Is now the best time to buy bitcoin? Let’s talk about it. I want to share with you a major update coming for Ethereum this Wednesday and, of course, some world news in general. The world is slowly integrating cryptocurrency into any and all platforms. Everybody seems to be coming around. And what’s going on in the world after we talk about whether now is the best time to buy bitcoin.
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NOW is the BEST Time to Buy Bitcoin (Here is Why)
When bitcoin meets the 200-week moving average, big gains usually follow. When bitcoin meets the weekly moving average. Yes, it did. In fact, we’re hovering right below it now and have been for a little over a week. As you can see, every time in the past where bitcoin either hit it or dipped below it just a little bit, it hit it or dipped below it just a little bit, what followed was either 120x gains or 4x gains, 15x gains.
Additionally, we have another indicator confirming that we are at the bottom or near the bottom, the net unrealized profit/loss indicator. The bitcoin NUPL has entered the pink capitulation phase. I highlighted the prior capitulation phases to show when this has occurred before in bitcoin’s history. Take a look at every other time where the NUPL has entered the pink capitulation phase. What a fantastic time to buy now.
Sometimes it entered the pink when it was near the bottom, sometimes when it was at the bottom, sometimes when it was after the bottom, but as you can see, any time where bitcoin has entered this pink has been a great time to buy.
It’s important to be realistic:
We’re going to need to see a lot more by volume here. So you can take a look at two prior times where bitcoin met the 200-week moving average. Actually, you know, this is when bitcoin was $3,000-6000. Awesome times to buy.
As you can see, we need a lot more buy side volume. It could come with a giant wick in a short amount of time like this or like if you were around in 2018, like we were, and you can go back to some of our videos. Everybody was waiting for an even greater capitulation. We didn’t see that, and it grated. We didn’t see that huge by volume. Instead, it came over many weeks. So either scenario is possible, I appreciate this analyst keeping it real. I’m going to like it because I want to support it.
So taking a look at bitcoin’s entire price history, I understand that just looking at this chart it seems like all the gains are in the past. All bitcoin gains are in the past.
To that, I say think bigger and understand that bitcoin is doing the same old cycle of action. It normally does. Yes, there are slight differences this time around, but in the macro picture, we’re on track and the next bitcoin is going to be epic. We’re right on track, my friends.
Is now the best time to buy bitcoin for me personally? Yes, I’m going hard into bitcoin here, ethereum here, and a select few altcoins. If legendary investor Warren Buffett was into bitcoin, I believe he would be telling his clients: ‘My friends, that there is fear in the air and blood on the streets’’. This is the time to buy and maybe start buying over the next couple of months for me. This is the time to buy it for you. You will have to make that decision yourself, but let’s go over some of the things that have just happened in the last few days. How can you not be bullish on crypto?
Shopify Makes BIG Move into NFTs!!!
Shopify add NFT-gated option for online retailers. Shopify is leaning into NFTs as the future of e-commerce. The online shopping giant, which allows small businesses to create custom e-commerce shops, is launching NFT-gated storefronts as a new feature for brands looking to make their stores more exclusive. Shopify announced this Wednesday.
I love the video in this tweet:
‘Invite your community into a world that recognizes and rewards loyalty. Token holders connect a crypto wallet to unlock exclusive shopping experiences, from early access to drops and limited collections to one-of-a-kind experiences and other surprises. Start token gating on your Shopify store and unlock the power of your brand’s community.’
Ethereum to Undergo BIG Upgrade THIS WEDNESDAY
In other news, a big upgrade for Ethereum’s mainnet is coming up this Wednesday. Ethereum is to undergo a Gray Glacier update. This is what you need to know if you hold Ethereum. Next Wednesday, June 29th, the Ethereum network will undergo a scheduled upgrade called Gray Glacier at block 15,050, 000. The Gray Glacier upgrade is prolonging the difficulty bomb by 700 000 blocks, equivalent to about 100 days starting Wednesday. The Difficulty Bomb is to disincentivize miners to stop mining on the current network and eat proof-of-work after a successful transition to eat proof-of-stake. This is congruent and synonymous with ETH becoming proof-of-stake.
Then, Tim Beiko, a core Ethereum developer, claims that this is the final extension to the difficulty bomb, implying that ETH 2.0 proof-of-stake is still a few months away. He added that this upgrade will keep scammers off the network because it will require decent technical knowledge. If you hold Ethereum, no action is needed for you by the users or the holders unless stated by your respective exchanges or wallet service providers.
It is probably not compatible with the Gray Glacier upgrade. Node operators need to update the client version they run to one of the ones listed here. So, proof-of-stake is coming. Bull market, bear market. In my opinion, this will be one of the biggest things to ever happen to crypto.
Cristiano Ronaldo & Binance Announce BIG NFT Partnership
In other news, maybe you heard – I think this is a big deal – Ronaldo, perhaps the best soccer or football player in the world, and Binance, the biggest exchange in the world, announced a multi-year NFT partnership.
Cristiano Ronaldo is one of the biggest football players in the world. He has millions and millions and tens of millions of fans around the world and he is promoting NFT’s crypto.
‘I’m delighted to announce my partnership with Binance. Together we are going to change the NFT game and take football to the next level. And this is just the beginning.’
200 ‘Sleeping Bitcoins’ From 2010 (Worth $4.27 Million) Moved on Friday
In other news, a string of 200 sleeping bitcoins from 2010 was discovered by somebody who mined 200 bitcoins. They’ve just been sleeping. This is worth $4.27 million, indicating this is not a dead wallet but somebody who has been hodling.
Is this a bad thing? No it’s not. This is just how the bitcoin network works. This guy took the risk early and he held. I can’t believe he held or he found his keys. Whatever it is, it paid off and this is how bitcoin’s genie coefficient, the distribution of bitcoin, becomes better over time. He sells something, buys a house or whatever and then people buying into bitcoin at these levels will have more bitcoin than maybe in several years from now. If you are a bitcoin believer like me, this is just par for the course. Don’t worry, but I did want to alert you. This is what’s going on.
Coinbase to Phase Out Coinbase Pro
If you use Coinbase, if you use Coinbase Pro like I do, which is the more trader-friendly, more advanced version of Coinbase, it’s the exact same login. Coinbase is actually phasing out its trader-friendly pro exchange. Coinbase Pro is going away. The standalone service will be replaced by advanced trading, a feature within the main Coinbase app. I believe if you use Coinbase, you don’t have to do anything. I did want to alert you of this though.
EBay Snaps Up NFT Marketplace
eBay snaps up NFT marketplace KnownOrigin. One of the first NFT marketplaces, KnownOrigin has generated almost 8 million since launching in 2018. Ebay wants into NFTs. eBay invested in crypto.
University Adds Crypto Courses to Curriculum
University of Cincinnati, one of many collegiate institutions that are adding crypto courses to their curriculum and launching two new crypto programs. The Ohio based university will add a lab space dedicated to cryptocurrency partnerships.
[This article is a transcription of a video made by Altcoin Daily]
Original video: https://youtu.be/2M9amLz4dY8 ]