WTF Just Happened To Bitcoin & Crypto?

WTF Just Happened To Bitcoin & Crypto?

Bitcoin crypto the prices are in the gutter right now you’ve probably no look if you’re all in Bitcoin and ethereum you’re probably thinking a markets are okay right now if you’re in altcoins wrecked destructed is bad I got some altcoin bags that are like I don’t even want to look I don’t even it’s not worth looking right now and look I know Market’s getting pretty crazy I’m a bit numbed all of it we’re going to talk about really in this video that yeah I know this is bad right now I get it okay I’ve been in these markets a long time if you’re new around here this might be all bit extreme and shocking and scary to you for the people who’ve been around the market for a while the current price action on the majority altcoins we probably not that surprised and I and I want to talk to you in this video about what’s going on in the markets my sentiment on the market my thoughts on the market some of the big things I see happening in the market and why I am still looking for big exciting things coming for my altcoin bags in particular obviously Bitcoin ethereum they’re going to do fantastic with each TF inflows but big things coming to the market I want to discuss that with you so without any further Ado let’s go ahead and do the thing and get into it so price of Bitcoin after our rejection the other day on June 7th at the 72k Mark again again loves getting rejected at 72k doesn’t it we did lose the 50-day EMA yellow line on the chart here currently struggling to regain that you want to see that be taken out in order to regain that shortterm momentum for another run at 72k obviously currently our daily macd starting to turn around a little bit starting to Trend a little bit higher let’s see if we can maintain that or not shortterm price noise is basically long story short here guys because realistically I look at this chart and all I see is that the price is just ranging sideways so we had the new all-time high before the bit coin having we had the Bitcoin having now the price is basically just grinding sideways and in a way sideways price action becomes something of Max pain even for the altcoin markets where they just keep bleeding out continually as capital keeps getting rotated around into the newest flavor of the week mcoin game look at this look at this chart this is this is not the kind of chart you want to see obviously again bitcoin’s doing okay ethereum’s only down perc then look at the rest of the altcoin market just all kinds of Devastation across the board here red red red is the favorite color of the market today apparently and I want to share this sentiment with you because I really think that it’s true this is some guy quoting djun Spartan and saying your biggest risk is being underall allocated to the industry log into every single damn day to talk about since you know it’s going to go up again eventually but not having enough coins because you’re a little it’s one way to put it look quoting here of course but it’s true it’s true I look at it as the the biggest risk is not the price going down a little bit more I I really don’t care I really don’t care and that’s me and I really need to point this out because my risk tolerance my portfolio allocations it’s not you guys you have your own risk appetite your own way of approaching things in the market and you need to listen to yourself I hope that I can educate entertain um hopefully we have some fun here obviously but at the end of the day you’re the one who’s got to make the calls for your portfolio the things that I invest in the times that I put my money into things and the calls that I make they don’t always work out some of them do enough of them do usually that I end up making good money in the market not all the time it’s not you know nobody can win all the time in the markets right but I look at it as big picture even if the prices go down a bit more on those altcoin bags the long term where are we going with this Market what’s actually happening here big things that’s what and I would not want to be under allocated to the cryptocurrency market knowing what I know is coming and as this it’s funny the the X algorithm is really on point yesterday this is literally the next tweet after I saw that one from DJ Spartan and said when you’re willing to lose everything you’ll finally get anything it’s a switch you commit and you let go at the same time you act with Force but never forced you’re attached to a mission but detached from outcomes you’re fine no matter what happens you could sleep on the street or in a skyscraper with a smile because you have you and that’s all you need if you can walk alone through a thousand nightmares and a thousand different lifetimes the world is yours and it’s an interesting quote because I look at the markets and the markets just eat people up all day long people coming in with hopes and dreams of making a big and hitting the next beam coin and stuff like that it’s a hard game if it was super easy everybody would just do it and everybody be rich doesn’t work like that nine out of 10 investors probably will not do super well um most the people who come in very late stage of the market and you’re here earlier in the cycle so you still have a chance of doing very well and I hope that you do obviously but when I see the kind of draw Downs of my altcoin bags and stuff like that I always enter any altcoin position on the assumption that it can go to zero because I’ve seen so many go to zero it doesn’t even M it doesn’t phase me anymore I don’t care because I invest with the risk appetite the risk reward ratios percentage of my portfolio that if it goes to zero I’m not happy about it but I also don’t really care and you need to get yourself to a point where you can look at it more dispassionately because people get way too emotionally attached to their bags and it screws them up stops you from taking any profits ever and it also