Let's just go back to 2017.
The last time we were reaching this level here, very close to the euphoria stage,
- Bitcoin was at $2,500. - Yeah.
We made another 15X from here, and this is actually what I think personally is going to happen again.
Maybe it's going to be only a 10X or so,
but then we are talking about a $500,000 per Bitcoin
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Welcome to BitBoy Crypto! The largest crypto channel in all the Interwebs.
My name is Ben.
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Today, on the channel, I'm going to be speaking with Chris from MMCrypto
and he's going to give us an analysis of where Bitcoin is going in the short term
that you can take advantage of possibly by trading his price points.
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Alright, guys. Let's check out what Chris had to say.
Hey, guys! I'm joined with Chris from MMCrypto.
If you guys didn't know this, we're going to be trying to do this every single Monday for you guys.
We're bringing on a little more technical, you know, expertise to the channel when we bring Chris on,
and in addition, we're going to be looking at some on-chain stuff,
some Bitcoin corporate buys and things like that.
Chris, welcome to the channel today.
Thank you very much for having me. It's always a big blast man.
I love to, after the video, go into the comment section
and see all your community members commenting, asking questions, giving feedback.
It's beautiful to be here.
I have crazy things to share.
I can't wait.
Thanks for having me, man.
Absolutely.
Well, the big question of the day is "Where is Bitcoin going to?"
We got some big stimulus announcements over the weekend
and now the price is looking quite bullish.
Things have flipped on their head.
So let's go ahead and get started. Let's just get in the TA
and see what we're looking at right now on the charts.
Yeah, exactly. I think we are going to structure it I will start with the immediate short term,
and then we are going into this chart.
Actually, the data points I found recently,
and, as I'm always saying, it will blow your mind.
And I'm very sure about that.
Okay, so let me start with the immediate short term for Bitcoin
and what you can see is the 4-hourly candles.
And, man, I can't wait for the stimulus check.
Me and Davinci, we are always joking about another day, another trillion,
and this is not going to be the last stimulus check.
It's just after the stimulus check is before the stimulus check,
so there's, long term, only one direction for Bitcoin, and that is up.
Of course, we are going to see bear markets, but now, in the immediate short term,
everyone is asking, "Chris, when is this retracement, this sideways phase, be over?"
Because we saw actually a few days even here in January where we were going down,
and now, already, it is going on for a few days, so a legit question is maybe it is already over.
And I'm usually waiting for the market to W out.
And we saw that right here.
We had, in January, this retracement down.
We were W'ing out, and then going to the upside for good.
And that, I mean, guys, it's repeating over and over again.
Back here in December, we went below this EMA Ribbon.
We W'ed out and we went to the upside.
Once again, here, we went below the EMA Ribbon, we W'ed out and we went towards the upside for good.
And this happened also even back then here in September.
We went below, W out, and we went towards the upside.
So now the question is that we are going below the EMA Ribbon again,
is this as-- actually, right now, W'ing out.
We have here actually, right now-- let me take the EMA Ribbon away.
We have the small W, and the small W is within a bigger W.
And I could imagine that this is already the market W'ing out out and going towards the upside for good.
I just wanna tell you quickly,
what exactly we have to look out for to say, "Okay, guys, this is it. We are going higher,"
we are going to my price target which I'm going to mention here exclusively as well.
- So, first of all, we have here this-- - Alright.
- Of course, we all like price targets, right? - Absolutely.
We have here this W pattern on the 4-hourly.
And this, good news, it broke out.
We broke out. We confirmed the breakout.
What I need right now to confirm, this is already a legit W breakout,
we need to break above the previous rejection point.
If Bitcoin breaks above the $51,988 or $52,000 level, this is where I'm saying, pound the table,
we are probably going higher.
Because there is another neckline,
this is a bigger W pattern,
so a double bottom.
And it also has the second bottom being higher than the first bottom.
This is a bullish sign.
