Welcome to BitBoy Crypto!
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My name is Ben.
Everyday on this channel, I show you how to make money in crypto.
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Guys, today, we're going to be talking about Ethereum.
Well, we'll talk about Bitcoin a little bit here in the beginning.
But this London hardfork has been so amazing.
The results from it, what we've actually seen, are even greater than we were anticipating.
Now, we've got another date to look forward to later on this year
that is going to make Ethereum worth much more.
Now, what are we seeing right now?
We are seeing, No. 1, crypto behaves much better when I'm on vacation,
and, No. 2, we are seeing Ethereum position itself like a snake coiled up
ready to strike and pass Bitcoin permanently.
This may or may not be happening in the short term,
but over the long term, we are definitely going to see this occur.
I do believe that we are preparing to see a decoupling between Bitcoin and Ethereum.
I got a lot of people looking at me like I'm crazy.
I'm here at Disneyland, here at the Disneyland Hotel,
and everybody's getting out, getting ready to go to the park,
and they're wondering,
"What is this old guy over here doing making these videos?"
They don't know. They don't know.
It was good to meet-- I definitely met some people here at the park
that came and talked to me, watched the channel.
So a big shout out to everybody who, you know, did that.
Always enjoy meeting people out whenever I am, you know, going places.
It's crazy BitSquad represented all across this country.
That is why we are the greatest and largest crypto community in all the Interwebs.
Quickly approaching 5 million.
We're at about 4.85 million right now?
As we get ready to reach 5 million in our community
to give away our 5 Ethereum plus multiple other prizes.
But, guys, let's talk about the price of Bitcoin right now.
The price of Bitcoin right now at the time of this recording--
I recorded this video a little early in the morning.
It's almost $44,000.
Now, if you guys remember, I told you once we were breaking $40K,
it shouldn't be very long before we got to $44K,
and now we are bumping up against that $44K number.
And a lot of people are wondering,
are we going to be able to go above that?
Are we going to be able to go straight to $50,000?
Because that's what a lot of the influencers out there,
a lot of the YouTubers are out there saying,
and if you know anything from watching this channel,
you will know that we've called this move the entire time.
There is significant resistance at the $44,000 level.
Now, what do I mean when I say significant resistance?
We will be moving on to Ethereum here in just a minute, but I want to point this out.
When we say significant resistance,
this is-- these are different places where the big money institutional manipulators
place sell orders, large significant sell orders.
I don't know what that noise is back there.
Oh, gosh, you've got to be kidding me.
We have a--
We have a trash sucker back here.
Trash sucker.
So we'll see if we can let him pass by.
I'll get a little closer so you can hear me.
But the fact is, what happens is that we see these large sell orders from these institutions,
and what they're doing is,
is they are putting in resistance at different levels where they do not want Bitcoin to exceed that price.
Now, there are people, if you know we've been talking about
the billions of dollars that have been moved between USDT, Ethereum and Bitcoin
over the last few weeks.
I've been telling you about these before they happen.
You've got to wonder, "How is that occurring?"
We're front running a lot of media publications right now with these stories.
By the time they tracked them on the block explorer, I've already told you that they happened.
There was an article out yesterday about how the bear should be scared
because there's a lot of money that is now sitting on the sidelines.
So you have people that are trying to push up against this resistance
to try to break that $44,000.
It is possible that we do break it,
but there's significant resistance at that level,
so I don't look for Bitcoin to exceed the $44,000 level
or really to get close to the $50,000 level
at least for probably three to four days, maybe a week to a week and a half.
Once we get above $50,000,
I believe we will be officially off to the races.
I hope you see how quickly this is happening. Okay?
July 20, the last day of the middle of July, we bottomed out at I think about $29,000,
somewhere thereabouts.
We told you this was coming in the middle of July.
We saw it occur.
We saw Bitcoin go from $29K all the way to $39K.
You can't make this stuff up back here.
You can't make it up.
But we saw Bitcoin go from $29K now to $44K,
up $15,000 in only a span of-- what is it? About two weeks?
So, if that were to occur, if we were to see $15,000 price moves, you know, every two weeks,
that would basically get us to where we want to be by the end of September or very close to it.
Of course, as we get closer to the end of September,
we will see things go parabolic.
The really interesting thing is from all my research on where I believe Bitcoin is going to,
what I've been told from the inside from what's actually happening from the big money manipulators,
it lines up with that exactly.
We still should be looking at September, October for the end of this run here. Okay?
So here's the deal.
Let's talk about Ethereum.
We know what's coming from Bitcoin.
We've talked about that.
Let's talk about Ethereum.
You cannot make this stuff up.
