You guys all know my prediction for Bitcoin.
I think Bitcoin's going to $322,000
as long as it stays as bullish and as volatile as it is right now.
It's definitely been a fun week for Bitcoin,
but how long will this continue for?
Today, we're bringing on Chris from MMCrypto, one of the biggest cryptocurrency channels out there.
And we're going to be talking about where Bitcoin is going to go in the immediate short term,
the medium term and the long term.
Let's get it!
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Hey, guys! I'm joined with Chris from MMCrypto.
The channel has absolutely exploded this year for him.
As you guys know, things are going great here in crypto.
Glad we can finally connect. This is actually the first time we've spoken person to person here.
We've messaged a lot.
I just want to say welcome to the channel and like I said, congratulations on your growth this year.
Thank you very much for having me, man.
Your views are going crazy.
Your community is so lovely.
I went to the comment section.
It's just insane, man.
It's very nice to be on your channel. Thank you so much for having me and
I'm excited to work-- to talk about the best asset in the history of mankind--- Bitcoin.
Yeah, absolutely. Well, let's just jump into it. We're going to talk about Bitcoin,
where you think it's going in the short term, medium term, long term.
We're going to talk about some of your trades you have open
and maybe you can kind of show us some stuff you're seeing on the charts as well.
So let's get-- let's get started with where do you think Bitcoin is going in the very short term?
Like let's say, over the next, you know, week to two weeks, maybe February, you know, as a whole.
Yeah, I mean, crazy things are happening right now.
I don't have to tell you. Everyone saw the Elon Musk news and--
where people were calling me crazy for quoting US$30-40,000 for February.
- Wow, we are at $48,000 now. - Yeah.
People are not calling me crazy anymore, at least not on my channel, maybe on yours.
Let's see in the comment section.
But, yeah, still I am expecting much higher price targets to come for the remainder of this year.
Maybe we are talking about the short term first.
- I can-- I can share my screen here. - Yeah, let's do that.
Let's check out what you're looking at.
So what we can see here is the Bitcoin price on the one hourly canvas.
And quickly going out here on the four hourly, you can basically see that
we had like crazy, crazy trades just like you on your channel.
I saw-- I'm watching your channel as well throughout the last few weeks and month.
I mean, all of these patterns are proof of success.
And right now, zooming in into the current moment of now,
going over to the one hourly canvas,
you can see that we had this furthermore Elon Musk come with his confirmation.
We're actually joined to trade. I will show that later on.
We had this big leg towards the upside
- and then a very traditional bull flag here - Yeah.
where the price is floating between support and resents-- the resistance to the downside.
And we actually broke out. We confirmed the breakout,
and Bitcoin is right now once again in a bullish stance.
We had this head and shoulders pattern with a fake out
which furthermore showed actually that the bulls are more in charge than the bears,
so my price target right now is, and this is a measurable price target from the bull flag,
just for the immediate short term,
talking here about today, tomorrow, the day after tomorrow,
if this pump actually continues,
well, then we can look at this half star pattern.
If I am pulling over this one here from the bottom to the top of the-- of the bull flag,
then I'm pulling it over here, and we already broke out, right?
I'm-- I'm not giving any hundred percent certainties here,
but the price target for this would be incredibly enough US$54,000.
And for this to happen actually,
the only thing I am now looking out for, since we already closed the four hourly outside,
we had volume support and we confirmed the breakout,
the only thing I'm looking out for is a close above the previous high here,
above the US$48,500 levels.
Once we are breaking this once more,
I am very, very certain that we can reach these higher price targets.
- But you also ask for the mid and long run, and I'm-- - Yeah.
Just quickly, do you have any other question before I'm going to the other timeframes?
The short term is already mind-blowing, I think.
Yeah. No, I like-- I like the short term.
I think that's a good price target.
I do believe that we're heading over $50K soon.
So that definitely lines up. So let's move on and look at a little bit longer timeframe.
Yeah. I wanted to go here to the BLX chart.
And this is the weekly candles and
in the end of the day, for us Bitcoiners, it's not very surprising.
I'm sure you talked about that as well.
I was talking about it for-- for years now
that the history is not repeating, but it's certainly rhyming.
Right.
And we are always seeing the Bitcoin price floating around here in 2011, 2012
between these converging trend lines.
Then we are eventually breaking out.
Once we are breaking above the previous all-time high,
we are going to this last parabolic bull cycle here represented by the green circles, whatever like
yeah, green circles or however you want to call it,
- and then we are reaching the all-time high, - Yeah.
which you never know how high we are actually going to go.
- Right. - You just know we are in the parabolic bull cycle.
And we are floating around between support and resistance in these converging trend lines.
Same thing again in 2016,
these vertical orange lines are actually the halving.
- We are breaking out, - Yeah.
going to the parabolic bull cycle,
hitting the all-time high in 2017,
and then once again converging between support and resistance.
And I was actually personally myself starting to go heavy.
