Watch Out: Bitcoin Price CRASH! (Ethereum News)

Watch Out: Bitcoin Price CRASH! (Ethereum News)

the next round of filings for spot ethereum ETFs with the SEC is due today that’s part of the ongoing regulatory process required before spot ether ETFs can be launched approval could come as soon as this week or next at the latest Bitcoin is at $56,000 today with an ultimate low of $53,000 still teetering on this Pivot Point Bitcoin has already retraced more than 25% from all-time highs this is the deepest retrace of this cycle are we done or do we crash further how much lower will bitcoin’s price drop I’m honestly asking your opinion comment below and actually comment on the Roundtable app this is a botf free way to engage with us and others personally I’m going to link the Roundtable app below and like I mentioned in this video from the other day this is a shaky spot for Bitcoin see this was support for a long time now it’s resistance we almost reclaimed it as support but looks to be like resistance now will have to see where this shakes out yet still this is weakness the question is is this weakness to take advantage of or weakness to stay away from chart expert Carter worth gives his opinion interesting what he concludes at the end weakness to take advantage of or weakness to stay away from it gets down to that it’s one or the other let’s figure it out together this goes back to 2015 Bitcoin at 200 now let’s annotate it first chart second chart you you can see the lines are well defined you can call that an ascending triangle you can call it whatever you want um but we know that we attempted to break out third chart and we didn’t now the question is do we drift back to the uptrend line and that’s perfectly tolerable normal or is something worse a foot let’s go to the short-term charts and try to figure it out so here is just over the past two years let’s do the same thing let’s annotate it and put some lines in those are mathematically parallel lines and we are down to the lower band of this well defined channel from which we’ve moved 18,000 to almost 70 and so my hunch here is that you buy this dip uh it should be noted that since January 2023 to present we’ve had six 20% plus sell-offs this one is 27% my hunch is it’s weakness to take advantage of rather than weakness to stay away from and the market is shaking out in real time so let’s go over some of the biggest news stories of the day a lot is happening number one the German government sells 177,000 Bitcoin worth 950 million the largest single day Bitcoin liquidation I have difficulties in picturing let’s say an investment in cryptocurrencies as something like a long-term stable investment you would recommend let’s say to widows and orphans as a store of value for the next 10 years I have really difficulties in seeing this because uh if you look at the intrinsic value of such a cryptocurrency it’s extremely low if not zero massive Bitcoin outflows from the German government today the Holdings are now down to 23,000 Bitcoin down from almost 40,000 Bitcoin ultimately that means that this sell pressure is now behind us where did they get this German Bitcoin in the first place that’s what I want to know seizing it from drug dealers and talking about sell pressure in general I found this chart very interesting this is onchain Trader realized price and profit loss margin so Bitcoin Traders would only have realized losses from selling and their margins are -7% the most negative since November of 2022 shortly after the FTX collapse what does this mean this price where we are now this Zone this is the Buy and or hodal Zone we haven’t been this low in profit loss margin Zone since the picco bottom of the previous bare Market that would suggest that the bottom is in take a look at this chart all stable coins erc20 circulating Supply what can we glean from this money seems to be flowing back into the crypto Market take a look right here if this trend continues over the coming weeks and more stable coins are minted the bottom is likely in we will be keeping track of this chart and other charts very closely on altcoin daily if you’re interested in making money in crypto make sure you subscribe for daily videos keeping you informed on everything crypto we give you information that most channels ignore we give you perspective that most channels don’t know Bitcoin miners are showing signs of capitulation this is an event that is typically tied to the bottom of the market we’ve been waiting for this after after the having we’ve been waiting for smalltime minor capitulation and it has finally happened this always marks the local bottom post Bitcoin having every cycle and it has happened now besides that we have all sorts of different buyers this cycle for instance the Japanese micro strategy metap Planet Japanese public company buys another 400 million worth of bitcoin so what do you think about this is the bottom in Let me know in the comments of this video but also if you want want a botf free way to engage with us and others personally make sure you download the Round Table app and we’ll talk about it on this thread right here linked below let’s talk ethereum these spot ethereum ETFs are days to weeks away from launching van a just completed their S1 filings after the SEC asked for extended comments and in fact filings like this for the spot ethereum ETF are pouring in here Matt Hogan the CIO of bitwise explains that these spot ethereum ETFs are launching soon and this is what you can expect so where are we you filed an amendment amended S1 last week uh other amended s1’s are due today I understand how much did you need to amend this for uh and when is approval likely yeah obviously I can’t speak to any specific filing but I think if you look generally the Amendments that we’re seeing coming through are relatively minimal which tell us that we’re getting close at least we should expect to be getting close I think the analysts are saying anytime in the next two weeks I think