So what we need here on the bigger picture is on the 4-hourly candle,
close above the neckline here,
let me quickly see.
I can't see what price target that would be.
A close above the $52,700 give or take level,
and if we are closing above that,
the target of this W breakout,
this is the W, the target of this W breakout, it's a measurable price target,
would be approximately at the $61,000 levels.
And this is something we will be looking out for in the immediate short term if we close above.
And you know the famous saying, BitBoy, Ben?
- Which one? - Show me a new high, I show a buy.
Absolutely. I definitely love that.
Love when you get into that price discovery.
We're seeing a lot of different altcoins right now in price discovery.
And it's definitely fun.
It's more fun to be in price discovery than a correction, am I right?
For sure. For sure. I mean,
once we are breaking these specific levels, man, now, we are going basically sideways.
It's getting-- it's like it's getting--
It's coiling up more and more.
And the longer it takes, the more volatile this breakout will be.
- So I'm certainly waiting for that. - Yeah.
I know your community is waiting for that as well.
I saw the last comments.
And I'm talking about the short term.
More importantly for me personally and I hope for everyone watching as well
- is the longer time horizon. - Yeah.
There are some things happening right now which I kid you not, man.
This is actually crazy stuff.
And we are always-- I see you are talking about that as well, about scarcity, right?
- That's the main thing about Bitcoin. - Right.
Well, let me show you this. This is the first one.
And, promise, it will be fast. It will be quick, easy to understand,
but once I'm done here with you,
you will be even more bullish about Bitcoin.
So what you can see here is the liquid and illiquid supplies.
So this blue area is representing the illiquid supply of Bitcoin.
So the question, how many Bitcoin were not moved in the last 12 months?
This is the blue area.
And now, you can see here, the blue area is at an all-time high,
- so we never had that many Bitcoin not moved for the last 12 months. - Wow.
We are talking about 78% of the circulating supply of Bitcoin not being moved in the last 12 months.
So add to the scarcity aspect,
that 78% of the Bitcoin are not even on the market available to be sold?
- I mean, come on. - Wow.
- And I'm not done with you. - That's crazy!
Ben, if you want to ask something, please do so, but I'm not done with you yet.
Okay. Well, show me some more. Let's see it.
So what we are talking about here is the balance of Bitcoin on exchanges.
Let me make that bigger here.
So you see the gray line representing the Bitcoin price within the last 11 years.
The orange line here is the balance of Bitcoin on exchanges, so Binance, Coinbase and so on.
What you see here usually is
this was basically just going up and up and up during the last 11 years.
Now, since the Corona dump,
since March,
it's continuously going down.
That means that people are withdrawing their Bitcoin from exchanges.
- More people are withdrawing than depositing. - Wow.
Why the price is going up?
Usually, when the price is going up that severely,
that means people are depositing on an exchange.
They want to take profits.
This is not happening right now.
We see people withdrawing from exchanges. Why the price is going up?
So what this is doing is
it contracts the circulating supply of Bitcoin on exchanges.
Furthermore, more scarcity is added to Bitcoin.
Let me show you more.
This is another chart.
This is the number of entities with a balance of more than 1,000 Bitcoin,
so to speak, the number of whales in the market,
how many people are holding more than $50 million in Bitcoin,
and this is since the Corona dump.
It's continuously going up.
You might say the smart money is scaling out when the price is going higher. No!
Even more whales are accumulating even more Bitcoin while the price is going higher.
This is something crazy.
- You want to be doing what the big money is doing and now, - Yeah.
let me end that off with a chart.
Your followers probably already seen before the Net Unrealized Profit/Loss.
So probably most of you are already aware of it.
I know, Ben, you are an expert in that chart as well.
It shows the profitability of investors, so to speak.
So when we are getting into this blue phase, that's the euphoria stage, everyone is profitable,
usually the moment to go out of the market.