And I'm talking about heavy heavy with million dollar trades into long trades for Bitcoin.
Once we broke, I documented that over on my MMCrypto channel,
the US$9,500 level.
Right here, you can see it.
- We broke above. - Yeah.
And this was the moment where I was already projecting this parabolic bull cycle to happen,
especially after hitting the all-time high.
This is exactly what is happening right now.
The most important question right now is though,
- how high will we go? - Yeah.
For how long will we go? How high?
And my personal prediction right now is-- and
there are some things which, you and I, we just can't predict.
We don't know how much will the federal reserve actually print.
- Right. - Is Apple and Google actually joining the game?
I certainly do think so.
But with all other factors given right now, including purchasing price levels,
purchasing power levels, purchasing power parity levels,
I would say US$250-300,000 all the way up here is the very, very likely target.
And what you can basically see here, this blue line I was laying out,
- is basically a copy from the cycle in 2013. - Right.
- Of course, I see a lot of similarities with 2013-- - Yup. Me, too. Same thing.
- Yeah! A lot of similarities. People are still-- - Yeah. We've-- we've talked about that on the channel,
- about how it seems like - Perfect!
this is more mimicking that cycle than the last cycle,
and the last cycle was a little bit of a pullback from the one before,
so, you know, we could be getting, you know, an even higher cycle this time.
Yeah, exactly. Exactly.
And I'm sure when you mentioned that, if it was a few weeks ago,
some people were still laughing at you.
- Yeah. - I don't think anyone is laughing anymore, right?
- Yeah. - I mean,
this just looks way too identical with the previous cycle in 2013,
and the reason why I think that this cycle might be crazier than the last one
even though usually we have the narrative of diminishing returns to scale
with more maturity in the market
is that the monetary policy is just completely unprecedented.
- Yeah. - Right?
We have never seen something like that, and now we have this crazy leverage,
these S&P 500 companies, NASDAQ-listed companies joining the space,
people like Michael Saylor putting a huge leverage behind Bitcoin right now.
Every single executive he's speaking to,
and he talked to thousands of executives in his conference for Bitcoin,
is a leverage to the treasury of the underlying company.
- I mean-- - Yeah.
I mean, this is something I was talking about earlier.
Usually, you have supply, demand and the price.
And whenever the demand is increasing, and it's the-- it's increasing like crazy right now,
well, people mine more gold.
People produce more watches.
Whatever the demand is increasing for, there is also more produced.
So you have a regulating mechanism of the supply and the price.
- But for Bitcoin, ladies and gentlemen, - Nope.
nope!
We have a big supply and the only point of regulation here is the price.
And this is going to blow everyone's mind.
I'm very sure about that.
This is why US$300,000 might be a very conservative price target,
to answer your question here for the long run.
And I don't know. Do you-- Should I talk about the trades?
- Because many people are interested in-- - Yeah, let's-- before--
Before we get to the trades, I definitely want to get the trades next,
I did want to just briefly talk about--
One question I had, when you overlaid the box along with the 2013 cycle,
what is the exact price point that's at the top of the-- of the blue chart right there?
Of the line on the chart.
And then what is the exact line of the top of the green box?
In this-- in this specific case, I was screwing it a little bit to make it fit.
- To be honest here, it would be US$740,000, - Gotcha.
- but it is really like a very, very high speculative thing here. - Right.
- Just for-- for entertainment purposes, US$750,000. - Of course.
I would be interested actually in your price prediction.
I know I'm guest on your channel now.
- Yeah. - So mine was $300,000.
Please let me know yours before I go into the trade.
Yeah, absolutely. So, and once again, just kind of like you said earlier, like
people for so long have called us crazy. They've called us moonboys.
They've said we're unrealistic,
but the truth is that the people that are saying that
are the people that are not nearly as educated as we are on these Bitcoin cycles.
And we come up with these price points,
and I believe that we will proven to be true.
And we will be proven right.
You say $300,000.
My number exactly is $322,000.
And that is an average price based on three kind of off the wall numbers, right?
No. 1 is the stock-to-flow model. Stock-to-flow model's $289,000.
You have the-- I really like the Citi prediction.
There was an internal document from Citibank that was leaked.
I believe their price was $318,000.
And then if you take the last bull cycle,
it 18X'ed the previous all-time high.
So if you 18X $20,000, that's $360,000.
And when you take those three kind of different models for price prediction,
you come up with the average of $322K.
And that's-- that's where I believe that we'll be going to.
- So pretty good. Pretty-- - So, very close to each other, man.
- That's not even like 7-8% off. - Yeah.
- Yeah. - Very nice.
So let's-- let's check out your trades.
Yeah, let's go quickly into the trades.
- And obviously, I mean, everyone knows at my channel-- - Whoa! Look at that. Wow!
Yeah, they are-- they are of course speculative.
They are risky.
