I am not a fan of Bitcoin and other cryptocurrencies, which are not money and whose value is highly volatile and based on thin air. What’s going on, guys? It’s K-Dub here with another episode of Crypto Zombie. Welcome back to the Channel. Hope you’re having a great day today. Having a look at Bitcoin and cryptocurrencies. It is another beautiful green day in the markets. You can see right here, actually, yesterday we had our video when Bitcoin was sort of struggling to break above the seven thousand two hundred dollar level. We did get all the way up to seven thousand four hundred and seventy five dollars. We peaked twice and now we’re having a little bit of difficulty staying above it. You can see right here, we’re kind of trying to push back down. So we do have a very critical level that we do need to discuss. We do want to see a nice, solid, potentially weekly candle. Clothes would be best. But I do want to just point out that you are noticing today some of the old coins in the deep green. If you’re new to cryptocurrency, you’ll notice this is a pattern. Usually Bitcoin has its rally. Bitcoin cools off and then the old coins come out to play. So we’re going to talk about that today. But there’s also been a lot of FUD fear, uncertainty and doubt regarding everything as far as the Bitcoin price, bitcoin store of value, what’s happening out with the world right now. I don’t need to tell you what’s happening. And I want to actually enlighten you with some sort of positive news today. And actually, I want to go over five specific reasons why Bitcoin is most likely to see a massive increase in adoption as well as price in the up and coming months, despite everything that’s even happening right now. And if that sounds good to you. Well, you know what to do. Of course, we’re going to talk about short term price action, but you’re definitely going to want to stick around for my top five list today. And if you’re not subscribed, definitely consider it. So without further ado, let’s get straight into the charts. You can see right here we did have a beautiful break out of this triangle. Now, currently, we are having difficulty testing this resistance right here, which was the top of this descending sort of channel. Right, that we were bouncing around in right here. And you could see we topped out once, twice. And currently it looks like Bitcoin is actually having some difficulty right now breaking above this resistance that we’ve had pretty much since the beginning of February. So we do have to keep our eyes on that. You could see it looks like we are just dancing slightly above the hartline of the ascending pattern that we’ve been looking at. And I do know that a lot of people are calling this a very bearish pattern, saying that we could have another dumped the same way that we did, you know, back here. So we’re going to analyze that today. Having a look. A lot of people actually in the comments were pointing out that this does sort of resemble a bit of an ascending wedge, which we do know, unfortunately, is a bearish pattern for bitcoin right now. I was still having my eyes set on the seven thousand eight hundred dollar level. I do anticipate if we can break above this, put in a nice, solid weekly candle. Now, keep in mind a weekly candle. It’s only the beginning of the week. OK, we have basically the entire rest of the week to go until we actually can see whether or not we put in that weekly candle. However, we do have the 21 exponential on the weekly that is going to put in some very big resistance. And guess what? That’s right around the seven thousand eight hundred dollar level, in fact, today at seven thousand seven hundred eighty five. And the reason is, as you can see right here, it basically is what held us down during the entire bear of 2018. Once we got above it here in April, we literally skyrocketed all the way up to the almost fourteen thousand dollar high of last year, had a little bit of, you know, struggle around here. But once we fall below it, guys, I mean, we basically literally just plummeted. So I do anticipate that to be a level for us to keep our eyes on. But having a look at this is sending wedge. Yes. If we do have this breakdown, we could potentially retest to about the four thousand five hundred dollar level. Am I anticipating that move? Let’s not jump the gun, guys. Let’s just take it one day at a time. But just to be fair, just to be honest, it is possible short term. We have talked about a potential huge double bottom retesting these lows. Right. But having a look right here on the bright side, we do still have the CMU futures gap up at around nine thousand sixty dollars. So that being said, guys, aside from the short term price action, I do want to talk about something interesting. Number one, if you watch my video yesterday on Bitcoin and gold equals toilet paper, if you haven’t checked it out, definitely check out yesterday’s video. It was one of my favorite videos I put out recently. I will drop that above for you guys. But having a look at the gold chart, you will notice that from the start of the year right here, gold is actually up at the time of making this video about eleven and a half percent. So this is actually been a pretty good year for gold so far, despite everything that’s happening. And of course, you do have Peter Schiff coming out and he had to have something obviously to say about this. And in relation to Bitcoin, he says investors are seeking a real safe haven, you know, and they will never buy a speculative asset on the chance that it may eventually become a safe haven, since anyone doing so is speculating. The only people who will ever buy Bitcoin are speculators, which is why Bitcoin will never become a safe haven. Now, obviously, Peter Schiff is heavily into gold. I don’t have to tell you who he is. Interestingly enough, though, having a look at. OK. We’re not up as much as gold, but if we actually look at, you know, literally the first of the year, Bitcoin was trading at around