Is Bitcoin bullish or bearish?
It's my opinion that we're about to see Bitcoin soar in the next 2 months.
However, a lot of technical analysts out there
are saying the price is due for a big drop
and may not have a quick recovery.
Today, we're inviting Crypto Wendy O on the show to set the record straight.
Let's get it.
Hey, Wendy! How are you doing? Good to see you.
I'm doing great. Thank you for having me back, BitBoy.
Yeah, absolutely.
So, you know, there seems to be quite a bit of bearishness in Bitcoin right now.
Actually, the funny thing is,
at the recording,
we just popped up like 2.5% in the last couple of minutes.
But, who knows by the time you guys watch this how that's gonna hold?
The question is though, I'm seeing everybody all over YouTube saying,
"October bloodbath.
This is gonna be the worst month ever for Bitcoin.
It's gonna go down,” and things like that and
and I don't really see it,
but I know you've made some comments in the past about how you--in the recent past
in conversations,
about how you feel like Bitcoin is not necessarily gonna be going up
and you are a little more bearish.
Or are you a “bloodbath” person?
I'm not a big “bloodbath'' person.
I do think that we are going to drop down to like $9600 to $8800.
Because when you're looking at the markets, you have to see where money's coming from.
Right now, we're in almost a global recession,
we’ve got a lot of people that don't have jobs,
not a lot of money to--not a lot of extra money to invest,
so where are we getting this money to pump the markets?
Yeah, I think I would make the argument
that people aren't as in a bad situation financially as people led on--lead on.
I think everybody wants a stimulus package,
and they want that done just for extra money.
I think if you actually go and look at where people spent that money on they received from stimulus,
I think it's to a lot of stuff they didn't really need.
What do you think?
I agree. I feel like a lot of Americans in general, I mean, this is talking about personal finance,
but we have credit cards. We buy things we don't need.
Do you really need a brand new car every year?
Do you really need that $200 perfume?
Or that $2,000, Louis Vuitton bag? Stuff like that.
Or those brand new shoes?
I feel like that money could’ve--that money did definitely help some people,
- Uh-huh. Absolutely. - but where it went was probably not where it was needed.
Yeah. And I would say,
definitely, there are absolutely people that needed that money, for sure.
And I'm glad that those people got the money.
I think for most of us, we probably didn't need it,
or for a lot of people, I know that, you know,
50% of jobs during the pandemic in America were considered to be essential.
Like 50%! So you're even starting with a range of like 50% of America, you're still working.
Now, you know, business owners definitely got hurt,
but they had a lot more access to other funds.
I just don't think we necessarily need--now, a stimulus would be great for Bitcoin in the short term,
but I don't think we necessarily need one.
And
For me, like, I'm leaning more bullish,
and I know you're gonna show some charts here in just a second.
But let's just go ahead and outline what we're thinking.
There's kind of a debate between me because you're saying it's going down,
I'm saying I think it's going up.
I did a lot of research on the last elections and their effect on Bitcoin,
and they basically both had at least 5 consecutive green candles after the elections,
which we just did a big video on.
It--with the smallest increase being 15%.
That would put us up over $12,000, actually closer to $12,500
or so
with where we're at right now, at the time of this recording.
So I'm a little more bullish.
If you look at the historical Bitcoin chart,
it looks like December is when we should start to see all-time highs,
the end of December,
could be January very easily.
But--kind of just give some people for some perspective on the charts that you're looking at
that seem to, you know, not get you that excited,
unless, I don’t know, you have a big short in right now?
No, I don't actually.
I'm in XRP trade.
Alright, so let's go ahead and take a look at my charts that I have.
So, we are currently here.
We're at about $10,800.
And when--you were talking about these 5 consecutive candles here on the weekly, back in 2017?
Well, it would’ve actually been 2016,
- is when the election was. - 2016.
So, we're currently right here. We're like in this consolidation range at about like $10,800.
We do have significant volume.
However, if you look at previous price action,
we have to flip $12,000.
- We really haven't been this-- - Absolutely.
This is the weekly chart. We haven't had a successful break of 12--about $12,300.
This was back on August 10.
We tapped it and then we reject it.
We tapped it and we rejected it again on August--excuse me, October 5--August 5 here
and around August 17 over here,
and then we have this high on
- at $13,600 on June-- - We were together.
