[, Music ]. Oh today, we have some literal trouser busting gainer fuel that will make even the harshest bitcoin critic blow a hole straight through their trousers. Guys. Could january 31st really be a spectacular date for bitcoin, particularly because of what gugu gagenheim has done with the sec and specifically the first week of february, being absolutely nutty and as well as bitcoin savage enough to hold its gains above 30 000.
Us dollars? Let's dive in welcome back you absolute, complete savages. I'm. Your host bobby bean dip not to be confused with my cousin, bobby beansprout guys we have so much to be jumping into in this webisode.
We have three particular topics that all are kind of coalescing into forming some very, very interesting news for bitcoin, specifically the first week of february, guys we're only days away at this point and as well.
This sunday, we're, going to be getting our monthly and weekly close on the same date. Perhaps one of the most significant closes that bitcoin has had this entire bull run. That has only just begun. So wow, if you guys absolutely love moon, boosters and fatty dumpers, make sure to hit that like subscribe and as well make sure to turn on that bell notification.
So you get updated when we post these absolute groundbreaking, critical time, sensitive, urgent alert, emergency webisodes and without any further a goo. Let's, get dumpy wow, so guys it should come as no surprise.
I'm sure you've, already heard about this, exactly what i woke up to this morning. In fact, by the time i woke up, the pump had already completely uh. You know been on a downtrend really here, but bitcoin is still in a very critical level and we're, going to be taking a look at some of these charts later on the video, but guys first, i want to talk about this, so something We talked about a little bit yesterday towards the end of that video here.
Uh google gaggenheim here saying bitcoin should be worth 400 000 and then, as i'm sure, you're already familiar with over the last week. They're, basically saying you know. Maybe there is not enough institutional support for bitcoin to hold 30k combined with.
I believe they had another projection that bitcoin could go down to about 20k here: yeah uh, the cio expecting bitcoin to drop to 20k, and this was posted about eight days ago, so guys the real question.
The real thing i want to dive into here is first off: when can we see bitcoin, reverse and start more of an uptrend, because clearly we have been in a downtrend. If we just even go to i mean you can see it on this chart, but uh yeah, you can see we're in an uptrend for quite a long time from about ten thousand dollars to 42 000.
But ever since january 9th we've, basically just been in a downtrend, and that's, something we've talked about at length in other videos right trading within whether you want to call it a descending channel, bull, flag Or a bull pennant or a falling wedge here either way we're, also going to be talking about this potential breakout because, as you can see on this chart, it looks as though a breakout has begun here.
But when can we expect bitcoin to be back on track in terms of this price so guys one of the things people have been waiting for so and guys remember back on december 16th gogenheim was saying you know 400 000.
Basically, half a million dollar bitcoin is in the cards and obviously we saw uh. You know just about a month later they were saying yeah. We could see it retrace almost exactly a month later retrace back to 20k and they even said there was an article.
I believe that said that yeah it could even go uh. Where is it right here to to 30k? But the main thing here is the sec filing that they have here, which, as you can see here on january 31st, 2021, the proposed filing will become effective.
So again, enabling them to potentially allocate 10 of their assets to cryptocurrency bitcoin, specifically right crypto currencies. Uh are digital assets designed to act as a medium extent exchange. The guggenheim macro opportunities fund may seek investment exposure to bitcoin, indirectly through investing up to 10 of its net asset value in grayscale, bitcoin, trust and guys.
Many people have been discussing that, as maybe one of the reasons bitcoin's, price could have been held down. Also, though, we have to factor in the quite obvious - and the obvious here is that bitcoin ran up 30 thousand dollars within a period of like two and a half months, so obviously it needed to cool down, and just literally looking at these charts the technical indicators.
Obviously, bitcoin had to cool down at some point, so even if none of you know, even if none of these new stories came out, even if we knew that these, these big players wanted to get into bitcoin as cheap as they possibly could.
Bitcoin was due to correct regardless so again, more so than anything it probably just lines up with those stories. Okay, even on the weekly it's, not necessarily i mean it could technically still go lower.
Here we're still pretty high up here, especially on the rsi and just in general, with bitcoin's price. So you're, probably thinking two things right now: mommy milkers and what will happen? The first week of february 2021.
: well guys it's, no secret as well, that the absolute savage himself michael saylor is going to be hosting a virtual bitcoin corporate strategy summit. The first week of february designed to help other companies copy microstrategy's, bitcoin playbook and guys.
