Although the Bitcoin haul thing is less than 30 days away from now, the Bitcoin price dropped approximately 8 percent overnight. In this episode, I’m going to explain to you exactly why the price of Bitcoin dropped and why. Technical analysis currently does not work at all on Bitcoin. Then we’re going to have a look at the specific all coin which is outperforming bitcoin lately. And that’s not just a little bit. Very interesting. And once again, we’re talking about Peter Schiff and why his opinion about bitcoin is completely wrong. All that and more in today’s episode. And now let’s jump right into it. Probably by now, everyone who is invested in Bitcoin already heard about the bitcoin morphing. The next Bitcoin whole thing, which is the third Bitcoin having where the block reward is getting cut in half from twelve point five Bitcoin to 6.5. Bitcoin is only twenty-nine days away from us. Maybe it’s going to happen even a little bit faster because currently blocks are getting mined faster than in an average of ten minutes. But it should be around the 12th of May 2020. So next month, less than one month away. Isn’t that absolutely exciting? Also, if we have a look at Google Trends in here and look for the search term bitcoin thing, we can clearly see that we have a parabolic in here for the search term Bitcoin morphing. So that means many people out there are now interested in doing research and doing due diligence about the bitcoin morphing and especially with the Federal Reserve printing so much money right now. This is a very interesting topic and it just makes sense that people care more about the bitcoin offing right now. But that makes the next question even harder to answer. And that is, why is the price of bitcoin dumping once again, although this positive event is getting closer and closer. For that, we’re looking at the Bitcoin one hour chart. And what we have seen yesterday was a very nice rise in the price of Bitcoin over a couple of hours of approximately 5 percent. But then here for Europeans overnight, the price of bitcoin plunged again. If we connect the top to the bottom in here, that was a plunge of approximately 9 percent. And if we just have a look at those three hours in here, it was approximately 8 percent, a little bit more than a percent, actually. So why is it that Bitcoin is dumping with all the positive news out there? Would the Federal Reserve just printing money with people talking more and more about inflation, with people talking more and more about hard money, with people looking up the Bitcoin whole thing with this positive event where the inflation is getting cut in half? It makes no sense. Right. Well, first of all, I have my theory that strong miners are dumping the price of bitcoin pre having so weak miners are getting spilt out of the market. I’ve already been talking about that. So, yes, I personally believe that miners are putting on the pressure right now. Strong miners are putting on the pressure right now on the whole market and especially on weak miners to get more of the cake for themselves as far as mining is concerned. So they can remain profitable after the bitcoin offing. That is my personal theory. You don’t have to believe that. But what’s for sure is and that is something very sad, is that Bitcoin technical analysis right now is not completely irrelevant, but almost it seems like that Bitcoin technical analysis right now is kind of useless. Do you remember that we were going from an ascending triangle to rising vetch? Now we’re talking about a bear flag. We’re basically just changing and changing and changing formations. But the reality is right now, Bitcoin technical analysis that does not really work all too well or actually not at all. And here’s proof. And I’m also going to show you exactly why the price of Bitcoin dumped this time and probably you already guessed it. It is once again the correlation to the traditional markets, to be exact. This time it was due to a drop in the S&P 500, many futures where Bitcoin followed almost immediately. What we’re looking at on this chart is on the top. The orange line is gold in the middle. We have the price of bitcoin. And on the bottom, we have the yes, many futures, the S&P 500, many futures. And we’re looking at the daily chart. But now let’s get into lower timeframe to confirm what I said and this will blow your mind. So what we have here are two charts on the top. We have that five-minute chart for Bitcoin. And on the bottom, we have the five-minute chart for the S&P 500. Many futures. And as you can see, the dump happened right here. And Bitcoin followed shortly afterwards. So, no, it is not that everything is following Bitcoin like some people are saying, which is completely ridiculous, actually. It is that Bitcoin is still following traditional markets. Yes, I know for some people out there and also for me. That is disappointing. But that is what we. I’ve observed over the last couple of days or the last couple of weeks, and we cannot deny it. OK. So technical analysis on Bitcoin right now. I’m not saying it doesn’t make sense at all. We should still do it. But we also have to keep in mind that right now Bitcoin is following very, very closely the traditional markets. The S&P 500 and this drop in the S&P 500, many futures, not even the spot market, just the many futures. Well, this just confirms that even more. So we have to have a look very closely on what traditional markets are doing. And then we can expect what Bitcoin is doing once again. I personally believe that at some point Bitcoin will decouple and that will be when everyone will start to fall. So be prepared for that moment. OK. Be prepared for the moment. That is very, very important. I personally have my Hoggle position and I’m waiting for a