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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I come to you guys from my last morning here in Disneyland.
I had a good time with the fam.
Like I said yesterday, I met some people here that, you know, know me from the channel,
which is really great.
At some restaurants, I saw some people as well,
so always, you know, once again, the BitSquad, you guys show up everywhere.
I appreciate you from the bottom of my heart.
So let's talk about Bitcoin.
Today, I want to talk about what's going on with the Bitcoin price just briefly.
I don't really want to get into Ethereum today,
but as you guys know, Ethereum is pumping massively,
you know, well above $3,000 last night.
I haven't checked the most recent price. It's probably $3100, $3200 right now.
But, you know, we got plenty of Ethereum news this week
as, in my opinion, even though "Coin-tell-a-lie" just wrote an article saying that they do not believe
that [Ethereum] will flip [Bitcoin] anytime soon,
I do believe that it will.
And I believe that they think that it will, too,
but, of course, as you know, everything they say is a lie.
That's why we call it "Coin-tell-a-lie".
I also want to talk about, as the Bitcoin price runs up here,
I want to talk about taking profits.
I want to talk about what that means.
We're going to talk about where I think Bitcoin is going by the end of this month,
and then we're going to talk a little bit about the infrastructure bill
because we had some very interesting stuff come out over the past few days.
Interestingly enough, I just read a Yahoo News article
about the infrastructure bill,
and there wasn't a single mention of crypto in it.
This is just a thing they're throwing in.
Most people don't even know this is in there.
And, you know, we'll talk about that at the end.
So, first, what is going on with the Bitcoin price?
Well, last night, the powers that be moved Bitcoin up above $45,000.
$44,700 was acting as support.
The price did go beneath that.
And now the price is I think about $44,300,
somewhere around that range.
But, man, what a great weekend it's been.
I mean, we were just back at $38,000, $39,000 last week.
Now, we've seen highs up to $45,000.
Guys, it's official.
We are out of the mini bear market.
We are on the upswing.
Of course, if you watch my channel, you know I've told you that for a long time.
"Oh, you're getting a double, BitBoy."
Yeah, that's right. I'm holding it.
I don't like using those devices. I'm old fashioned. Okay?
But the point here is this.
It's very possible that the price of Bitcoin could be falling back below, you know,
$44,000 down to the $42,000 range.
That's possible.
What we need to see is we need Bitcoin turn these really hard resistance levels into support.
So right now $44,000, I think, you know, looks like it's holding,
but look, if $42,500 or $42,000, if that's the new support,
that's great as well.
Once we get above $47,000, we probably will be going straight to $50K.
And then after $50K, you know, things are pretty clear for us to hit all-time highs again.
My prediction where I think things are going to would be-- and this is kind of, you know.
This is based on the fact that I think we only have about seven weeks left in this bull run.
I think by the end of August,
we could be at or be approaching all-time highs again.
That will leave a 4-5-week period for Bitcoin to go from $64K all the way up to $120K.
Definitely $100K.
So I had somebody-- let's talk about taking profits as we're on the way up here
because this is a very important question.
I think a lot of you guys learn that lesson that you have to take profits along the way.
You can't just wait until Bitcoin gets to its cycle high and then take everything
because you're not going to know when that is.
So I believe the price of Bitcoin is going to $100,000, to $120,000 now over the next, you know, two months.
I think it's going to be very quick. I don't believe it's going to be a super long cycle.
Some people believe in a longer Bitcoin cycle.
I think they're going to be proven wrong. We're going to be proven right over this time.
And then we'll go into a bear market.
And as we get closer to that time,
we'll talk more about what that will look like,
and you'll get the perspective of someone who's been through multiple ones not just, you know,
haven't only lived through the bull run like a lot of these, you know, popular YouTubers
who came out of nowhere that were doing other kinds of videos and now they're talking crypto.
These guys haven't been through a bear market.
They don't know what it's like.
So make sure the people that you're watching--
and it's okay to watch those guys.
You know, whether it's Graham Stephan or Andre Jikh or Alex Becker, or--
ghad, what is the other-- Sheldon Evans, right?
These guys weren't here in the bear market.
Remember that.
But they still have good content.
You can check out their content. You can watch it.
But you need to be getting a well-rounded perspective from people who have been around long enough
to have the feelings, the emotions and the experiences that goes along with every part of a Bitcoin cycle,
and multiple ones at that.
So let's talk about how you take profits.
Well, if Bitcoin's going to $100,000 to $120,000,
I'm going to consider taking some, you know, pretty, pretty serious profits,
you know, once we start approaching $90,000.
I think that's a really good range.
But you don't want to take--
everybody doesn't need to take profits, then the price will crash.
But you just want to take some profits as you're going up along the way.
