Where is Bitcoin heading to?
That's the question on everyone's mind
as we went from bearish to bullish in the blink of an eye.
Funny how that seems to happen at the beginning of each month.
But great news for you I've teamed up with an expert in TA
to give you an absolutely incredible price analysis and targets for Bitcoin
and if you watch all the way until the end,
we're going tell you whether or not $1 million Bitcoin is possible.
Let's get it!
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Alright, guys. Let's bring on Chris from MMCrypto and let's talk Bitcoin.
Guys, I'm joined here with Chris from MMCrypto.
We had him on a few weeks ago.
Incredible video.
Chris, thank you for joining us again today.
Man, happy to be here. Your community is crazy. Your channel is crazy. You are growing like
I don't know, man. How many subscribers are you getting per week like 40k or so?
- It's insane. So congrats to your beautiful community. - Yeah.
Yeah, we were getting 60k there over a couple weeks,
but hopefully, with Bitcoin price going back up,
you know, things will get, you know, more on the bull run for YouTube,
but speaking of Bitcoin going back up, that's what we want to talk to you about today.
You got some really interesting insights on where Bitcoin is going in the short term, midterm, long term,
and then kind of an idea of a Bitcoin supercycle that could lead to an insane price for Bitcoin,
so let's go ahead and jump in.
Let's talk about the Bitcoin price. Where do you think it's going like this week for instance?
Yeah, exactly. Let's start with the short term and then go over into the supercycle theory.
Maybe some people are already wondering from the title or so,
but I can tell everyone who is watching until the end,
if you don't agree with me now, in the end, you will at least say,
"Wow. This is actually possible," so,
so bear here with me. Bear here with me.
- Let me quickly share my screen here. - Okay.
So we are once again we are starting for the immediate short term for Bitcoin, as I like to say,
and this is the 4-hourly candle.
So as we can see here, actually, ever since we had this retracement from the all-time high,
we were going down,
and we were actually, in our community, not trading during this time,
so at MMCrypto, we either long or we wait.
- So this was the waiting period. - Love that.
- We actually-- - That's what we do, too.
The trend is your friend. Only longing in the bull market.
Yeah, exactly. Exactly.
The trend is your friend until the end of course, but the end is not near in my opinion.
So we were consolidating here actually towards the downside.
And what I found out here just around these areas here
that we are floating around between support and resistance.
And what we were basically forming here was a descending or like a falling wedge.
And the interesting thing is if I were to pull out, I don't have it here right now, the RSI,
we had a low here,
and then a lower low on the right hand side.
On the RSI though, we had a low and a higher low.
So this was a bullish divergence. Usually, I don't trade those,
but this was actually confluencing here with the breakout out of the falling wedge,
and this is why we, at MMCrypto, we actually opened trades here over there.
I saw many people going here in that trade.
And right now, we're up like 6%, 7%, leveraged maybe on 10X leverage like 60%, 70%,
but as you can see here, we are getting rejected here so far.
We were getting rejected at this resistance area where we found support on the 17th of February,
and then another resistance over here just a few days ago.
So what I am saying right now is it might be profitable, might be good here to take some chips from the table.
For example, if you are 8% in a profit at a 15X leverage where you doubled your money,
take half of your chips from the table so you have a remaining position which is free for you,
but in case we are breaking above this very important support box,
basically the last support box before the all-time high,
closing a 4-hourly candle above,
the previous all-time high would be the technical price target of the falling wedge,
which is the top of the wedge,
and that would be $56,800.
We need the 4-hourly candle close above.
And this is actually my stance right now.
Of course, if we are breaking above the $56,000 level or the $58,000 level,
the previous all-time high,
a price target I was targeting earlier,
and this would be more than imminent,
would be $61,000 or $62,000 Fibonacci extension level.
This is something I'm personally targeting for March.
Let's see what happens here.
I think this dump could be already over. We are already talking about a 27% retracement.
People have to understand that this is normal in a bull market.
We had a 31% retracement in January.
We had, in December, another 20-something, 22% retracement, and, well,
we will get three or four more retracements of that kind in the bull market at least.
It's normal. It's cycles.
We have macrocycles. We have microcycles.
So this is my stance for the short term.
We might get a reversal here.
Let's wait and see what happens.
