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My name is Ben.
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Guys, we got some really interesting stuff that just broke, just came out.
We've also got obviously the Bitcoin price dipping, dropping dramatically down to $34K.
What the heck is going on?
Well, great news, I'm going to tell you.
It's our Sunday drive video where usually I drive to church
and tell you what's going on in the markets,
but today, actually, I'm playing hooky two weeks in a row.
We've got all-star tournament to finish up today.
So we got that going on,
and so we're just driving around, getting ready to have breakfast with the family here in a second.
But let's talk about Bitcoin.
I will talk about two things.
First and foremost, I want to talk about the story that just came out
on who was buying the Bitcoin dip,
and you're going to find this very, very, very interesting.
Okay?
And then No. 2, we are going to be talking about what this recovery is going to look like, I think.
I could be wrong, but I believe we are starting to look like we're heading to that 2013/2014 scenario.
I think it will be a little more abbreviated than the last one.
We'll talk about what that means.
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Alright, so let's start with a story that just broke.
Very interesting analytics coming out about who bought and who sold Bitcoin this week.
So the dip was caused by-- you guys will think this is super interesting.
Most of the coins that were sold,
the majority of coins that were sold on the way down,
pushing the prices down,
no surprise,
coming from whales.
But here's the more interesting point.
The majority of the coins that were sold that crashed Bitcoin
were only one-week to one-month old.
That means that these coins,
that these Bitcoin had only been added to those addresses very recently,
and as most of the people doing the selling were whales,
then it seems like that definitely points us back to what we've been talking about for a while,
absolute coordinated manipulation.
These coins were bought a few weeks ago
just for the purpose of selling and crashing the market to buy back in.
Oh, and buy back in they did.
Addresses holding 10,000 to 100,000 Bitcoin added over 123,000 Bitcoin on Wednesday,
the day after the crash.
They bought-- let me break this down for you guys that are newer
and explain exactly what all that means that I just told you.
Whales bought Bitcoin a few weeks ago
with the idea of selling those same Bitcoin in mass on one day in a coordinated series of hours
in order to crash the price down more,
and then they go in and they buy up the Bitcoin at the cheaper price.
Guys, it was a 40% drop.
A 40% drop in one day.
That means that these people were able to get Bitcoin at a 40% off discount.
This was planned. This was coordinated, okay?
Most of the buying-- here's another interesting thing with all this Chinese FUD coming out.
Most of the buying was done by people in the United States. Okay?
Coinbase reflects this.
We know this because Coinbase had a $3,000 premium on the price of Bitcoin on Wednesday,
meaning more people in the US were buying Bitcoin than any other place.
Don't buy into this "everybody's given up on Bitcoin"
because it's not true. Okay?
So let's move on.
So now we've got that out of the way. We know what's going on,
and this market,
shaping up to be the 2013/2014 scenario.
Now, I did not want this scenario, for sure.
I want the 2017 scenario,
where you have healthy corrections.
Price goes up through the whole bull market.
In 2013/2014 bull market following the 2012 halving,
what happened then was that we got a huge run-up in the beginning,
hyperbitcoinization as they call it,
and then an 83% drop,
and then we recovered.
Now,
the drop that we just had, okay?
Even though it wasn't 83%,
it was 55%,
this looks like to be the same kind of drop that we had back then.
Back then, there was a series of I believe five monthly candles in a row that were green.
That was a record at that point.
And then--
I think it was record. I'm not sure. I know six is the record.
So I would think five probably would have been the record at that point.
But what happened is after that, a dramatic drop.
Now, I've been looking at the weekly chart--
I was checking out a video this morning from Krown's Crypto Cave.
If you guys know that channel has some TA stuff somebody sent to me from him.
I need to get that guy maybe on our list for Around the Blockchain or maybe--
let me know, guys,
did you guys like the interview with Ryan from uncomplication on our channel
during the live stream on Friday?
If you like that, make sure to comment down below and let us know
because I'm thinking about doing a couple TA interviews throughout the week on a regular live stream.
Who knows? Maybe even move to a third live stream and just have people come on and do TA.
So let me know if that sounds interesting to you guys.
We use Market Cipher.
We don't get too much into the other types of technical analysis.
But if you want that, let me know.
But I was watching his video this morning,
and I was finding a lot of interesting stuff he was talking about.
He was going and he was showing the 2013/2014 bull run and the recovery that took place.
As I'm looking at it,
they were showing the weekly chart,
the weekly chart really spoke to me.
It spoke to me.
It spoke my language.
The weekly chart basically consisted of one gigantic red candle
followed by two recovery candles,
meaning after three weeks following the gigantic crash,
after three weeks following the gigantic crash,
we stabilized.
Pretty much.
There was another dip.
We never went lower than that initial dip,
and the price was definitely able to recover.
So I think that's something that we could see here.
Right now, the price of Bitcoin is continuing to drop.
I do not think we're going to make new lows.
If we were to go below $30,000, meaning $25,000 is a possible target.
But for me,
I think what we're going to see is we're going to see two weeks to get the price to stabilize,
where people are feeling confident in Bitcoin again,
feeling like the market is healthy,
and--
These people get on my tail sometimes like I'm not in the Dodge Demon.
So I'm expecting to see a couple weeks of the price stabilizing,
but I do not believe that we are going to see what we saw last time in 2013 and 2014,
which is the price dropped, okay?
The price dropped,
and it took four months for it to reach an all-time high again.
I believe it looks like maybe we could get an all-time high again within two months.
There's just simply not enough time left in this bull run to be able to have a four-month recovery.
So what I can see happening is a two-month recovery,
price stabilizing, getting back to new all-time highs.
The momentum from watching Bitcoin recover
is going to eventually lead to a two to three-month absolutely parabolic cycle
like we have never seen before,
especially at these prices because let's be honest,
when the price of Bitcoin went from, you know, $2 to $12 over 2012,
or in between 2009 and 2012,
I mean, that's a 400% gain, right?
Like, that's crazy.
I mean, it was much cheaper than that in 2009,
but I'm just saying about when I bought it in 2012, it was $12 apiece,
like that's big, right?
The percentage gains are big.
But imagine Bitcoin going from $60,000 to $320,000.
And that's what we're potentially looking at in this bull run.
I am not shaking off of any of my price targets.
I think we are right on track.
PlanB agrees with me.
Willy Woo agrees with me.
Several of the people that we have leaned and relied on the heaviest on this channel all believe it,
so why don't you?
Drop me a comment down below.
Let me know if you want to get some more TA guys on the channel.
Let me know what you think about Bitcoin.
Drop those comments down below.
That's all I got.
Be blessed.
BitBoy out.