seven thousand one hundred and eighty dollars and Bitcoin is currently up about two and a half percent. Now, this isn’t as great as gold being up 12 percent on the year, but it does make me wonder people that are saying that Bitcoin is not a good store of value. Yes, Bitcoin has had a very, very crazy and wild year. But as of the time of making this video, not only are we sitting higher than we were in the beginning of the year, but I mean, it’s kind of proving that it is a bit of a store of value, right? I mean, look at what, for example, the Dow Jones has done just from the beginning of the year right here. The Dow Jones, as of the time of making this video, is down 20 and a half percent. And the S&P 500, from the time, you know, at the time of making this video was down fifteen, almost 16 percent. So you can actually see that. I mean, being in Bitcoin really would have been the place to be if you were holding Bitcoin from the beginning of the year. Now, I mean, some people are going to argue, well, we’re still down from the all time high. OK. I get it, guys. But here is the thing. A lot of people you could see, according to all these different articles that you see right here, they are scared to buy bitcoin. Let’s be honest. Gold has been around for 5000 years as a means of payment. Right. People are comfortable. You go talk to your friends. Well, I can see gold. I can touch gold. I can wear gold as jewelry. I can use gold in my computers and electronics. Right. But Bitcoin is a little bit more difficult for people to comprehend. And you could see that people are starting to get anxious and nervous since they believe that with a global recession underway, bitcoin may fall again. Right. Very volatile based on Bitcoin’s recent correlation with traditional assets during the big crash that we had on March 12. A lot of people are expecting another crash, especially if you know this. You know, Wedge does just prove to be a bearish ascending wedge. And we do have this dump that could be a possibility. However, Bitcoin was closely correlated with gold and the S&P at the time of the crash and also a few days afterwards. But like I said, if we do go back to how Bitcoin has performed today, it has recovered tremendously faster. In fact, it has fully recovered and more than fully recovered at the time of making this video than anything really in the stock right now. So that being said, I do want to focus on the positives today. There can be a lot of negatives out there. And I want to go into five reasons why Bitcoin will most likely see a major boost in adoption and priced in the coming months despite everything that’s going on right now. OK. So obviously we’re going to start with the most basic, the most obvious, and that is the Bitcoin having. Now, I know you’re probably saying, well, I already knew this. Well, we’re gonna get into the more interesting ones. I’m starting off with the most obvious as number one. So number one is the bit coin having. If you guys aren’t familiar with basically what is going to happen. It is the annual inflation of bitcoin that will drop below 2 percent for the first time in its history. The contrast is actually striking between a bitcoin who supply inflation tends toward zero over time as the U.S. dollar. Of course, its supply is infinite. So the shock to Bitcoin supply that this third having will constitute will be even stronger in a world where money scarcity no longer exists. The demand for Bitcoin will sharply increase in the coming months. Number two, we have adoption. The having will make a lot of noise and more and more users will be tempted to come in and discover bitcoin in order not to miss out on the revolution. A kind of virtuous circle which will be formed that will boost Bitcoin’s price. Bitcoiners have understood this race to own one full bitcoin for quite a while, and I think that narrative is going to become even stronger in 2020. Don’t believe me. Well, it’s not a coincidence that the number of addresses with at least one bitcoin has exceeded eight hundred thousand just by the end of last month. The monetary devaluation to be expected in the coming weeks will cause the purchasing power of hundreds of millions of people around the world to fall. Every person who is disappointed with the fiat system is a potential future bitcoin user. Number three FOMO. Be fearful when others are greedy and greedy when others are fearful. Well, let’s be honest, guys. Most people do not actually follow those rules. When the price of an asset rises sharply, that’s usually when they buy. Just look at what happened when bitcoin job to 3-point point on March 12. A lot of people panic. They all sold. You saw people saying, that’s it, I’m getting out. They converted into cash. And literally 48 hours later, bitcoin had gone from three thousand eight hundred all the way back to five thousand five hundred dollars. Number four, we obviously have the economic crisis. It is beginning and it looks like it’s about to promise even more severely than we had in 2008. Keep in mind, the current system hadn’t really recovered from the previous financial crisis. The markets had been artificially inflated by easy money policies of the central banks and the massive share buybacks by large companies in the United States. The government has decided to send a check for twelve hundred dollars to every citizen in order to calm down a possible popular vindictiveness that would grow in the country. But let’s be quite honest, guys. This twelve hundred dollar check is primarily intended to support U.S. consumption since the authorities expect you to spend this money by consuming. Now we have golden bitcoin that our proven store of values, they will most likely benefit significantly from this economic crisis. And finally, we have the virus which shall not be named. Geopolitical conflicts. Number five, we are experiencing this right now. You’re basically seeing that the virus started in China. And today you’re noticing China giving