The western world is in a global crisis in Brooklyn’s price hasn’t yet exploded beyond belief why is that why haven’t millions of people turned to bitcoin in this time of crisis we’ll be talking about that and more importantly when we can expect it to really happen my name’s James I’m here recruited big if you’re new to the channel please make sure you like this video and subscribe to the channel he did education bill to be kept up to date with all of our latest news sorry let’s first take a look at the market then we’re going to talk about bitcoin and why we haven’t seen the big break out of the global crisis was meant to give us the first up let’s head over to twenty-three sixty and see what’s going on in the market that. So overall the market is green across the board bitcoin is at seven thousand and eighty-two dollars up to two percent today. A hundred ninety-one dollars up nearly four percent so across the board it’s green it looks quite good but as we’re gonna be talking about in a moment these prices are actually pretty stable and even though critters meant to be a very volatile market well the last week has proven it’s actually less volatile than stocks I’m going to go about that in this next on school but first up it’s going to take a look at what’s happening with bitcoin however on treating you so we can get a better idea of what to expect over the next few days in the market.
Sorry over on trading view you can see here about the price has been arranging this Lee brown the resistance we told well on Tuesday is still fully intact I live close to this resistance level from the channel here is still holding up very very strong but if you look here. We can see that we have since March the twelfth actually been posting hi all learners and this is building pressure on the markets we’re seeing a real bargain between the bulls and the bears right now which could go either way I’ve said that I was expecting will pull back but it is looking like he could actually goes the other way as well so right now I I’m a little bit torn over which direction bitcoin is going to take it is very very difficult to tell it we are an unprecedented times now my gut says this resistance level here is actually too strong and then we will see you pull back however the more that we see in this price range and accumulate the more violent not move is going to be so this could actually be that we see I’m not volume coming to the market that it will actually break out above this resistance or not if it does then we’re looking at and talking about eight thousand dollars to start with if it does break down from here however then I do think that we’ll be looking at five thousand eight hundred dollars for bitcoin when can we expect this move well I actually think that we’re likely to see it in the next couple of days certainly this site all of next week and you look here you can see that this new trend line is actually really building up the pressure here and that’s also reflected here in the market do you concede that the market is been ranging all the zero line for literally a week and now we’ve got this couple of days worth of candles at the most before we hit this crucial point sorry I do think we’re gonna see a breakout I don’t know which way it’s going to go anymore like I said I was expecting pull back but the overall conditions of the market mean that we could actually see a gang I’m playing this one a bit safe because it is because one of the things I’m going to talk about in a moment is how they’re going is no longer a correlating.
The stock markets so I’m going to talk about that in just a few seconds so what we’re gonna talk about is we can talk about why bitcoin hasn’t had the explosive growth of people tending to it in a time of crisis we’ve told others on the channel couple of times and we’ve been wondering the same thing here why hasn’t been cleaned been the go to asset yet at the beginning of the pandemic when the stock markets crashed bitcoin crashed with the arms yes we’ve seen back to recovery but the actual movement was led by the stock market so why was that well it just looked like for whatever reason people have been investing in bitcoin also pretty been investing in stock markets there was panic and people started to liquidate their assets now this is all school liberal coin telegraph that I’m gonna show you would choose an interview with Alex Witt Chen ski the CEO of Celsius network but he didn’t interview with David Foxman all Mutu but recently I’m glad they talked about big queen why it hasn’t been you go to asset at the beginning of this crisis but more importantly it why is certainly going to be the go to asset house we move forward so that’s going to take a look at the art school together now as soon as you can see here cell C. CEO on why bitcoin didn’t explode during the convict nineteen pandemic now owns producer Alex Majewski thinks a bench on big green in the current financial crisis is a fact that the deflationary pressures will win so we’ve been talking about on the channel here a lot so now is how the fact that bitcoin is deflation is going to make it a more. Assets compared to the stock markets especially we’ve considered using this been going on from the government‘s so let’s go down and have a look here what’s been said so Alex machine screen chief executive officer of cryptocurrency lending platform so this is not what thinks bitcoin hasn’t become enough of a non correlated asset for investors to turn to it in the current financial crisis server David Pakman show this is