As we know from not very long ago, michael saylor also reached out to elon musk himself about investing some of his capital into bitcoin and no surprise as well. Elon musk did in fact change his twitter bio to bitcoin.
Everybody's, been talking about this and not going to really cover this, but he also had to tweet. In retrospect, it was inevitable. However, you want to try and relate that to bitcoin it most likely does have some uh something to do with bitcoin right after he changed that so as well.
Micro strategy, which now owns over 70 000 bitcoin worth just over 2 billion dollars after kicking off its bitcoin buying spree last summer, is hosting the event on february 3rd and february 4th, with thousands signed up to attend michael said here, we're, going To have thousands of execs officers, directors and advisors of corporations coming together in the first week of february guys.
This is huge. First of all, he revealed microstrategy had bought a further 300 bitcoin uh when it dipped down to about 30k, not too long ago, but basically what he's saying. Is they all want to figure out how to plug bitcoin into their balance sheet or their p? L, we're, going to publish our playbook all of our accounting guidance, all of our legal guidance, all the work.
We did over the course of months to get ready to do this as a publicly traded company, and we're going to open source it, making it available to everybody with the thought of saving them millions of dollars in weeks or months to make This an easier transition there's, no point in me even stating uh how insanely positive this will be in the long term for bitcoin and as well.
It could have an immediate impact uh additionally, but long term. This is more of a long term. Play you know three, four, five, six months down the road guys i can't even emphasize enough, just how bullish this is.
At this point. Bitcoin critics have nothing to say negative about this because uh, what were they saying back in 2017 uh? Nobody uses it institutions think it's, a joke; they think it's, a scam this and that guys, all those excuses are off the board.
Now uh, the gloves have come off right. Well, the full list of 10 attendees has not been made public. The event is set to include bitcoin industry giants uh, including finance, gemini and coinbase giants right mike novogratz from galaxy digital and basically the conference could drive interest in bitcoin further and i absolutely don't, see any reason how it couldn & # 39.
T right, the biggest uh barrier to entry of bitcoin is the lack of knowledge and the lack of understanding of how to do it. If you give people these tools - and you do it in a conference like michael seller has organized here, i just see no reason why at least a small percentage of them at the very least may start to start allocating of their some of their capital into bitcoin And even if this does not translate into immediate price gains, it will definitely have a positive long-term effect said joe de piscuale, the c uh, the chief executive of san francisco-based bitcoin crypto hedge fund bitbull capital.
There's, also a possibility that hyper on the conference could boost retail sentiment and drive some retail buying. Absolutely so guys with all that being said, uh to me that indicates that the first week of february could be extremely exciting and without a doubt, at the very least, we're, going to be getting a lot of news, a lot of headlines, uh, The first week of february and again don't need to get too excited just yet, but uh guys.
This is only a week away right. We're a single week away from this, so this isn't, something we're talking about three three to six months down the road. This is happening next week, so it's happening fast and people are interested in getting into, or at least learning about, bitcoin and cryptocurrency very fast, and i don't think it could come at a better time than what exactly is Happening right now, and the bigger question is: how does all of this relate to elon musk on twitter wow? So with that being said, the next let's.
Take a look here, the next two days and three hours at the time of me. Recording this until we get this monthly close for bitcoin is going to be very interesting uh. We actually had this monthly candle or earlier today right about here to where it was, for the most part, a candle, but you see it did get pushed back down.
Uh. Even after that, elon musk news right throughout the day, because again, there's, still a lot going on with the broader markets, not even just crypto. There's, a lot going on still with the stock market, and i fully anticipate uh for the stock market and everything going on with gme and the hedge funds and wall street bets and everything that's not going to stop either.
It's, probably gonna bubble up and be even more explosive next week and guys. We also have to realize not to divert too much, but we also have to realize this that now that these billionaire hedge funds know that they don't have a complete monopoly on the stock market.
For the most part, they still do, but they don't have a 100 monopoly right. Maybe they only have like a 98 99 monopoly now now that they know that, do you think that they're gonna start backing down and say? Oh, you know what little guy you're.
You know what we're gonna. Let you uh try to make more money. Absolutely not guys they're, going to go into full-on aggressive mode. They're, going to do everything they can. I promise they're, going to go full out trying to save themselves right.