will help you will keep you holding a bag to zero essentially and getting all upset when it does happen because you know what does happen in this market you need to get used to it Willy woo saying ETFs are buying institutions buying but who the hell is selling that is the question of the day who is selling all this bullish news we had black rock and Fidelity they bought billions of Bitcoin and the price is still down your altcoins nobody wants them nobody’s buying them everybody wants to ape into Iggy asa’s butt apparently uh that sounds weird that I’ve said it but anyway you guys know what I’m talking about anyway Wily woo says 2024 brought a massive commentators looking at ETF flows but that’s all that matters what matters is total demand and Supply he said here’s a one-1 thread on how the modern Bitcoin Market Works he said first let me tell you who is selling the ogs they are selling they have more BTC than all the ETFs put together 10x more in fact and they sell into every bull market this pattern is as old as the Genesis block there you go essentially we had whales sell pretty heavily into the ETF hype so that’s big seller he says we’re now in the Modern Age of betc paper BTC has flooded the market since 2017 it’s Futures markets if you want to buy a Bitcoin it used to be that you had to buy real BTC you can now buy paper BTC thus a nocoiner can sell you that paper together you have made a synthetic BTC that would be demand for BTC gets diverted to paper BTC fulfilled by counter traders who have no BTC to sell they just have USD to back their bet in the old days BTC would go on exponential runs because the only sellers was a trickle from the ogs and even smaller amounts from miners with their newly minted coins today the magic of paper BTC is what you watch the 2022 bare Market was dictated by a flood of paper BTC when spot holders didn’t really sell in this current bull I’ve marked where paper increased these were times when the price didn’t rally we are in one of those right now we’re seeing big increase in paper but price not really rallying so so not a great idea look solely at ETF buying onchain data D data technical price action all these add to the demand Supply picture putting it together is an art and not a quantifiable science everyone is just making educated guesses that’s right because this is the thing at the end of the day you’re gonna ask who’s selling somebody somebody that’s who and I know there’s a lot of new buyers coming in I know there’s new liquidity Fiat on-ramps and all this kind of stuff and the big picture is still very very bright but people sell people sell drying pressure can uh dry up pretty quickly too so all these things matter and create impact on the market but here’s some perspective for you on where we are defi investor pointing out last cycle Bitcoin went sideways for five months after the having five months then did a Forex in three months we are now in the Calm before the storm the new price High because the Bitcoin ETF approval before the Bitcoin having was something like an aberation a mirage in the desert right we are the the guy crawling through the parched desert looking for the Oasis of water and that was it that was the Mirage for us oh the bull Market’s back everything’s going to move so much faster now we’re going to have quarter million dollar Bitcoin by the end of the year etc etc etc and hey end of the year is still a long way away a lot of big things can happen however however it’s worth pointing out that this Supply impact for the price can take months to play out historically it’s always taken months to play out and there’s always been new catalysts bringing in new demand and new liquidity in the markets this just the latest one okay Tom dun leevy here pointing out from the 2024 to 2027 cycle we expect Bitcoin to Rally 1.5 times bitcoin’s marginal cost production implying a cycle high of $200,000 my price Target is $215,000 a 3.6.8 Fibonacci line by the way by the way that’s 2.8x appreciation from today’s price approximately by mid 2025 is this from some kind of BTC Max list nope multi-billion Dollar Man manager Alliance barenstein they’re the ones calling for a $200,000 Bitcoin now if Bitcoin goes to $200,000 here’s a deal if Bitcoin goes to $200,000 your altcoin bags are going to go up not all of them some of them just going to go to zero you have to accept that but most your altcoin bags are probably going to do pretty gosh darn okay in that situation because price going up is the flame that brings in the moth it’s just how it is it’s just how it is people would rather buy at the all time High then at the cycle low and it happens every single time and if you look at the big picture things are happening every day look at this Jeremy lir pointing out one the largest retail banks in Turkey just launched direct support for using usdc and a native crypto wallet more liquidity on chain from a major Bank there you go and of course the ethereum ETF is coming soon it’s funny to think that we’re a month away or so from an ethereum ETF actually trading on us markets and as Eric here points out e trading 28% below alltime high with ETF coming just a few weeks is probably the most redacted ever seen this Market he said good news is this stuff always catches up and when it does it’ll be a ton of fun agreed agreed all it takes a little bit of time I’ve got a lot more news to share with you but first a quick shout out to today’s sponsor which is I trust Capital so if you have been looking for a way to do cryptocurrency trading without tax implications then need to listen up because that is what it trust does they allow you to bring over your existing IR Ira your 41k whatever it might be start a new one if you want with them and you can have massive tax advantages in your trading how big well you can literally do a thousand trades 10,000 trades 100,000 trades however many trades you want to do no tax zero taxable events because you’ve wrapped it