When we are in the red stage, that's the capitulation phase,
- the moment when the smart money is buying, right? - Right.
So we can see here, just-- I wanted to add to the findings you already developed on your channel.
I love your videos, man.
- And you can see here-- Yeah, no problem, man. - Thank you.
We are here in this belief-denial stage, in the green stage.
And it looks like we are so close to the euphoria stage which we already had here in the end of 2017,
in the end of 2013.
Well, that's the moment to go out.
And we are very close. It looks like it's the end of the [bull] market.
Well, let's just go back to 2017.
The last time we were reaching this level here, very close to the euphoria stage,
- Bitcoin was at $2,500. - Yeah.
We made another 15X from here, and this is actually what I think personally is going to happen again.
Maybe it's going to be only a 10X or so, but then we are talking about a $500,000 per Bitcoin
and Bitcoin actually knocking out gold here
- when it comes to the market cap. - Yeah.
So what I personally think is we are going into that stage
where people are flipping Bitcoin on a daily basis
and because they are doing that, they are not getting more profitable with the price going higher,
and then eventually we have one big spike here maybe to $500,000 where--
yeah, where we are getting into the euphoria stage,
and even the daily traders here who are not trading profitably--
I hope you guys are not part of that because HODLing is, in the end of the day, the best.
We are trading as well, but only with a small portion.
I think this is going to happen throughout the next few months,
and then we are having one last spike, euphoria, and that's the end of the bull market.
Probably around the $500,000 areas.
Yeah. I think that when you look back at the NUPL chart and you look in 2011,
and you see there were actually three spikes into the blue.
And I believe that we could see something like that similar because
the numbers now are just so big that it's so easy to get people excited about it.
When you're talking about a six-figure Bitcoin and things like that,
creeping into that euphoria stage, I think we could creep up into it,
then go below $100K, and a lot of people get out and get scared before we have that final push up.
One last thing I want to talk to you about,
you actually found a tweet from a Norwegian company that is buying Bitcoin.
And we've seen MicroStrategy and Tesla and a bunch of American companies buy,
but we're now starting to see corporations from around the world start to buy Bitcoin for their treasuries.
What did you uncover about that, Chris?
Yeah, exactly. So my community manager just sent it over to me, and it's insane.
So many people are saying, "Well, what if it's just Michael Saylor being crazy and Elon Musk being crazy?
What if these institutions actually are not coming?"
- I can tell you they are coming every single day. - Yeah.
Some of them already bought. Not all of them have the obligation to announce that publicly,
but just another one here. This--
I will just read it from the tweet.
Norwegian industrial giant Aker has established a new firm to invest in the Bitcoin ecosystem
and has already purchased 1,170 Bitcoin worth $58 million.
- Wow. - This is just like one Norwegian firm.
And then you have like 200 other Norwegians.
Then you have the Swedish ones.
You have the German ones.
You have like whole Europe.
We are talking about Japan, Singapore, China.
- Like, the potential is crazy and it has just begun. - Yeah.
This is actually the main output of the video, I think.
It has just begun.
Yeah. I'm certainly excited.
And as always, Chris, thanks for coming on and showing us some of the charts.
I know my audience really loves when you come on and talk about the technicals.
We don't get knee deep in the technicals or neck deep in the technicals all the time here,
but thank you for showing that and then showing us some on-chain indicators that are really bullish as well.
If you guys want to go subscribe to MMCrypto,
you guys can do that down below in the description and in the pinned comment.
We'll have the link along with a video I did on his channel as well talking about Ethereum,
so you guys may want to go check that out also.
Chris, you got anything else you want to leave us with today?
Thanks for having me, man.
Everyone is welcome. Happy to be on your channel.
It's beautiful times to be alive. Bet.
Absolutely. 100%.
Alright, guys. Drop your comments down below and let me know what you thought about this video
and where you think Bitcoin is heading to.
That's all I got.
Be blessed.
BitBoy out.