- It sometimes looks a little bit easier as it is in the end, - Absolutely.
but to be honest, like in the last few weeks and month, it was quite easy,
but, yeah, of course, we should always apply proper risk management.
This is actually-- I will only show two trades.
I have six trades open.
I will just show two of them to make it a little bit easier.
And this is my trade over in Bybit. It's 1 million contracts.
I opened it at the Elon Musk confirmation actually, when he was confirming on Clubhouse
- that he is actually not trolling us with his Bitcoin support. - Yeah.
This was the moment I--
I didn't trade the charts. I just traded the news. I--
This was-- this was what I was waiting for-- for years,
so I went here into that trade.
It is right now US$400,000 in a profit approximately $1,000-- 1,000%.
I will be taking my first profit at US$54,000
just to make sure and also to get ready for some new trades.
I have another trade open here.
If you already said "wow" to that one,
this one is right now 1.4-- let me quickly remove this.
- Holy smokes! - US$1.45 million in a profit.
I took kind of 50K already.
Here, this trade, it was actually a quite small trade.
It's still the big one.
165,000 contracts.
I actually put in 2.5 million contracts live in a video
- in the moment actually he was putting the hashtag of Bitcoin in the Twitter bio. - Oh, wow!
Because I had in mind the conversation with Michael Saylor and I thought
the likelihood is at least very high that this time it is not a troll,
and, well, I was right.
So I put 2.5 million contracts in,
and right now, it is here approximately at US$1.5 million in a profit.
I'm going to keep this-- this one open as well, but I will take significant profits at the US$54,000 level.
Let me stop screening here and and go back here into the face mode.
So these are my trades. Right now, I have four more trades,
long-term trades I opened at $9,400, $10,500 and much, much more,
but it's-- it's just too much to show here.
Man, that is unbelievable.
People watch our channel sometimes and think we're cra-- you know, trading with crazy numbers.
Well, what you're trading with, that is-- that is really, really intense.
I-- I have a big-- a big problem with taking the profits too early sometimes
because I, you know, one of my biggest leaks in trading for so long,
I would have always been a successful trader if I just would have been locking along profits.
And a lot of times, I wouldn't do that.
And I was very curious as I was looking at your trades there,
I want to address that,
you don't have a stop-loss.
My new strategy and how we've been able to win time and time and time again,
we're-- we're doing much more trading than-- than-- than the longer term trades that you showed here.
We're getting a lot of smaller wins, but we're still racking them up for sure
because I'm locking in the profits.
I noticed you don't have a stop-loss at all set in for that trade on Phemex, and I'm not sure I didn't--
I didn't notice one on Bybit. Do you have a stop-loss on that one at all?
Never.
- No, no, no. I usually go without stop-losses. - Never.
- It's not recommended for everyone. - Absolutely. Yeah, yeah.
But for an asset like Bitcoin, especially I'm trading the swings,
and sometimes I'm standing on the sidelines for two weeks.
- Yeah. - I'm going in when I'm very, very certain.
And then I'm going in with the leverage that my liquidation price is where
my stop-loss would be in the first place.
So I decrease my-- the amount of volume I'm going in.
I risk the same, but I only have a liquidation price because I know for you it worked very well.
- We just have different strategies. - Yeah, asolutely.
And the price sometimes goes for like a stop hunt, and I don't want to be a victim of that,
especially considering that I'm not having so many trades, so I want to keep them open.
They hunt us for sure.
There's no question about that.
They come hunting for those trades trying to stop us out.
Yeah, yeah, exactly.
Yeah, I think that's good. I think you really-- you really hit on a key point there,
which is-- and I think we-- we both definitely agree on this,
if you're newer to leverage trading,
be careful and make-- like you definitely want to learn how to do it very well
before you kind of go without the parachute, without a stop-loss.
You-- you eventually get to a point where you understand how it works very well
and you're willing to take that risk, you know, for a lot of different reasons.
I don't use a stop-loss a lot of times because I'll just have more contracts loaded up
if I get stopped out and then it bounces back up and make it-- make it back.
We've done that several times on the channel recently.
Well, Chris, thank you so much for coming on the show today.
I'd love to do it again sometime.
And everybody can make sure to go subscribe to his channel, MMCrypto.
You can't miss him.
He's got the crazy face on the crazy thumbnails.
Everything's an emergency and an alert.
You guys know it. I know it.
So thanks for coming on the show and sharing those predictions with us.
Thank you so much. Happy to be here.
Amazing channel. I think the most viewed one in the world right now.
Beautiful to be here. Happy to come back anytime in the future.
Big, big shout out to everyone in this community for being in Bitcoin,
for being a believer.
And if you think you are late, you are not. You are still early in the game.
So, yeah, I will see you over on the other side. Thank you so much. Bye-bye!
Yeah, thanks. Thanks, Chris.
And, guys, don't forget we'll be doing an interview on his channel as well.
You guys can look out for that.
So, thanks, everybody! That's all I got.
Be blessed.
BitBoy out.