in

Bitcoin Pre-Halving Dump Explained! What’s next?

VIDEO TRANSCRIPT

Probably by now, you already figured the price of Bitcoin dropped more than 14 percent in exactly nine minutes. And all that happened just one day and 16 hours before the third Bitcoin hopping word, inflation is getting cut in half. So was this the long-anticipated dump already? And what exactly happened? That and more in this episode. And now let’s jump right into it. And with that said, what is going on? Everyone’s sunny decree here. And welcome back to another episode. If the guys like this kind of content, please make sure to leave like that is very much appreciated. So who was one of the first bears on Bitcoin who talked about it when the price dumped perhaps? Well, obviously it was Peter Schiff. Looks like some of the Bitcoin speculators who bought in anticipation of the whole thing couldn’t wait for the actual fact to start selling as more sellers jumped the gun. But it time to fact curse to profits. Those buying rumour were hoping to cash in on may already be gone. Well, he’s not wrong about that. Of course, we have seen many, many speculators because of the Bitcoin hall thing who thought that the price of Bitcoin will moon exactly the day of the huffing or shortly before or shortly after that. But we have been telling already on this YouTube channel multiple times that the Bitcoin hall thing has a mid up to long term effect on Bitcoin and everything, all the volatility you see around the Bitcoin hall thing, that is just speculation. Those are traders were shorting the market, we’re longing to market and try to make profits out of the volatility because for traders, this environment right now, this is the absolute dream, because as a trader, you want to see volatility. All right. Now, what we’re looking at here is what people are talking about is the hype about the Bitcoin boffing, and he’s not wrong about it. What we can see in here is that four hundred percent increased search result for the term Bitcoin, Hafidh, compared to the last whole thing in 2016. But if we just analyze search terms by Bitcoin, you can clearly see that we’re not even close to 2017. In fact, we’re only on exactly 10 percent compared to December 2017. So this is not that new people are entering the market right now. It is more that people who are already in or who are already into crypto space, who already own Bitcoin or at least heard about Bitcoin, that those people are interested in the whole thing right now. And those people are also hyped. Also, many people out of my private life ask me about the Bitcoin whole thing. What that event will do to the Bitcoin price and so on. And I told all of them, well, short term, nothing. There will be a lot of volatility around the whole thing. A lot of speculation. But the effect you will see mid-term and long term, and that is exactly what we have seen in the past as well. And talking about the past here, we’re looking on the Bitcoin daily chart back in 2016 before the whole thing in July 2016. And just for those out there who think that the dump we’re seeing right now, that this is not normal. Well, think again. What we have seen in here before. The last troughing was a correction of, believe it or not, almost 30 percent. And then the price of Bitcoin plunged even after the whole thing a little bit further. I’ve already shown that in another video. I mean, look at this. This was authored, the whole thing. So basically what we had was a pre huffing dump and then also a post hauling dump of twenty-six point four, five percent. And think about how many people who got hyped prematurely got spilt out in here. Those who were just looking for the short term gains, they got spilt out in here. But those people who stayed patient. Those people who understood Bitcoin and those people who understood that the Bitcoin morphing has a mid to long term effect, positive effect on Bitcoin and the Bitcoin price. Well, what happened to those people? Well, those people were staying in. They were also surviving dumps like this right here, which was another 36 percent. Then the price of Bitcoin went further. But look at this here. We had another dump, peak to peak of approximately 32 percent. And the price went further up and further up. But that was not all of it. Here, another dump of approximately 32 percent. 31 percent. And the price of bitcoin cap climbed being. And so on and so on. I don’t have to tell you that all the way up to a price of twenty thousand U.S. dollars. So if you’re freaking out right now, because a 14 percent correction in nine minutes, by the way, we’re going to talk about that in a second. A little bit more in detail. Well, Bitcoin is maybe or pretty surely not the right asset for you. And just in case that you want to benefit from this Bitcoin volatility with leverage trading, I personally recommend the FedEx platform. That is the platform where I’m trading on the platform where my trade is still going. And no, it did not get stopped out or anything like that. A video tutorial is popping up on top of the screen right now. And would my sign up bling down below? We can get up to one hundred twelve dollars bonus with that. You’re also supporting the channel. Thank you, guys. We’re. For that and now let’s continue with the episode. All right. Now let’s talk about the one-minute talk real quick and why I’m having an eye on this. Well, if the price of Bitcoin dumps 14 percent in just nine minutes, that tells me that this just comes from one or just a few entities who wanted to either just sell Bitcoin or maybe they had some shorts open or maybe they wanted to squeeze some longs. We still do not have enough liquidity in this market. That stuff like that is not possible. OK. So this market can still be manipulated very easily. All markets out there can be manipulated. But Bitcoin with a market cap of approximately only one hundred and fifty billion U.S. dollars can be manipulated way, way easier than traditional markets. So this looks to me that one entity wanted to start at this. And of course, we had a little bit of a cascade to the downside. Some longs got liquidated, some shorts made profits benefited from this, obviously. And yet we were expecting a pre huffing dump at some point. And if this is it already, well, that is perfectly fine for me. Now, let me know your opinion down below in the comments section. If this was the pre huffing dump already. Is this okay for you or did you get completely wrecked? All right. Now let’s talk about the weekly and the daily timeframe on the weekly timeframe. Well, this is kind of sad, but this is exactly what I’ve been saying over the last week. If the price of Bitcoin cannot establish or not close today. Today, Sunday. So the weekly candle is going to close today. If the price of Bitcoin cannot close above this downtrend line in here. Well, technically speaking, we did not break out of it because and that is also what I’ve been saying exactly the same happened here at fourteen thousand U.S. dollars. This just ended up as a week above this trend line. And right now, we have the exact same situation so far. So if Bitcoin cannot close above these eight hundred and seventy-day downtrend line, well, technically speaking, we did not break out. And, yeah, I would have loved to see it as the price of Bitcoin breaking out of this downtrend in here. But so far, we have to stay realistic. This did not happen yet. But I also have some good news on the daily chart. And here we have a very important support level, by the way. This is exactly the same trend line that I’ve just shown you. So on the weekly chart. Obviously, this in here looks like a weak. But you can see once again, would it not establish above that? But the good news is that the price of Bitcoin, believe it or not, bounced off perfectly literally, perfectly off the 200 daily moving average, 200 days simple moving average acted as support in here. So that is the next important support level for me personally. I’m not going to short this market, not around the whole thing. I mean, yeah, in my personal opinion, that doesn’t make too much sense. And last but not least, for all those people out there who think it is time to completely freak out based on the stock to flow model with a 10-day average or also with the three hundred and sixty-five-day average, the price of Bitcoin should be around eight thousand four hundred to eight thousand six hundred U.S. dollars. And that is still exactly where we are right now. So we’re still perfectly on track. And the short term volatility should not distract you all too much. But that is it all ready for today’s episode. If you guys liked it, please make sure to show that with a thumbs up. Thank you guys very much for watching. Let me know your comment down below about the current situation, about the current Bitcoin price, and hopefully still a few in the next one by.

Report

Ledger Nano X - The secure hardware wallet

What do you think?

Comments

Leave a Reply

Leave a Reply

Loading…

0