the image of a country that has defeated this disease, whether this is actually true or not. China today gives that impression that they are taking control of the situation. Over here, we have the U.S. finding a difficult time looking to manage the situation. These geopolitical conflicts will add uncertainty to a world that is already more than uncertain in the face of uncertainty. You know as well as I do that safe haven assets are being boosted such as gold and bitcoin as well, which will become a safe haven asset in a time of crisis, no matter what some opponents say about it. It will benefit from this on certain global situation. And also, while we’re on the topic of Bitcoin, as well as the block reward, having two guys have it checked out this website. It’s a Bitcoin block, half.com. Yes, guys, this is in 35 days or less, depending. And one thing I want to point out super quick before we move on is this tweet that I actually retweeted over on my Twitter. This is from Plan-B. And he says To maintain $7000, $7000 bitcoin since October of twenty seventeen, Bitcoin must have had about 400 million dollars worth of new cash inflow every month for the last 2.5 years, 30 days time, 24 hours time, six blocks times twelve point five Bitcoin times seven K assuming all traded is a zero sum game. Keep in mind this has to do with the amount of bitcoin coming into the ecosystem from the miners. The miners also have to sell some of the bitcoin right in order to maintain their setup, maintain their farms. Right. So he says after the having we only need 200 million per month to keep the 7k level. If 400 million stays, then rocket ship. So do you understand what this is basically saying? We needed 400 million daily to keep bitcoin around the seven thousand dollar price level now. We’re having this cut in half, so we’re only going to need 200 million. So theoretically if we have doubled the amount of money, but we only need half the amount of money. Well, do I need to tell you guys what’s probably most likely has happened since the inception of Bitcoin? Well, I think you guys know where I stand on that. But I do want to end on this last little bit of tweets over on Twitter. This is between Brendan Blumer, Michael Novogratz and Raul Pough, basically. So Brendan Blumer, he is the CEO over at block one. And he says the. Global macro environment has never been aligned to the stars. To highlight the value proposition of crypto quite like what we’ve seen or what we’re about to see, actually, he says in the next 24 months. Hold on to your seats now. Mayweather pops in and says, I sense a retest of the three thousand four thousand dollar level again. Markets get worse over the next four to six weeks. Then rocketship onwards, as you mentioned, to the next 12 to 14 months. Lots of bitcoin bears out there. Let’s be honest, this recent price action absolutely shook the markets. People are very scared. Lots of comments in the in my videos below, you know, people saying, no, no, no, no, we’re going way lower. Well, he says it’s not an impossibility, but I think you underestimate how many people have moved into cash and are now scared that they’re going to get stuck with it. Right now, it’s not about what investment is the most attractive. It’s about what is the least unattractive. So that’s one way to look at it. Right. Mike Novogratz says, I’ve been seeing new buyers every single day. And Raoul Pal says half the GM I readers bought this week. We also had tons of reports of basically in yesterday’s video all these different people, Coinbase having retail spikes. You had Adam back? I don’t remember. But a lot of people were basically saying that they’ve been buying millions and they’ve been looking to hold them in cold storage. And I just want to end on one more bit. Just one more little bit before we go. And this is from venture capitalist Tim Draper. And he thinks that the world governments printing money to cushion the pandemic could make people flock to Bitcoin once the dust settles. Draper expects the geopolitical boundaries will stop making sense after a while, which will spur the adoption of the frictionless cryptocurrency ecosystem. He says they’re going to be printing all this money to try and get the economy back after they’ve basically tanked it and now trying to get it back. They’re going to flood it with a bunch of money and that money is going to be worth less and less and less. And it will make people question whether they want dollars or bitcoin. He basically had the opinion that it’s going to be crypto and not the world governments that will save the day after the crisis. And that being said, guys, I want to say thank you so much again for coming back to the channel, you guys. Rocky, the reason that I do this every single day. I hope you’re staying safe out there. I hope you’re not panic selling. I hope you’re not panic trading. Hope you’re not overextending yourself, doing some crazy leverage trade. Be safe out there. These are very uncertain times. We’ve seen unemployment rates absolutely skyrocket. We do not know if Bitcoin could potentially go down and have a double bottom long term to the moon short term. Be safe out there. But you guys know long term, I am a bitcoin bull. I am a bitcoin hodler of last resort. And I will continue to make these videos as often as possible to remind you guys that this is where I stand. Let me know how you feel about it. Do you think that any of the five things that I went over today are going to have any positive effect on Bitcoin, or do you think it’s just a bunch of hope, yeomen, fluff and Bitcoin is dead or whatever, which I don’t know why you would think that. But that being said, guys, thank you so much for coming back to the channel. You guys rock. My name’s K-Dub. This is Crypto Zombie. Do consider getting subscribed. If you haven’t, I do have a free telegram group if you’re interested in joining it. That’s it for me today, guys. I’m out. Until next time, stay. Crypto and of course, peace out.