I'm on a time crunch, so I can't stop the video.
I've got to keep recording here.
This is a meme.
This is a meme back here.
Do you guys see this meme?
Well, let's talk about Ethereum and what's going on with it
because there's a lot of really, really, really interesting things that are happening.
We just had the London hardfork.
36% of the supply--
36% of the new incoming supply has been burned. Okay?
Over 1/3 of the new incoming supply has now been burned.
This is a very significant amount of Ethereum.
They're talking about right now it looks like on pace to do 10,000 Ethereum getting burned a day.
Or so.
It may be higher than that. I don't know what the exact number is,
but I think that's something I recall reading.
Sometimes when I do these videos, you know, I'm just recalling things that I read.
I don't have them right here in front of me.
I think that's the number I saw.
We saw something very interesting as well for Ethereum,
which is for the first time ever,
Ethereum moved out of the top two spots for mining profits, okay?
Ravencoin moved up I think to No. 1.
I can't remember what No. 2 was.
But the first time ever. Why is that?
Well, because the miners aren't earning as much of the fee because they're getting burned.
And this is very significant.
Another significant thing that happened is the difficulty bomb has been moved to December.
And what is the difficulty bomb?
Well, this is where there is an artificial supply of fake miners.
Okay? An artificial supply of miners. These are not real miners.
Basically what they do is they flood the ecosystem to push the mining difficulty up
in order for the miners to get fewer rewards.
And what it does is it just makes it, you know,
it exponentially grows the difficulty of mining Ethereum.
And this is good because this will be the last difficulty bomb probably
before Ethereum 2.0 kicks in and proof-of-work is totally dead.
We're seeing it now.
We saw Ethereum move out of the top two spots.
Eventually, there will be no proof-of-work mining
as proof-of-stake becomes, you know, closer and closer.
You know, the outcries over, you know, the carbon footprint of Ethereum is going to go down obviously
because it's basically going to be non-existent after Ethereum 2.0.
This is all mega bullish for Ethereum.
This is shaping up to get Ethereum ready to decouple from Bitcoin
because as the Bitcoin price starts falling probably in about October,
what we're going to see is as we get closer to December
when this difficulty bomb is going to go off,
we should see positive price action for Ethereum.
I'm not ready to say-- I know I've been very strong on the Bitcoin cycles.
Everything we've said outside of the two months of manipulation on the downside
has come true over the last year and a half.
I'm now starting to wonder if Ethereum itself has a chance to totally decouple from Bitcoin
and not go into a traditional bear market.
Now, we will certainly see a price drop for Ethereum
when Bitcoin has that 50% drop that will come sometime in October to November.
Maybe a little bit after that.
We don't know how this bear market's going to react exactly.
Things have changed a lot,
so, you know, we could see, you know, not as dramatic of drops for a lot of these coins,
but could we see Ethereum start to go into its own cycle?
If you really think about what just happened,
with a 1/3 cut in production for Ethereum thanks to the burning mechanism,
we've really seen it go through basically a halving, and once that difficulty bomb explodes,
we will see even more of that.
Once ETH 2.0 rolls out,
we should see another increase to the value of the supply.
So, we have a lot of reasons to suspect
that we could be seeing different things for Ethereum that you've ever seen before.
So, and I've always said this, is that when it comes to the altcoin cycles,
we just don't have as much information to go on.
Bitcoin, we have a lot of full cycles.
We really only have one altcoin cycle to go on.
If we had two to three like we had for Bitcoin,
I would feel a lot more confident about saying what will happen for altcoins,
but I think this could be the moment of truth for Ethereum over the next six months,
where we could see Ethereum climb out of a bear market.
We could see it avoid the large losses it's seen in the past.
That's not guaranteed.
This is only speculation at this point.
Just one last story. I thought this was a quick fun story.
Ethan Allen, a furniture company, has renamed their stock ticker symbol.
What did they name it to?
I have no idea.
What did they change it from?
ETH
That was their stock ticker.
This is probably the biggest impact crypto has had on the actual business of the stock market.
We now have a major public company changing their ticker symbol
because they don't want it to get confused with Ethereum.
That's probably been happening left and right for them.
And you know what, Ethan Allen?
Get out of the way.
The ETH train is coming.
I want to know what you guys think about Ethereum.
What do you think about Bitcoin? Where do you think these prices are going?
I want a prediction.
Where do you believe next weekend the price of Bitcoin and the price of Ethereum will be?
Ethereum right now over $3,000.
I'm feeling pretty good.
We're only $1300 away basically from all-time highs for Ethereum.
And it's going to get here quicker rather than later.
Alright, guys. That's all I got.
Be blessed.
BitBoy out.