day when bitcoin is going to decouple from traditional markets. But that day is sadly not today. Maybe the boffing will have a positive effect on that. I personally believe that and I personally believe we will see an irrational pump to the upside at some point pre having or closely offered to morph. I’m like 90 percent convinced about that. And that’s going to be a moment where bitcoin is at least shortly going to decouple from the traditional markets, but we don’t know exactly when that is going to be. But what we know is that for more will set in. That’s for sure. All right. Now let’s talk about a specific all coin that is outperforming bitcoin and not just over a couple of days, actually, if we assume out in here a little bit. Well, this is not changing to the U.S. dollar. This is chainlink to Bitcoin compared to Bitcoin. So chainlink is completely crushing it. I personally do not hold any chainlink at all, but I still want to point this out. I mean, if there are all coins who are performing well, then we should definitely talk about them because gains can be made in here. I’m not telling you that you should buy any chain link once again. I personally do not hold any. But nevertheless, this chart is very, very interesting. And over the last couple days, the performance is plus 50 percent in here compared to bitcoin on chainlink. And that is actually quite significant. So let me know if you hold any chainlink down below in the comments section or if we should just have this on our radar and keep you guys up to date. An interesting case that you are an experienced trader and you want to trade chainlink on leverage up to hundred x leverage. I personally recommend that Femm X platform where you can trade bitcoin at theorem X or P Chain Link Tasos, Litecoin and also gold. Yes, you heard that right. You can also trade gold if you’re interested. Make sure you check out my video tutorial popping up on top of the screen right now and with my signup link down below, you can get up to a one hundred and twelve dollar bonus for depositing 0.2 BTC or more. Thank you guys very much for that. With that, obviously you’re also supporting the channel. And now let’s move on with the video. All right. Now let’s talk about some very interesting fundamentals, fundamentals that are showing us that not everything looks bad right now. In fact, this is actually quite a good metric. And here to shout-outs are going out to Gless note for this amazing data. And this is bitcoin BTC number of exchange deposits just reached a three year low. Now, let me explain. What does it mean when bitcoin deposits on exchanges are reaching a low? Think about it. If you want to sell bitcoin, what do you have to do? Well, you have to send them to an exchange. Now, what does it mean if less bitcoin is getting sent to exchanges? Yes, that’s right. Fewer people are planning to sell bitcoin and that just makes sense. I mean, we are on price levels right now, which are very low. In fact, we’re currently in the weakest pre-Hafen face ever for bitcoin. So why should anyone? So bitcoin right now or let me know down below in the comments section. Are you selling your bitcoin right now? I mean, I’m not. But let me know your opinion or your strategy right now. Is there anyone selling bitcoin right now planning to buy back on lower prices? I’m not so sure about that, but I’m interested to read your comments. Next up, an interesting tweet from Peter Schiff. We definitely have to discuss cigarettes or money because inmates can smoke them. Even non-smokers value them as there are plenty of smokers in prison. So cigarettes function as a medium of exchange and a store of value as they can be smoked in the future. You can’t smoke Bitcoin. Well, I don’t have to tell you that this is absolutely ridiculous, but it is quite easy to explain why Peter Schiff thinks like that. Peter Schiff does not understand that something digital can have value. And maybe there are some viewers of this YouTube channel which also believe the same, that something has to be physical, that it can have value. But that is not the case. And I’m going to show you just. One example of a small video clip that makes you maybe understand that people are willing to pay a lot of money for virtual goods, even for virtual goods, which are less, less, less valuable than Bitcoin. Let’s play the clip. The near-perfect item was capable of performing huge critical hit damage on an enemy. One lucky player just happened to scoop up the weapon and decided to sell it for $250. It was passed along from user to user for a brief time before someone finally realized what they owned and then jacked the price up to an end game tally of 40 billion gold, which translates into fourteen thousand U.S. dollars. The weapon, which was an extreme rarity in the game, was snatched up at that price by a user name Typhon and the seller made an easy buck. Much to the disdain of the individual who first sold the weapon for a measly 250 dollars. Well, and for all of you guys who want to have more examples of virtual goods that were getting sold for an absurd amount of money. You can check out this video right here. Ten most expensive virtual items ever sold from generating 2016. And I’m pretty sure by now those numbers are not even the highest numbers anymore. But as you can see, guys, people are willing to pay money for virtual goods. And that is something that Peter Schiff does not understand, that virtual goods can actually have value as well. But that is it already for today’s episode. Thank you guys very much for watching. If you enjoyed it, make sure to leave it like if you’re interested in FFM X platform VITIT tutorial popping up by my side right now. Thank you guys very much. And I hopefully see all the few in the next one by.