whether we’re talking about this he said if you take any snippet of a lost year you could see a very high correlation between bitcoin on to the stock market so we told about weeks and weeks ago here is that the prices were moving in tandem with the stock markets are something that we were a little bit concerned about also owns because obviously with pickling being the apparent safe haven also we wanted to be it doesn’t mean we shouldn’t see it during that he goes on to point out the five years ago big point was actually very volatile when it was compared to stocks however if you look at it now especially over the last couple of weeks bitcoin is actually more stable than the stock market itself is moving about two percent a day as we sold I should you ever in queen three sixty moment ago we’re having two three percent thank however the stock markets are moving between five and ten percent so quite a lot of movement in the stock market but not as much in crypto at the current time in the interview goes on to talk about how Netflix is an example Netflix is one of the best performing stocks in the actual market so far however even compared to Netflix because you performed much better in the same time frame between two thousand ten in two thousand and nineteen they also talked about oil prices going negative I brought this up on Tuesday I said to you that we might see some delayed to pull back in because price following the crash of oils prices because we did see that happen when there was the dispute but.Tweet OPEC and the Russians so we saw that happening but it didn’t actually happen this time around I should say it looked like this we priced in the kind of volatility in the rest of the markets that we thought there might be people are probably looking at it going well last time the price of oil dropped hugely we did see bitcoin pulled back but it bounced back to normal very very quickly I’m Tom says what people are thinking this time around and they were like well it doesn’t seem to matter the interesting thing is is that over the last few weeks bitcoin because broken away from the stock market’s properly and it doesn’t correlate with stocks tool in the current financial climate maturing ski says the oil is just the first one to be hit two two hundred nineteen you’re going to see all the industry is going through the same type of recycling now if we see that happen you’ll be interesting with other industries whether they actually impact bitcoin eva I mean if we see some other examples of this come up and bit Quinn’s price isn’t affected then we can safely say at least for now bitcoin because broken away from stocks and seems to be operating in its own right now does not mean that we’re not gonna see any pullbacks in because first of course so one of the things that we’ve set on the channel before and maturing ski says in this interview is that during times of crisis that I’ll always mass liquidations of any assets including gold of course so we should probably expect people desperate for money sell off their crypto on that big calling if they need cash that’s going to happen it’s going to be inevitable a lot of people are gonna be seeing what’s happened with the U. S. economy on the British economy the measures being brought in like track considered using arms the stimulus payments they might be able to save the economy in the short term but long term a lot of artists out there including myself are expecting this to have a really negative impact on the ma. It’s a rule so we’re going to probably see inflation we’re going to see a devaluation of the dollar and the pound as a result of all of this and people are doing two things start to take bitcoin seriously as another assets is a safe and durable he walked Majewski describes as a tumultuous world economy I think that he sums it up pretty nicely at the end of this into what he says if that’s all big coin is a bet that the deflationary pressures will win when everyone gets nervous of course they will go to cash that includes seven big points but it’s still one of the best stores of value that exists out there and as more investors on this is my point in writing on here as more investors start to see that we’re going to see people moving that money from bank savings accounts and pension funds over to pick going in as many analysts even non crypto analysts out that have sent savings accounts are completely pointless in today’s economy well you’ll getting just three zero interest on your savings so what are you gonna do with it even the whites until the banks start to pay your interest again or are you going to look for other assets well you can put your money and actually see some return still now of course being a bit coin bull I obviously do you think the big point is the answer to that question but so what do you guys think all we can see people start to take bitcoin seriously as a safe haven asset now and to think that it’s just a case of waiting for the smoke to clear with the scope of nineteen pandemic and the people will start to look a bit coin as they got back to work and get back to normal as a way to actually start saving money and getting some return on their investments let me know in the comments down below and look to your thoughts on it if you’re new to the channel again another reminder please do subscribe our maybe show these. Video with your friends on Facebook as always this is not financial advice you should always do your own research for fresh critical in terms of the scripted part dot com and dying we’ll see you next time.