Bitcoin Just Did It Again

Bitcoin Just Did It Again

Bitcoin just did it again don’t be fooled by short-term price action because the big picture right now is absolutely crazy I’ve got big news for you out of Brazil today but of course the big story everybody wants to talk about is the inflation news what is going on with that well spoiler alert inflation came in good markets are up keeps happening like that doesn’t it people like to fade people put way too much emphasis on shortterm price action without seeing the big picture I try to talk about the big picture A lot here on the channel we talk about some of the short-term noise as well because it’s interesting it’s fun but big picture look what’s happening now let’s talk of course first about those rate cuts and look the S&P 500 hit a new all-time high today just by a little tiny tiny hair but it did it did it liked the inflation news great I’m sure Bitcoin will have done the same we’ll look at that in a minute of course Lynn Alden here pointing out although still well above the target rate CPI this morning came in slightly soft versus consensus expectations so core CPI 3.4% actual expected was 3.5 core CPI um down 3.3% estim was 3.4 so generally inflation down a little bit this month not by a lot but just a little bit which is fine that’s enough kesy letter sharing prediction markets officially price in two interest rate Cuts this year after CPI inflation data coming in the odds of no cut have fallen from 33 to 24% over the last few minutes according to this guy meanwhile markets implied odds of exactly two rate Cuts have spiked from 21 to 35% less than two months ago the base case showed zero rate Cuts in 2024 odds of rate hikes spiking six months ago market showed a base case of six interest rate Cuts in 2024 make up your minds Market nobody really knows what’s going to happen um the inflation data today would seem to indicate that things are kind of just still moving along in generally the right direction itn’t necessarily mean that we are going to get rate Cuts very soon prediction markets are just that they’re prediction markets right now the FED basically staying course the status quo is being maintained they are looking at the inflation as still too high they want 2% it’s over 3% quite simply it’s 60 or 70% above where they would prefer it to be so they might keep rates higher for longer now rate hikes pretty unlike likely at this point the question is when do they start cutting how much more damage do they plan to do before the First Rate Cuts actually come in Caleb here pointing out don’t get too far H yourself the CPI data is exactly what the FED wants to see but it’s insufficient to start cutting rates they need time-based disinflationary progress the three and six Monon treasury yields are still saying no Cuts in the next six months well look forward to next month’s inflation data of course I liked this meme shared by Bitcoin there IST showing how the economy works this is drone pal walking in circles oh let’s do some Quant beesing oh inflation’s high oh let’s raise the rates oh soft Landing oh recession oh lower rates oh the economy’s weak again time to do QE again and round and round we go that’s modern monetary Theory massive manipulation by the central banks now we have massive news today out of Bitcoin big news out of Brazil I want to talk about the Bitcoin charts as well because I know what you’re I know what you’re thinking oh the S&P 500 went to a new all-time high today Bitcoin probably a new alltime high today too well more on that in a second but first real quick shout out to today’s sponsor which is I trust Capital if you would like to enjoy taxfree crypto trading you might want to look into itust they allow you to bring over your existing Ira start a new one roll over your other threel three number retirement plans and you can trade as much as you want over here without hitting a taxable event imagine that thousand trades not not getting taxed once on any of it that’s pretty God darn cool right if you’ve been trading crypto you know how much taxes suck okay this helps you legally sidestep all that by using retirement account 365 days a day years a day 247 like crypto markets actually are unlike Bitcoin ethereum ETFs only trade Monday to Friday 95 this meets you where you are in the crypto markets they even have physical gold and silver via the partnership with Kito low cost no monthly fees and they are the biggest crypto Ira provider in the game if you’d like to learn more Link in the description you get a $100 funding bonus as well so check it out thanks trust again for sponsoring today is conversation so the price of Bitcoin wait a second wait a second what what sorcery is this the S&P 500 it’s that new alltime high Bitcoin what are you doing get up you lazy you lazy Bitcoin get off your butt what what’s going on here yes yes Bitcoin is not a new all-time high today because Bitcoin that’s why deal with it basically now what’s interesting I made the video yesterday sharing about the sentiment in the market and everyone freaking out because we are essentially retesting the 50-day EMA and hitting major areas of price support and everybody loses their minds and then what happens oh look again we have the CPI data come in the world’s not melting fed’s not raising interest rates or anything like that everything’s fine in markets and and the price starts pumping back higher now currently currently currently currently we have not yet got a bullish engulfing candle we’re basically spoton equal to the previous day’s candle uh body so we’ll see how the daily close comes it’s still 10 hours away from the time that I’m recording this video so maybe we get a little bit push up and that’ be a nice bullish engulfing to push back up and retest 72k again remember remember I like this to make this very very clear until we cross over $72,000 expect more consolidation in the range yesterday we went down to $66,000 and some change that’s with in the range that’s nothing dramatic that’s nothing crazy and if you think that’s a crazy move then you’re overleveraged quite simply that’s a baby move that’s nothing that’s not even worth getting out of bed over it’s just whatever Bitcoin doing coin stuff if these kind of moves freak you out you’re probably Overexposed or overleveraged so keep that in mind we are seeing massive consolidation happening we’ve been seeing massive consolidation happening for a while of course we had the big initial selloff that was a 25% or something correction all the way down to 56k here guys remember that everyone was freaking out back then man war or something or whatever fud event of the day got everybody losing their minds then here we are look all we did