Welcome to BitBoy Crypto! The largest crypto channel in all the Interwebs.
My name is Ben.
Everyday on this channel, I show you how to make money in cryptocurrency.
If you like money and crypto, make sure to go ahead and hit that subscribe button.
Also, guys, if you want to take advantage of any of the stuff we will be talking about today,
my levels, my trading strategy, what I think is going on with Bitcoin,
what we can look forward to in the next month or so,
then make sure to go to bitboycrypto.com/deals
and sign up for Bybit.
You can do that on the Bybit section.
Then head on over to the rewards hub and make sure that you get your deposit bonus.
Alright, guys, so today, we are going to be talking about as I mentioned,
what I'm doing with Bitcoin right now.
I will be talking about my altcoin strategy later today at seven tonight,
so definitely be on the lookout for that video as well.
But, today, what I'm looking at with Bitcoin,
I'm taking a longer term mindset.
I saw some really interesting information today
that lines up with what I've been telling you guys for a year and a half now
with where I think Bitcoin is going.
We're going to be talking a little bit about what has happened with the stock-to-flow chart.
And like I mentioned, we're going to be talking about my trade.
So let's start talking about my trades right now.
Oh, man.
You see too much of my wheel there.
So, the thing is, guys-- well, first and foremost, before we get too deep in this video,
I do want to let you guys know,
Justin aka JChains is in Dallas, Texas right now
picking up my Dodge Demon.
It will be here hopefully by tonight or maybe tomorrow.
I'm not sure how long it's going to take him to drive out here.
So we'll be back with our Sunday morning drive in the Demon.
How ironic, am I right?
We'll be doing that tomorrow, so.
But, guys, as far as what I'm doing with trades,
yesterday, I entered a long position at $49,900.
I ended up actually going--
It dropped down to $48,500.
I added more position at that point.
So my average entry is, you know, somewhere like $49.2K, something like that.
I've not added anything to it.
I was in some pretty good profit yesterday, and I probably should have locked it in.
I didn't.
Because I'm expecting a pretty big move.
But regardless, here's the thing.
My liquidation point is-- or, well, my stop loss is lower than $47,000.
I told you guys before I do not believe we're going to see Bitcoin go below the $47,000 area.
Now, why is this important?
Well, it's important because there's so much buying volume.
There has been so much buying volume in that $47,000 number
from institutions, from corporations, from individuals, from retailers.
Basically, every person under the sun was buying at $47K.
Now, we need to separate one of two things-- or two things from each other.
No. 1: Can it possibly go below $47,000?
Well, yes it can.
If it does go below $47,000,
then what you're looking at is a level that's going to get plunged through
that is very, very, very strong.
However, that's still within the range of Bitcoin's average corrections within bull markets.
So what that means is Bitcoin can go down to as low as $42,000,
which would wipe out basically the entire years of gains--
the entire 2021 gain season, if you will,
but it can still go down to $42,000 really, maybe even $41,000,
and still be within the normal correction zone of a bull market.
So that's first.
But No. 2,
the thing that's very bad if it goes below $47K
is that what we see with these really, really, really strong levels
is that once it goes--
once the level gets broken,
a very hard line of support will turn into a very hard line of resistance.
So I'm worried from that perspective if we do punch below this $47,000 level
that it'll be really hard to get back over it, and we could range for about a month or so,
which would not be great for Bitcoin.
We don't want to see that.
We don't want to see the excitement die down.
We don't want to see the momentum die down.
We don't want to see that.
But a good correction is fairly healthy for the market.
If we would go and look at the stock-to-flow chart,
what you will see is that we've actually retreated back to the mean on the stock-to-flow.
We had been well ahead of this bull market, looking like crazy numbers coming in the future.
And I still believe that's going to happen.
If you go and look at the stock-to-flow chart from 2017,
what you would notice is it actually spent most of the beginning of the bull run
lagging behind the average for the stock-to-flow chart.
So what's really interesting is we've been well above it
and now we dipped right to the line to the average of the stock-to-flow price,
and we've touched it, okay?
In 2017, we spent most of the time behind the line.
And actually if you really compare about where we're at in this bull market
to where we were in the previous bull market,
we got a major correction around the same time,
but instead of it dropping to the line, in 2017, it dropped way below the line.
It actually looked like that bull run was in trouble when the price of Bitcoin was around $1800 per coin.
So pretty crazy to think about.
But-- so the point here is this.
The stock-to-flow chart is showing nothing concerning.
Actually, Dan Morehead of Pantera Capital,
who has a high point price prediction for Bitcoin at $120,000 in August,
showed a chart where he showed the price of Bitcoin exactly where they said it was going to be.
They said it would hit $63,000 in April
to stay on that track to get to $120,000, or maybe it's $115,000 by August.
And we did it. In April, we actually touched $64,800 or $64,900, somewhere around there.
So we're exactly on track.
Now, what does their track show?
Excuse me. Let me get a sip here.
What does the Pantera Capital track show for Bitcoin in May?
Well, they actually show a $75,000-- $74,000 technically Bitcoin in May.
So we're still on track for everything. Everything still looks fine.
There's no reason to panic, no reason to worry.
I will be a little concerned if we were to plunge past that $47,000 level.
But like I said in the beginning and I'm going to say it again now,
I do not believe that we are going to see that.
Now, what's really interesting about the Dan Morehead Pantera Capital prediction is this.
They say $115,000 to $120,000 by August.
I say $322,000 by September 28.
Now, who's right here?
Well, I think we'll both be right because I've told you guys this many times before,
the 8th and 9th inning of these bull runs is so crazy and the action is the most parabolic
that I believe we could easily hit $120,000 in August
and then still, within six weeks from that, peak out at $322,000.
I can't remember my own prediction. It's $323,000 or $322,000.
I can't even remember.
But right there somewhere close to that number is where I believe we will see Bitcoin go.
So I think that Dan Morehead when they came up with their prediction,
they just basically discounted the length of this bull run by about a month.
And so I still believe we're going to see that.
I don't think we're going to go below $47,000.
Like I've told you guys many times,
I actually personally believe--
and this sounded much better when the price of Bitcoin was at $65,000,
but I've told you guys for two months now,
I don't think we'll ever see Bitcoin below $47,000.
You just had Grayscale come in and buy 100,000 Bitcoin or buy--
maybe not 100,000 Bitcoin.
It was they bought a billion dollars worth of Bitcoin at $50,000.
And when you look at that $47,000 number, we bounced off of $47,500.
Why?
Well, because a lot of times, I've talked many times about this,
when you have these big numbers that people talk about and they throw around a lot,
what you'll see is they get-- a slightly higher price gets baked in
because a lot of people are wanting to catch it before it actually gets to that number.
So to me, there's no shock in the fact that the price went down to $47,500 and bounced.
I don't--
I personally don't think we're going to double bottom off that. We may.
And once again, guys, I do want to say, like, I could be wrong.
We could go below $47,000 and still be in a fine range.
I just personally don't think we're going to do that.
And that's what I'm basing my current trades on.
So I hope you guys enjoyed this video.
Make sure to drop a like down below.
I'll turn off my blinker here.
And we will see you guys later at seven.
I'm going to be telling you guys what altcoins I'm looking at.
Some very interesting ones in the top 100 that have been making very interesting moves to say the least.
So make sure to come back for that.
That's all I got.
Be blessed.
BitBoy out.