These people are absolute animals and, if you think for a second that these hedge funds want you to make a little bit of money, if you think that they're gonna take a step back and say: oh, you know what yeah let's, let the little guy win a little bit right.
Absolutely not! They're gonna go full force and try to try to do what they're doing. They're gonna double down on what they're doing right. They're gonna try and go full force and make this even more painful for the retail investors than ever before.
So again, this is just my thought here, but i think now is the worst time to back down right. This is just the beginning. What was exposed this last week with wall street, which, with these hedge funds, which are most likely again, we don't, know this just yet, but they're, most likely committing a very large amount of crimes and the sec will be Looking into that, but uh yeah this this has just started.
So this is only the beginning of that whole battle. Uh on wall street and guys with that being said, bitcoin did initiate basically a straight 12 hour dumpage after uh touching right about 38 500 us dollars.
Uh going as high as about yeah 38 664 here on coinbase uh, but we're, currently actually finding support at our fib level. Here, right of about uh the 0.382, which is right underneath the crunch zone, the crunch zone is basically between 36 000 or 30, 35, 500 and 344 500.
. We're, basically exactly right there right now, so we're in the critical crunch zone, so i will be personally bullish in the short term if we can hold this level of between 34 and 35 or 34.5 and 35.5 uh.
You know over the next two days optimally. That would be extremely bullish. I think if we just basically hold in this zone for the next two days, that would be extremely bullish, because then that monthly close would actually be pretty decent.
It would not be this horrible bearish candle people are really scared of which, even if we do get that bearish candle guys it doesn't necessarily mean bitcoin's about to be doomed at all and uh yeah. For the most part, it basically also just means holding above some of our key lines that we have on some of these longer term charts, but specifically, we have to stay above the 50-day moving average.
I mean obviously that's, not even that's, not even a question that's already right around 30 000, a little under 30 000 us dollars, but guys, most importantly, we want us. What we want to see is bitcoin get a daily close above the 21 day which earlier today we were significantly above it, but as you can see, that's exactly where we're facing the resistance right now, we basically got pushed Right back down to this 21 day, moving average uh.
So again, this is going to be the big thing to watch over the next two days. These next two days are some of the most critical days for bitcoin's price that have occurred on these charts in the past three months.
Actually, i would argue these next two days are the most critical two days: uh for bitcoin's price. Since we broke all time highs, uh and actually, even before that so yeah, basically getting a close above 35 000 would be really good.
But for the most part we want to hold above this 21 day, moving average um ethereum guys still waiting uh for a breakout. This could essentially go on for another two or three weeks, but i'm. Actually, looking as well very nice opportunity, we could see this actually pump during the first week of february when we're.
Having all those meetings because uh i don't, think people are only going to be bullish and only going to be talking about bitcoin at these virtual virtual conferences. I think it's, going to also be involving ethereum as well right.
Ethereum and bitcoin together and as well as we said, this battle is still raging. Currently the dxy is holding on this 50-day moving average, but it has faced some resistance right. If we take a zoom back here, you can see this is i mean we're still in the battle zone for the dxy, ultimately uh.
If this continues to go lower and heads down towards this 88 target absolute blast off for bitcoin, but we really have to wait and see how this battle goes on, because, as we as we talked about last week and monday, the first day of this week, we Said this week was going to be crazy for the dxy and it really has been it's been a battle between the 21 and 50 day moving average every single day we've had a big battle on one of these two Moving averages but for the most part, actually both every single day and as well guys.
How will what's going on with gme, with what's, going on with uh the hedge funds and wall street bets? How will that affect bitcoin? Well, we already saw what happened with dogecoin uh. We're, not gonna talk about this too much, but obviously there was some massive pumpage with doge.
I believe it went up to like eight or nine pennies or eight or nine cents, or something like that, which is absolutely wild. It went up like i believe it went up almost like a thousand percent gains, absolutely wild.
So again, when people, if we start getting more people, exposed into this ecosystem, the the better the more the better. However, i i personally would hope that they would research and kind of more invest more into bitcoin and ethereum, rather than the memecoin dogecoin, which again doshcoin, is a very attractive, uh, very attractive coin, for people that have no knowledge of cryptocurrency, because it has a dog Or a doge on the coin, which is again very attractive for people who doesn't like a doge but at the same time there are better technologies out there.
And ideally, we would want people to be more interested in the safer, better uh, more reliable technologies like bitcoin, like ethereum, also guys make sure to hit that like and subscribe turn this post notifications.
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