within your retirement account that’s pretty cool 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all hell’s going to break loose we are going to have to pay the piper because when you look at all the things are structurally happening there’s so much wrong so much broken unless I don’t know somebody really cleans house and I doubt that’s going to happen then something bad will eventually come however however before that a lot of crazy stuff can happen in the markets we can have the big melt up before then okay I like this and I want you I want you to look at this and really try to analyze it and think a bit for yourself about this Sensei here sharing this chart are we right now in a massive bear trap for the market feels to me kind of like yeah we’re going through a consolidation period people are losing faith especially in their altcoin bags a lot of altcoins are they fully tripped already which is insane and that’s altcoins man this is just the altcoin game you you got to get used to it you know you got to take profits out while you can and you don’t have to wait and sell 100% of your bag at the absolute peo Peak top of when you think the peo peak top of the Market’s going to be you can take money out at any time if you’re in profits okay anyway as this chart here points out we had our first sentiment extreme which you can definitely say was Bitcoin ETF approval hype major sentiment extreme everybody new paradigm money we’re going straight to 100K you know everything’s going to go up blah blah blah and we are in a new major phase of the market right we have touched that new high it starts a new phase in the market but it’s not over nothing’s overnight in markets you have to understand this nothing happens overnight in markets if you’re here trying to get rich overnight you’re probably just going to be giving your money to somebody else ma will go out and burn in your backyard at least you get to enjoy watching it burn be a little more fun that way perhaps get some fireworks or something burn it that way anyway this could be the first major major bear trap of the market when we’ve seen these go back look at previous markets you’ll see these huge bear traps these consolidation periods these boring periods everybody loses fi and then things come roaring back eventually now I I like this guy he shared SGP he shared altcoin sentiment from last cycle and Bitcoin is at $20,000 altime High think about this think about this again I want you to think sentiment wise what people are thinking right now what people are feeling right now where do you think markets are going and do you think that people are acting rationally in the market people rarely act rationally in the market here’s interesting thing December 2020 people posting about altcoins this is before the big altcoin moves of early 2021 when altcoins went absolutely manic insane and made lifechanging money almost overnight for people I know we’ve had great altcoin moves for the last 18 months obviously however look at the sentiment not comfortable at all seeing Bitcoin move and all it’s dead like here you go this guy looking at altcoins a scary it’s big dumpster fire eth looks dead so alts never going to catch up to bitcoin this run yep obviously that did was not what happened all alts are dead very good alts Dead all alts dead sir on and on and on think about crowd sentiment where we are right now with alt coins okay and interesting of course to see too that the big you call the VC coins a lot of people are calling technical altcoins you know these altcoins actually solve real world problems chain links stuff like this or the new blockchains or whatever else you might see going on in the markets and those are down quite a bit the big ones are down 60 to 70% some of the smaller cap Al some of my smaller cap altcoin bags are down like 80 90% you know they never even came anywhere close to price targets I would have liked to have seen for exiting those positions so we’re holding on to them we’ll see they’re either going to go to zero recover and make a bunch of money we’ll find out but of course what interesting meme coins are down less meme coins are a major meta of this Market cycle and if you’re ignoring them you’re probably ignoring profits base season here of of course this guy’s saying numbers don’t lie total number of daily users up weekly new users up pay attention to what’s going on Bas because big things are happening over there right now and I’ll leave you this some some thoughts here from this guy McKenna he said I think we remain range Bound for longer than I expected possibly until August would you be ready for that would you be ready for ranging until August again max pain scenario we discussed before max pain scenario post ETF will be Bitcoin just consolidating for months shakes people out destroys Market sentiment and in a weird way it’s becomes kind of a necessary reset think of that he said I think it’s a reaccumulation range not a distribution range I agree I don’t think this is the distribution yet I think it is reaccumulation and we will see a massive leg higher potentially two or three more we’ll see potentially two or three more though in the market says maybe we test range lows again but doubt we clear this level thoughts in senent people hate boring markets and markets are boring again sideways Market max pain people become too accustomed to making Fast Money and parabolic moves resulting in trading choppy market conditions losing gains slowly over the weeks overexposure to all of bleeding whilst BTC goes sideways and of course crypto again this is the crypto election USA the etf’s coming money printing coming rate Cuts coming all that kind of stuff so if you can see the big picture happening in the markets then I think you have a chance of doing pretty well if you get too distracted by the short-term noise watch out thanks for watching I’ll see you in the next one

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