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BITCOIN: PUMPED 2,700% Last Time THIS Happened!! BIG MONEY COMING [But There’s a Catch!]

VIDEO TRANSCRIPT

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 beautiful weekend. We do have a nice green day in Bitcoin and cryptocurrency. We have some old coins like a theorem Changeling Tasos Dash, BMB all in the deep green today. Bitcoin currently attempting a breakout at the time of making this video. Everything could change like that. But having a look right now, we are having a little bit of a struggle around the $7300 level. Now, I do have three very big, very important things to go over today. Number one, we have Bitcoin doing something that basically the last time this happened, well, we had a two thousand seven hundred percent increase in Bitcoin price and well, it looks like it is doing it again. But we’re gonna talk about that. We also have a major hedge fund that just got access with ten billion dollars in assets under management. However, there is a bit of a catch. We’re going to talk about that as well. And I also want to discuss the fact that we did have Greyscale basically coming out and talking about their Q One data. And well, while 80 percent of it was going into Bitcoin, can you guess where the other 20 percent was going? We’re gonna go into all that today. Should you be bullish? Should you be bearish? What is going on? Apparently Bitcoin has disappeared from the charts. I don’t know what’s going on right now, but that being said, we are going to dive directly into the charts. And by the way, if you’re not subscribed, definitely consider it. We do this every single day. Let’s dive in. Let’s have a look. Bitcoin having a breakout. We are currently above right here. We are above the resistance. We are basically still on this trending support. We are having that breakout. However, you notice that we are being held down once again by the V.P. VR. We’ve been talking about this level. This is the most accumulated level for Bitcoin and it’s pretty much right around the seven thousand sorta two hundred seven thousand three hundred dollar level. If we can maintain above this, then we could see bitcoin all the way up to about eight thousand dollars. Currently, though, if we continue to get rejected, we might fall back down to the 50 moving average. And if we fall below that, things could get very bearish very quick for bitcoin. Now, I do want to just point out one thing you’re noticing. We are being held down by this. If we do get above these levels, we’re still going to have some difficulty at around seven thousand seven hundred. That is currently where we have the 21 exponential moving average. And another big thing you’re gonna want to consider also is that it is the weekend’s futures are not trading. Therefore, we are going to have a seem futures gap below us at around the seven thousand eighty dollar level. So come Monday, are we going to sort of week really quick down to the seven thousand dollar level? It could be a possibility. Doesn’t mean that we have to stay there. But just bear in mind, we do tend to close these gaps. So that is just something that I want to basically mentioned before we get into it. But aside from just the price movement, you can see right here we are still trying. We’re struggling to break out. Maybe by the time you’re watching this video, we will have our answer. However, we need to talk about bitcoin and the fact that it is trading below production costs. Twenty-five days from having the having is coming up sooner than later, guys. And last time Bitcoin was trading below production costs into the having it rallied two thousand seven hundred percent. Okay. Now of obviously things are different this time around. You know, we do have the pandemic going on. We do have unemployment rates skyrocketing in the U.S. We have a lot of different situations. Okay. And also, keep in mind that Bitcoin was birthed from the sort of an economic depression, recession. It’s never really lived through one. Right. However, I do want to just expand on that. And if we come over here and have a look at this chart, that status sees posted, he basically said that Bitcoin miners have been silently accumulating coins over the past six months. Now, we have heard conspiracy’s that they’ve been selling them, right? Well, he says I expect them to continue to do so until well, after the having. This is big. If the demand or if it basically the demand stays the same or it increases from this point onwards. He says I expect prices to breach the all-time high quickly this year from the supply shock. Now, somebody down here actually does make a comment about this and says why would miners accumulating coins be bullish if miners have been accumulating coins, speculating that the having will be higher and they’ll be able to sell? Wouldn’t this be a bad thing? Wouldn’t these accumulated coins basically be looked to be sold and have a massive sell-off after the having? Right. Well, he says this pretty good explanation. He says to think of the miners as the oil producers of the OPEC cartel when they collectively plan to produce less oil control supply. They artificially jack up the oil prices and have been selling at $100 a barrel for years, even though the cost price at the pump is less than three dollars. So you let me know, some people are saying this isn’t really a good thing. Other people are saying send it to the moon. In reality, if we go back here, we could be looking at