We were together when that happened.
- Really? - We were at the Bitcoin conference. Yeah.
Oh, my g--I remember that.
- Yeah. Yeah. - How fun!
- That was a fun trip for everybody, I feel like, - It was.
- but anyways, - Yeah.
Anyways, back to the--back to the technicals here,
but we really--like, anytime you see these wicks up on the weekly,
we need to actually flip these sup--we need to flip these resistances into supports,
and we haven't really been able to do that.
So, yes, we have that announcement from the CEO of Twitter,
or the CEO of Bitcoin,
Jack, I call him CEO of Bitcoin just because it's funny,
but for his company, Square, they bought $50 million worth of Bitcoin,
and now we're seeing a 2% candle, and that's fantastic,
but we're also currently testing resistance here
- close to $11,000. - Yeah. Right.
And we need to tackle these areas. We need to flip them into support,
and realistically, we--let's say we get that $1200 stimulus tomorrow,
so price is what gonna run up to about $12,000
and then I think it's going to drop.
I think that there’s whales that are playing with us.
There's guys that have large amounts of Bitcoin from way back in the day early on,
and they can pretty much do what they want to do with the market.
I'm not saying that Bitcoin is not gonna break the all-time high again of like $20,000.
I believe it will happen.
I'm just really not convinced yet just because of looking at previous price action,
because anytime we get to these historical resistances,
it's--we fail to flip in a support, and then we dump.
Uh-huh.
Yeah, and I guess this is kind of a technical analysis question
because, you know, somebody can look at this chart that you're showing on the screen right now,
and since we hit all-time highs,
they can say, “Hey, look, we’re in a definite downtrend.”
However, I mean, if you go and you look since March,
we're on an uptrend, so, and then, of course, if you go back to 2019,
and, you know, to where we're at
you know, it kind of looks like an uptrend,
like, how will you look at the the historical, like the lifelong, or the all chart for Bitcoin?
You know, what--when you look at this,
would you kind of say we're in an uptrend or a downtrend?
Okay, so let's just take a look at this previous price action for March 9, March 16.
We'll draw a silly little trendline. Yes, it's not drawn to scale, you guys.
But we are technically in an uptrend.
But look at this previous price action.
We were--this was this area here from about January 28, 2019.
We were in an uptrend here, and again, these aren't drawn to scale,
where we were in these uptrends, we hit these important areas of resistance
and we fail and we dump after that.
So is this going to happen again?
You could draw a fractal here and you could, you know, draw everything to scale and correctly,
but do you think
do you real--I don't really just see where the money is coming from,
or the excitements coming from.
We have all these DeFi projects. We have Uniswap.
People are able to log on to Coinbase or to Gemini or Crypto.com,
and they're able to buy altcoins, let's just say for example, XRP for like 30 cents,
so why would somebody spend like $10,000 and buy one whole Bitcoin
when they can buy one whole XRP for 30 cents?
And that's not m--that's just me looking at this from somebody from the middle class.
People look at the high price of things, and it kind of deters them.
What's it like, Wendy? What's it like for you to come down to the middle class level?
I mean, from wherever you're at to come down to the level of the people
to see it from their perspective?
- What's that like, Wendy? - I am one of--I am one of them.
- I know. I mean, I don't know. - I am--I am--
I do know though.
- Wendy’s a normal person, guys. - No, I am--
- She’s just a normal person. We like her. - I am a--
I am a normal person. I actually don't live in a really nice neighborhood,
and when I talk to people about crypto, they kind of look at me sideways because,
realistically, everybody in my neighborhood, they are just trying to pay their bills,
a lot of people work under the table,
not really interested about Bitcoin or cryptocurrency,
and I think that's because a lot of financial literacy
and personal finance was not taught at home.
So, there's that aspect into it, but I will say is that one of the kids from my boxing gym,
he saw my Crypto.com card,
- and he was really excited about it, - Yeah?
because he's like, “Oh, my god! I learned about Bitcoin because I saw that,
and it made me kind of take a deeper dive.”
So, Crypto.com is, you know, doing the Lord's work
because that kid in 100 million years would never have cared
or even known about Bitcoin
if it wasn't for the ads Crypto.com posted.
So, would you say that you are going to boxing with kids in order to punch children?
