more support down towards around 67 to $68 in the shortterm and so once again that is the situation right now we are trending bearish in the short term

But that is currently occurring within a much larger bullish trend on the weekly time frame but either way if you want to know how to make money no matter what direction the price is whether we’re bullish bearish or simply chopping around sideways you can make money in

All of those scenarios by watching these videos popping up right here on your screen the video in the top left shows you how to make money if the price is bullish or bearish using Longs and shorts and the video in the bottom left shows you he can easily profit from

Choppy sideways price action but anyway that is everything that I have to say for today I really hope you enjoyed and I’ll see you all in the next video