a bit of a double top. OK. The same way that we had this top right here. Had this nice ascending trend, we could be putting in something very similar right here with the ascending trend and we had a massive dump afterwards, so that is a possibility we could revisit down to the four thousand five hundred all levels maybe possibly do keep your eyes on this moving forward. However, I do want to talk about the big news. However, this news comes with a catch. So basically we have a secretive yet reportedly highly lucrative hedge fund now has the green light to invest in bitcoin futures. So the USSC has confirmed that Renaissance Technologies Medallion funds now have access to the Bitcoin futures seen Renaissance. His $10 billion hedge fund recently gained notoriety in the press. Keep in mind, 10 billion, that’s a lot for having gained 24 percent this year despite, you know, pretty rough times in the market. Right. According to the most recent data from CMC, its products related to Bitcoin are basically at all-time highs in terms of unique accounts. Last month, a combined annual growth rate of one hundred and sixty-one percent. But here’s the catch the medallion funds are permitted to enter into Bitcoin futures transactions, which Renaissance will limit too. Are you guys ready? Cash settled futures. What happened with back guys when it first came out? Right. They rolled out cash, settled futures, and everybody took the opportunity to essentially just short bitcoin. So while this sounds very positive on the surface, if they’re not having physical bitcoin delivered like greyscale actually has physical bitcoin. Well, basically, they’re just betting with cash. They’re not holding bitcoin, which means they don’t really have, I would say, faith in the underlying asset, which means essentially well, some people might say that they could just be looking to just get in and just short the Ponzi. Right. That is a possibility. But it is $10 billion. Maybe not all of it’s going to go into it, clearly. But let me know what you think about that. However, we do have some very big news, and that is coming from grey scales. Q One 20/20 report we spoke yesterday about all of the bitcoin. They have 1.6 percent of the circulating supply. Well, it does look like that basically Bitcoin had around three hundred and eighty-nine million flow into Greyscale. There was a total of about half a billion dollars that flowed into it. But the question is where did the other 20 percent go? Well, if you guys said a theorem, which is apparently what is going on right now, why is this going back to bitcoin home? Give it a refresh. There you go. If you guys guessed a theory and well, you are correct, 20 percent went into a theorem. There was about well if it was a three hundred eighty-nine million in bitcoin it was one hundred and ten million invested into the greyscale a theorem trust. So basically Spencer Noone, the head of crypto investments at DTC capital, says the numbers show that a theorem has reached a turning point with high net worth investors. I know some of you are very excited about this. Institutional investors are buying eath. The cat is officially out of the bag from the latest grayscale report. So this is pretty big, guys. Also, keep in mind that their digital asset trusts are fully backed by cryptocurrencies unlike cash-settled, which means that if you’re getting in on a theorem, you need to hold that a theorem. You need to have faith in it. You need to keep that asset stable in some type of a cold wallet. Right. The firm says investors are turning to its products despite a low appetite for risk in this shaky global macro environment. And on that note, I do want to make one more quick discussion regarding basically what’s been happening with all of the money printing. And I do want to take it from this article from crypto slate. And they say with the rapidly increasing amount of government debt and debt in general and seemingly no concrete or sustainable plans to pay the sum back, there are seemingly three main possible scenarios that can transpire to end the super debt cycle. Number one. Governments try and inflate their way out of debt or a debt jubilee takes place. Number two, due to monetary and economic factors, deflation actually sets in maybe number three. Fiat is totally abandoned. Let’s be honest, the powers that be are probably not going to have that happen. But guys, at the end of the day, you know where I put my money, you know where I place my bets. And for me. Bitcoin. Although it may not be the ultimate answer, it certainly isn’t a bad place to pretty much bet. Financial advice. Do you know what I’m doing? That being said, guys, that is it for me today. I hope you enjoyed this super quick video. It is for the weekend. Go out and enjoy yourself. Although it’s an ugly day in New York. Supposed be nice tomorrow. Today’s very ugly. But that being said, guys, you know, tomorrow we will be doing another update. As usual, we try to get videos out every single day. If you haven’t considered subscribing to the channel, definitely check it out. We do have a free telegram group. Absolutely free. I will drop that below in the description. But that is it for me today, guys. Thank you so much again for coming back to the channel. You guys rock. The reason that I do this, for the most part, every single day. My name is K-Dub. This is Krypto Zombie. Until next time, stay crypto. And of course, peace out.

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