Whales are currently buying at the crypto bottom. Do I trust the pump that we are using right now? What’s going on with the Board 8 Yacht Club? And all of the news that you need to knows to be on foot, all the news that you need to know to be fully up to date in this crazy world.
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And look at the cryptocurrency bubbles today. We got red across the board, but the overall market for bitcoin itself is looking quite good. Bitcoin has been up a little bit recently, and the overall market is seeing some nice little gains.
Do I trust this pump? No, I do not trust this pump right now. I think we are just in a relief rally or a dead cat bounce. I do think there’s going to be more blood coming forward because we’re not in a financial stance in the world where people are like right “Let’s just chuck some money in”.
Do I think that Bitcoin can go up in the short term? Yes, in the short term, meaning the next few weeks or next few months, I do think we’re going to see a little bit more blood. With that said, if we do head over here, first of all, we got this tweet from PlanB. He thinks capitulation has happened. Bitcoin sellers realized $25 billion dollars’ worth of losses in June. This is on the chain, and this is similar to November 2018, January 2015, and September 2011.
All capitulation events in previous bear cycles, and people’s realization that this amount of loss is actually a good thing for the market. It means that people who are going to sell panic sell that entire sort of stuff are flushed out of the market. And that’s where we can start to find bottoms, and if we do head to the bitcoin chart here, we can see the 200MA here, which according to history has played as a nice bottom indicator. Of course, things can change with different things. But bitcoin hasn’t gone through the same macroeconomic environment that we’re in right now. It’s never seen that before, but if it does stick to it, you can see here we had about three weeks in March 2020 where we were around that 200MA and then back starting here in November into early 2019.
We can see that we spent around 133 days at this point, so we may very well have seen the bottom here with the $17k or we may go down to as low as around $14k, which is the next level of support that I see, but either way, if we do continue with a similar scenario to what we’ve seen in the past, we could potentially be sitting here for around 133 days, giving us the end of October or early November before coming out of this now. This could be a perfect accumulation phase.
And we are seeing that the number of bitcoin addresses is holding steady at over 10,000 BTC. So whales in the bitcoin game are building up their bitcoins and adding to their bags at this point, so the number of addresses holding ten thousand bitcoins or more has soared to a hundred. So, a hundred people hold more than 10,000 bitcoin in a single address, and they are loading up during these times under the 200 MA in extreme fear. Extreme fear on the greed and fear index, so these are the times when people are loading up. I’m personally loading up because I see a long-term advantage in doing that.
Bitcoin is in a hole at $21,167, down close to 1% today and we have lost that $1 trillion, which wasn’t surprising. But I think we will be able to get over that at some point now, moving on to the news. If you guys haven’t heard, there are a lot of things happening at the Board 8 Yacht Club. Lots of accusations are flying around. Definitely watch the one-hour documentary. If you want to understand what’s going on here, check it out. Watch it with an open mind. Whether or not you think that this is the truth or not, I don’t want to say the words out loud in case it gets demonetised, but let me know down there in the comment section if you believe in what this documentary has to say. I must say that there are a lot of coincidences in there. I haven’t quite made up my mind here, but the founders have come out and basically said that it’s just a troll. The person who made that documentary was just trolling. They’re not the trolls, right? Because they were actually being accused of being trolls.
So there’s a little bit of back and forth, and Yuga Labs has also opened a Lawsuit accusing Rider Rips of Scamming Consumers. When I watched the documentary, I was a little bit swayed. Sure, there is a lot of evidence in there to potentially point in this direction, but then to end it with a link to another NFT collection was a little bit strange. But I am very interested in hearing what you guys have to say about that.
We also have FTX reportedly planning to acquire a stake in Block Fight. So this plays in again to the whales’ actually buying this dip. This is similar to that in the sense of a bigger company buying the dip into other smaller companies that are still very much players in this game, and this could be a very profitable move for FTX in the long term.
Now, on top of that, we also have Goldman Sachs looking to buy distressed assets from Celsius. So what they’re doing is potentially buying Celsius assets at a lower price than market value in one lump sum to essentially bail them out of the issues that they’re having. Again, this could be a great play by Goldman Sachs to buy these assets at a discount to either instantly make a profit or to hold for the long term, which could be very profitable. It’s interesting to see this happening where the majority of people are expecting another huge, massive obliteration of a drop. I don’t think we’re going to see that. I do think that around the $10-14k range would be the bottom, but that is just my opinion.
Finally, we also have a “British MP Calls for ‘Liberal’ Crypto Regulation – says ‘No Country Can Stop This Revolution”. This is Matt Hancock, and if you guys are from England, you know exactly why I’m laughing with all the information and news stories that we had surrounding this guy last year, when it comes to COVID. But still, irrespective of his past, this is a good thing to hear in the market these days.
With all of that said, I do hope I provided you some value today, a little bit of insight into what’s going on in the market and the reason behind it. That’s why I’m staying positive.
[This article is a transcription of a video made by Conor Kenny]
Original video: https://youtu.be/7K-0_fFqs5o]