You don't want to get to the point where, you know, you're not taking any profits.
And then you don't want to get to the point where you take all your profits too early.
So you really need to have a diverse strategy when it comes to those types of things,
to where, look, if you were buying around $30,000 level,
like, $45,000, that's a pretty good profit.
But, you know, dollar-cost average out.
You know, take a certain amount.
Say, "Okay. I'm going to pull out $1,000 a day for the next two months," or whatever it is,
whatever fits for your portfolio in your budget.
And I think even I learned the lesson again.
You know, you have to continually learn these lessons.
I don't think we took enough profits on the way up last time,
even though we were doing a lot of profit taking.
When the wind gets sucked out of the market,
you really have a lot of regret for the way that you handled things
when you didn't do it the most optimal way.
And don't kill yourself. I mean, not literally or figuratively.
I mean, you know, you're going to make mistakes.
You're not going to be perfect when it comes to taking these profits.
Everything's hindsight is 20/20.
When you look back and you look at the chart,
it's really easy to say, "Well, I should have taken profits here,"
but that's not the way markets work.
You've got to stay in the moment, stay aware,
and, you know, do the right thing as things are going up.
So I'm looking around $90,000.
And if the price of Bitcoin goes up to $200,000,
great. I'm still going to have exposure, but I'm going to pull out a big chunk.
You have to weigh the regret factor.
Do you-- looking back on the last, you know, mini bear market and the bull market before it,
do you look back with more regret that you took more profits or you took less profits?
You know?
and I think the answer for that should be clear for everybody who did not take 100% profits.
You would have been a lot better off taking more profits on the way up.
Now, you still have a holding. You're glad things are going back up,
and you can still make money on that.
The key is balancing your portfolio exposure and taking profits.
You don't want to sell 100% out of any of the major coins.
So let's talk about the infrastructure bill just a little bit.
I'm going to have to hold with this hand.
I can't stand that I'm seeing myself in the background.
Let me change my angle here.
Oh, ghad, that's where I was wiping my face for the cream cheese from the bagel a second ago.
Here's the thing with the infrastructure bill.
So we're seeing a lot of talk about this.
They're trying to sneak in a lot of stuff involving tax laws, KYC,
corporate laws when it comes to companies that are in crypto and in blockchain.
And look, none of it by itself is absolutely terrible,
but when you put it all together,
it's not great for crypto.
But here's what I want you to really think about when it comes to this,
which is think about what just happened in China with the Bitcoin mining ban. Right?
And the fact that they're always saying they're banning crypto.
India is always banning crypto. All these countries are always banning crypto.
The United States is being clear here.
They're not banning crypto.
They want the innovation that comes along with it,
but they just want to make sure that they still have control of it,
which unfortunately they're not going to have.
You can't control something decentralized.
These are lessons that people in the Congress and the Senate are going to have to learn.
This will push more people to the underground.
Now, I'm a taxpaying citizen. I'm going to pay my taxes, you know.
Give Caesar what is Caesar's, right?
I mean, that's certainly the way that I approach this.
We don't hide money. I never have.
But that doesn't mean that I like the way that the government works,
the government operates, the tax system operates.
But I'm going to make sure I'm doing my part to stay out of trouble
and stay clear of anybody trying to come in and seize my assets by doing the right thing.
And so that's what I would suggest everybody does no matter if this law passes or not.
There are a couple of competing amendments to this infrastructure bill
that are going to have reverberating effects.
One of them is actually I think trying to clamp down to make things tighter.
One of them is actually trying to allow more innovation in crypto.
Cynthia Lummis is a person who is behind this bill-- or this amendment.
I don't have it in front of me. I can't tell you exactly what it says.
I know a lot of you guys were calling your senators and calling your congressman,
and I think that's a good thing to do.
Make your voice heard.
But here's the really troubling part.
Janet "No Tellin'" Yellen, the Treasury Secretary,
she has been behind closed doors lobbying for this Lummis amendment not to get passed.
They want the control.
The government from the top down wants all the control on all the crypto.
They want it to be like the stock market,
which is funny because if it ain't broke, don't fix it,
but the stock market is broken.
That's been clear over the last year to two years.
So why in the world would they want to stifle a new, you know, market?
Well, it's because the stock market is broken for people like us,
but it's not broken for scammers like Janet "No Tellin'" Yellen.
It's not broken for the banks.
They're the ones that win all the time.
And we've got to fight against that and not allow that in crypto.
So let me know what you guys think.
Where do you think Bitcoin is heading by the end of this month? I'm very curious.
I think we'll be around the $60,000 level.
You know, maybe above. Maybe $55,000.
But I want to know where you think Bitcoin is heading to.
That's all I got.
Be blessed.
Be back to live stream tomorrow.
BitBoy out.