was retest key area of price support flipping previous resistance into support let’s see again 72k that’s the number to beat Okay so until that happens don’t get too excited when we see 72k taken out with a nice decisive green candle some volume backing it up then we might be able to get a little bit excited but then it’s probably just going to go up a little bit come back down to retest 72k and then launch off because that’s the kind of fake out of this Market loves to do to you so be prepared for those kind of things until then just accept there’s going to be volatility there’s going to be sideways chop which is basically what we’re going on with right now nothing too crazy happening guys the price of bitcoin’s at $69,000 a God all the way down to $66,000 yesterday who’s freaking out over this this is great this is great the price of bitcoin’s in the $60,000 range go back a year ago everybody be praying for this here we are just chilling chilling man it’s great we love to see it Chris berisi saying people getting too bearish that was from yesterday but he’s right he said most things look solid the volume is minor today the flush later this weekend the springboard he said you look at this chart and choose to be bearish why that’s exactly right this is not look like a chart that’s blowing off the top of the market you know just think about it think about where we are where we are still in the M moving in the direction of circle CEO saying crypto’s in the best position is ever been in you do understand this right this is why I keep talking about the big picture I know we talk about short-term price noise it’s interesting we all like talking about it’s like talking about weather right the big picture though what are you actually investing in what’s your actual investment thesis in this Marketplace and most people don’t have an investment thesis they just show up and hope to make some money by throwing money into you know Iggy as aa’s butt or whatever it might be fine everybody has to have hobbies I guess but for people who are here to get Financial Freedom and keep Financial Freedom you have to understand the big picture of what you’re investing in and Jeremy Lair is completely right crypto is in the best position literally that it’s ever been in literally it’s ever been in Bitcoin ETFs proliferating across the globe Hong Kong Australia the UK the USA Canada and Brazil from a couple years ago other countries South Korea probably coming pretty soon other countries probably Thailand Thailand threw out some uh Bitcoin ETFs institutions the other day but still big things are happening more Fiat on-ramps than have ever existed base Seasons here salamine craziness is here all this stuff is happening and of course it’s getting to be a big political issue too and look at this news that came out today this is absolutely massive 60 million customers at Brazil’s itau Bank largest bank in Brazil can now start buying Bitcoin think about how insane that is coinbase has 120 million customers this is half as big as that now obviously look not all the 60 million customers are going to go buy Bitcoin obviously what if a million do what if a million people put a hundred bucks into Bitcoin at this bank or a few hundred bucks that’s a lot of money real quick isn’t it real quick this is the Fiat on-ramp tsunami that we’re seeing it’s not just the ETF the US ETFs getting all the attention right now it’s just the tiny tip of the iceberg tiny tip of the iceberg okay so if you can’t see the big picture I don’t know what to tell you because it’s a crazy picture if you’re looking at all the little pieces and putting it all together man what are we doing in crypto right now it’s absolutely insane of course this has become the Bitcoin election as well president former president probably future president just the way it is guys Trump he said after meeting with the CEO of Bitcoin magazine and top us Bitcoin miners he said he wants all the remaining Bitcoin to be mined in the USA he said Bitcoin mining may be our last defense against the Central Bank digital currency said Biden’s hatred of Bitcoin only helps China Russia and the radical communist left read that in Trump voice Biden’s hatred of Bitcoin only helps China Russia and the radical communist left okay terrible Trump impression anyway he said when all the remaining Bitcoin he made in the USA look it’s very very interesting that I have no idea what the this guy does if he gets reelected what he’s actually going to do for the crypto industry okay politicians will say whatever it takes to get elected okay in case you’re new around uh the political scene that’s kind of how the game works that being said what if he does fulfill some of this stuff I mean Trump has actually been getting involved in crypto the dude owns ethereum he sold nfts it’s very interesting isn’t it and of course all these people are out there trying to Orange Peel him on bitcoin and it is a winning political issue because in America was it 20% of the population owns crypto or something like that that’s a massive group of Swing voter potential okay it’s interesting you don’t have to like Trump I get it I get it but if you are a pro- crypto voter then you have two choices Trump or RFK Jr RFK Jr’s chances I don’t know it would be great to see someone like that I feel like that’s a person who has the right ideas not trying to get too political here but the syst Sy I don’t know if the system is ready for someone like that Trump though he’s the leading candidate by all polls right now and he’s Pro crypto so make it that what you will meanwhile the Democrats um Bitcoin archive here saying imagine if the Democrats politicized the internet in the 1996 election and allowed the Republicans to become the party of the internet well that’s what the Dems are doing now with Bitcoin and crypto more broadly just think of it just think of it this is the crypto election and one party is very anti- crypto and one party is very Pro crypto plus RFK junr very Pro crypto I feel like RFK is gets it more as more authentic perhaps in his position but uh hey you know if Trump’s getting orange pilled you never know man things can get real crazy real fast and regardless of your political opinions on any of the characters involved I don’t really care who you guys vote for do whatever you want that’s that’s the point of democracy right but you can’t argue the fact that things have got real crazy real fast and that this is this is the crypto election in the USA in 2024 it has become a major political issue where all candidates are forced to now have an opinion on it and that’s crazy thanks for watching I’ll see you in the next one

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