- That's what it sounded like. -They’re
That's what I got from that.
- They are - I got hung up on that part.
- They are--they're - I’m just kidding.
They're young adults, and my boxing gym is a great place.
- Yeah - They've been open throughout this whole thing.
And I'm really to focus on mental health
- then positivity for kids in the hood. - Yeah
And that's the only thing in California open, correct?
Well, they're--I don't think they're supposed to be open,
- so you kind of just snitched it at me. - Oh, gosh. Oh, sh--y'all keep it down.
You did not...
So, yeah, let's talk just just briefly--I appreciate you showing--showing,
you know, your thoughts on the chart, and
I do think the idea of
you know, where is the money coming from?
I think that's--that's obviously fundamental analysis.
That's not, you know, technical analysis, but I think that that is a good question,
Where is the money coming from? And a lot of people may be uneasy about the election,
and so what we might see is,
whatever happens after the election, now, all of sudden, there's some certainty,
unless, of course, we get the long drawn-out scenario with mainland voting
where it's going to take a long time, like 2000 days, which would be a nightmare,
but as long as we have a winner on November 4,
I think we could definitely see some certainty come back in,
and that could, you know, lift us up,
and some people that may have been holding money on the sidelines,
maybe they come back in,
but here's my question to you.
I'm gonna give you two scenarios.
I want you to be brief and just tell me briefly what you think will happen in this scenario,
in terms of Bitcoin.
Joe Biden becomes the next president of the United States.
I don't think it's going to have an impact on Bitcoin.
Okay.
Donald Trump wins re-election.
What do you think will happen to Bitcoin?
I don't think it's going to have an impact on Bitcoin,
and I will explain briefly.
Reason being we're really not going to know how the economy is going to react
until things to actually start to open up again, regardless who is president.
If they focus on opening the economy,
we'll probably see more money flooding into the market.
If the market stays closed,
people might be uncertain, they might be a little bit scared or nervous
to enter into the cryptocurrency market.
However, we will see more people trading on Robinhood
because Robinhood allows millennials and zoomers
to go ahead and use minimal capital and trade on Robinhood and make sick gains.
- Yeah - So we'll see--we might see that scenario.
But really, once the economy opens up,
that's when I'm going to go ahead and feel more comfortable giving a scenario.
Yeah. Well,
you know, I know--for people who don't know,
boomers refers to old people and zoomers refers to young people,
but yet right now,
on this zoom call, we're both zoomers.
It's our--it’s the only way for us to become young, is to do a zoom call.
Oh, my god. They’re so--that’s such a dad joke.
Thank you, Wendy. I appreciate that.
But, yeah, I understand what you're saying in that regard. I--I just feel the opposite.
I feel totally opposite. I feel fundamentally
that either situation I think is going to be good for Bitcoin.
Reason being,
I didn't talk about this in my election video, but Bitcoin tends to like stability.
So, if Donald Trump wins,
there will be stability in the markets in terms of what they can expect,
as far as regulation goes,
and so I think that would be--like short term, the best for Bitcoin,
but then if Joe Biden wins, also, I think there could be some benefits to that, too,
because, you know, maybe what we will see is some of the civil stuff start to come down,
you know, kind of the unrest in our country,
the nervous energy that seems to be there from a lot of people right now,
so we might could see, you know, maybe some stability there as well,
but I think we are going to see big moves in the next, you know, couple of months.
So, we'll see who's right. Is it me or is it Wendy?
And, audience, you guys watching at home,
if you think I'm right, go ahead and drop a comment below.
If you think Wendy is right, go ahead and drop a comment there.
Now, Wendy, you come on show every week.
You didn't come on this week because I'm out of town on Friday, but
you're--you get a whole show today.
I want to know where people can find you.
Let them know. You guys make sure to go subscribe.
All of my handles are at Crypto Wendy O.
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and I've got a Telegram group you guys can pop in and ask me questions.
I do not answer private DM,
so if you guys want to come support me and watch my content,
I would appreciate it. If not, support my good friend here, BitBoy.
That's right.
If they're watching, they’re supporting, and I like that.
Alright, guys. Thank you so much for watching today.
Thank you, Wendy, for coming on the show.
That's all I got.
Be blessed.
BitBoy out.
Bye-bye.