Bitcoin dips into the $18,000 range over the weekend in anticipation of the upcoming Fed meeting.
FTX's Sam Bankman-Fried talks crypto on national television.
And if you want to know why the next few weeks are a make-or-break situation for crypto,
you've got to stick around till the end of the video.
My name is Ben.
And this is your nightly crypto news wrap-up.
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This whole month of "Septembear" has been something else.
The market simply can't make its mind up,
and its mood swings are giving me whiplash.
From the start of the month, we temporarily dipped back down below the $20,000 level.
And then to our surprise, we rallied back to the high of $22,000 range.
It all came crashing down last week when the CPI numbers came out.
They use that as a benchmark for inflation.
They were higher than expected.
Clear sign of the markets that the battle against inflation is not even close to being over,
and it sent us into a freefall, bottoming out in the $18,000 range this weekend.
Last week alone,
we've lost $165 billion from the overall crypto market cap,
sending us back below its psychological $1 trillion level.
A lot of this has to do with the uncertainty of the Fed meetings
that begin tomorrow and end the following day.
Keep in mind, we bounced up from the $18,000 level,
and we have formed a pretty strong floor around $18,700.
We need to hold this floor.
If we put in a lower low, all bets are off,
and $10K to $14K is definitely in the cards for Bitcoin.
Fed meeting this week will be what keeps us above or below water.
Let's pass it off to Frankie Candles for a market watch.
Thanks, Ben!
Alright, guys. Let's go ahead and do a little market watch.
We've got Bitcoin coming in at $19,549.
Up about 0.7% on the day
Ethereum coming in at $1,380
Up about 3.3% on the day
Now, I want to bring you guys over to the Bitcoin chart.
As you can see,
we are approaching a point of control coming in here at about $19,720.
Now, we also are about to print a red dot here on Market Cipher B.
So the fact that we are coming up to that resistance level
with the red dot about to print on the 1-hour
as well as having the money flow coming out on the lower timeframes on Market Cipher B
as well as bearish divergences,
it does look likely that we will cool off just a little bit here.
However, with money flow on the 30-minute, 45-minute,
90-minute and 1-hour coming to the upside,
I think it would be likely for us to pull back before potentially continuing further to the upside.
So looking for a short-term pullback before a potential continued move to the upside.
And something to remember, guys, is we do have very bearish signs
popping up on the higher timeframes.
We have yellow X's on a bunch of the higher daily timeframes.
And on the weekly, it is the second yellow X that is popping up.
It's definitely more bearish, in my opinion.
However, in the short term, it's definitely possible to see a small move to the upside.
If you guys want to follow me,
it's Frankie Candles on YouTube or Frankie_Candles on all socials.
Back to the news.
As always, thanks, Frank.
So why should you care about a floppy-haired, vegan, fidget-spinning crypto billionaire
who occasionally sleeps on a beanbag chair?
During the so-called crypto winter,
the 30-year old CEO has been referred to as crypto's white knight,
offering multiple loans for hundreds of millions of dollars
to backstop struggling companies
as the plummeting prices of digital currencies destabilize the market.
You said FTX has a responsibility to seriously consider stepping in at the time to save companies.
Why did you have that sense of responsibility?
It's going to be important that the industry is able to get through this in one piece.
It's not going to be good for anyone long term
if we have real pain,
if we have, like, real blowouts.
And it's not fair to customers.
He's also been called the next Warren Buffett.
Anytime crypto gets coverage on national television is definitely worth mentioning,
especially when the narrative isn't aimed to hurt us.
This almost 30-minute piece is actually a really good look for the industry,
obviously a good look for FTX,
and it highlights that mass adoption is happening faster than we think.
They call him the white knight.
We call him the Mother Teresa of crypto.
But Sam Bankman-Fried will also be known
as the man who saved a handful of major players from falling off the table and out of the game.
It's honorable because he knows that some of those calls they made
involving some serious chunks of money that he would never get back
were more for ensuring the future of the crypto industry
and prevent what he calls real pain from happening.
He also told CNBC that he still has another billion dollars on the sidelines left
to help crypto firms if they might need help.
With this customer base in mind, he told Squawk Box,
"It's important for people to be able to operate in the ecosystem without being terrified
that unknown unknowns were going to blow them off somehow."
The fact that the media is painting Fried as someone you can rely on
says a lot about the future for FTX,
which is some of the reasons I'm bullish on their coin FTT for the long haul.
FTX has gotten some pushback overseas in the UK from the FCA,
but they can turn this around and get authorized by the FCA,
and that would be the most bullish outcome for Sam Bankman-Fried.
As I mentioned at the start of this video,
we're standing at the turning point,
and the price action in the next week or so could very well tell the tale for the rest of the year.
The bulls need to hold the floor.
And if they do make a proper double bottom on the weekly chart,
there can be significant upside.
We're on bottom watch right now.
There's some data that suggests
that there are plenty of investors willing to buy the dip,
and if the Fed makes the next hike 50 basis points,
double bottom is likely to play out.
On the bearish side,
75 basis points,
it could already be priced in.
Or if they dunk on us with 100 points,
Bitcoin price chart is likely to put in a lower low.
And if that happens, all bets are off for bulls.
I would not be surprised at all,
I actually think we'll see it,
the price is going to the $10,000 to $14,000 range.
Simply because of the fact that crypto is built off of max pain
and the market has its own way to weed out the weak hands before the real run up begins.
Some experts believe that the Bitcoin bottom is likely to be found in Q4 this year.
Rekt Capital theorized on Twitter
that there's a pattern based off the number of days after the halving
to the bottom of previous cycles.
If the same idea of 517-547 days apply to this halving,
that'll put the bottom in Q4 this year,
which is what we've been predicting all year.
But do you think Rekt Capital is onto something?
Or do you think we've already bottomed
and that the recent downturn is just another bounce off the floor?
Let us know down below in the comments.
That's all I got.
Glad to be back.
Be blessed.
BitBoy out.