that’s a reasonable estimate and I think when they do come there’s going to be significant demand for these ETFs so minimal need for changes is a good sign it’s a a sign they’re they’re not going crazy they’re not freaked out about anything that you’re applying for there’s no guarantees and anything could change but yes what we’ve seen in all the filings are relatively small changes so far and then the bigger question is how will these spot ethereum ETFs relate to the incredibly successful spot Bitcoin ETFs I love this analog is I’m getting so bullish on these ethereum ETFs I think most people don’t realize there are two things that are incredible about the Bitcoin ETFs one just the size of the inflows you mentioned north of $15 billion that’s the most ever for any new ETF launch but the second piece is the consistency we had a quar billion dollars come in last week we had 600 million in June we had 2.4 billion in Q2 even though the price of Bitcoin is up and down people keep buying these ETFs and that’s a very very good sign what about ether uh what can we expect from a spot ether launch here what what would be a victory so would you say it’s a victory if we had 25% of the flows of Bitcoin 50% how do we judge whether this is going to be a success or not I think 25% would be a great number if you look at the market cap ratio of Bitcoin and eth that’s about where you would end up our prediction at bitwise is we could see $15 billion of flows in the first 18 months that would make these the second most successful ETF launch of all time now I think it could be interesting it’s launching in the summer that’s a quiet period for crypto it’s a quiet period for ETFs but if there’s any softness I think we’ll see the long-term demand accelerate toward the end of the year hey by the way guys real quick use code altcoin daily for 10% off tickets to the Bitcoin conference Nashville end of this month guys ticket prices are just about to increase in 4 days like I said so many great speakers this year including me hopefully we can hang out use code altcoin daily 10% off tickets below ticket prices just about to increase due this sooner rather than later let’s finish up with ethereum I am bullish black rock is bullish check this out black Rock’s build fund continues to grow the fund requires a minimum entry of 5 million and its total assets have now reached almost 500 million all on the rails of ethereum guys ethereum price action is looking juicy for a higher cap play price really hasn’t moved that much but onchain metrics and exchange metrics like this it’s just incredibly bullish guys huge Divergence between ethereum and Bitcoin both ethereum and Bitcoin continues to leave exchanges people are buying and not selling Bitcoin and ethereum yet buyers seem to be more bullish on ethereum lately what do you make of this ethereum is becoming scarcer than Bitcoin on exchanges ethereum exchange balance on exchanges 10% Bitcoin exchange balance 15% the Gap is widening the Gap is widening and yet as I’m sure many of the comments even on this video Proclaim meme coins seem to be what people want this cycle I like meme coins foxy is one of my favorite meme coins but there’s a lot of good ones the more we get into 2024 the higher the dominance of memecoins becomes and like it or not this is the current state of the meme coin Market check out this video there’s this new mem coin Theory where people are valuing meme coins based off of what hot girls think so on the left we have Billy and on the right we have dog wave hat oh my God so which one of these dogs do you like more and think is cuter this one got a little hat on he’s cute they’re both really cute I’d have to say the one on the left though Billy Billy for his looks but I like this one for his personality I’m going Billy Billy takes a victory nice I like this one he’s just like a baby this one his eyes they’re like cute and big and of course there’s so many different coins besides ethereum Bitcoin salana hey by the way were also keynote speakers at a cardano Centric Vegas conference in August rare Evo get your tickets 5% off using code altcoin daily linked below you can like cardano you can dislike cardano the fact is cardano is here to stay and cardano lore is growing check this out uh Charlie are you big in the crypto I guess there’s one of cornicopia on cardono that’s supposed to be good and they just rebuilt Doom cardono might be teaming up with every state to help with election fraud oh because of like that ledger that it keeps The Ledger that it keeps and they’re also with the Dubai Police that like for facial recognition they’re building facial recognitions for the Dubai Police on the platform so like I guess it’s I I don’t even understand it but I know that it’s like safe and secure hey subscribe to the channel join our team we are actively preparing for the next big rally in crypto we keep you informed on a daily basis make sure you check out any of our videos from the past 6 months still very much relevant make sure you seek out the interesting videos over the past 6 months and make sure you subscribe because the future videos are where it’s at we’re releasing tons of great content over the next few weeks my name is Aaron at altcoin Daily subscribe to the channel see you tomorrow

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Timestamp:
0:00 – intro
0:15 – Bitcoin going lower?
1: 02 – Buy this dip or wait? (Chart analysis)
2:28 – Germany is selling
3:34 – Massive selling (like Nov 2022)
4:12 – money is flowing back into crypto
4:51 – bitcoin miners have finally capitulated
5:10 – many new buyers
5:38 – Ethereum spot ETFs (launching soon)
6:49 – How will ETH ETFs compare to the Bitcoin ETFs?
8:10 – 10% off Bitcoin Nashville
8:34 – BlackRock $500M Ethereum Fund
8:50 – Ethereum getting DRAINED from Exchanges
9:29 – meme coins
10:24 – Cardano lore is growing
11:18 – 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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