But, yeah, what people have to understand before I go into the long term,
this is my chart here where I'm pointing out when Michael Saylor, Elon Musk,
also other big people are buying.
Michael Saylor was buying here at $52,000.
Well, do you want to go with the billionaires?
Or do you want to go with the people here standing on the sidelines or talking to you in a club
and telling you, "Well, Bitcoin is going down. Bitcoin is going down"?
I'd rather go with the multi-billionaires.
I go with the big people in the world which have to publicly buy Bitcoin.
And this is actually something we can take for our advantage.
So Michael Saylor buying over there just shows me, man, guys,
like, why should I turn bearish in the long term?
But we will talk about the long term also very soon, right?
Yeah, exactly. So, right now, to me, it seems like we're kind of in phase 3 of this bull run.
I do think we will end up making a higher high,
setting a new all-time high,
but kind of mapping out what this bull run--
like we kind of had end targets for what we expect it to be.
I know we talked about on the last show we did together
about how the number for both of us is somewhere in the $300,000 range,
but obviously, we're not going to get there in one move.
And this is the chart that you showed us that was really, really cool,
but where do you kind of see in, let's say, the midterm like over the summer,
where should we, you know, be about if we're going to hit $300,000 or higher by the end of the year?
It's very hard to say. So we will have many of these micro trends to the upside, to the downside.
Let's stick with our $275,000 to $300,000 price prediction.
Then I would say probably until July, August, we will easily go into the six digits.
I would be very surprised if not.
Then maybe we have a dry-out phase.
And towards the end of the year, one last massive pump,
one last retail pump actually from $100,000 to $300,000,
whereas the first pump here, I mean, we were talking about that.
This is what I would call the institutional run,
and then we would have a retracement in this narrative here,
and one last run here from the retail investors,
and then in the bear market, this retracement should go below the retail run here,
below the $100,000 price level
to shake out all the retail investors and remain the institutionals in a profit.
So I think everyone buying today,
it is very likely that even in the bear market, the price will not retrace below that level here
even though the price target would be "only" $300,000.
So, yeah, wrapping it up,
I think this institutional run might take us above $100,000,
and then retracement, sideways phase, downwards phase
where liquidity is provided for maybe the last institutionals to buy in,
to soak up those Bitcoin being sold in fear by the retail investors,
and then one last run where really we have the last grand mass joining the space,
the last-- I don't know, like, whatever, everyone who is basically willing to buy,
everyone who is joining these GameStop stocks and all of these WallStreetBet runs,
they will be joining on the top, unfortunately, but someone has to.
And that will be the end of the bull market here, in my most likely price prediction.
Yeah, but there is maybe a scenario where Bitcoin goes well above our wildest expectations.
There's a theory that's been floated around.
You know, we know for the last year, people are talking about $1 million Bitcoin.
I think most of us think that that's probably not going to be the case,
but there are some scenarios where it does happen.
And you had kind of talked to me a little bit before we came on air about, you know,
something that you've been hearing and something you've been looking at
where we could have a super Bitcoin cycle or a Bitcoin supercycle
the pushes Bitcoin up to seven figures.
Can you kind of lay that out for us and let everybody know what that could look like?
Yeah, exactly. And I would like to know from the audience what is your price target.
I will go into your channel.
I will check the comments and I want to know what the people think.
But let me continue here because
I'm very sure like most of you guys would say, "No, it's not possible. It's not possible."
Some people when I and Davincij15, we turned bullish at $5000,
- people still taught us, "Oh, are you crazy?" - Yup.
Well, now, everyone is bullish, right?
I'm telling you, $1.2 million is actually the supercycle theory.
And whether it's in the end, $1 million, $1.5 million, who knows, right?
But it's just about going into seven figures.
And what do we need for that? Why is this actually a possible scenario?
And let me go back into one shot I was showing you before.
We have to keep in mind that these events-- usually, of course, things don't change, right?
We always will have bull markets, bear markets.
We have massive euphorias.
We have big shake-out periods.
This is not changing.
I was at a meetup and people were telling me,
"Well, we are not going to see retracements anymore. Institutions are going to buy up everything."
Well, we will see these retracements.
We will see the most amount of people losing most amount of money most of the time.
With that being said though,
we have to actually acknowledge that something is changing
because we have new buyers joining the space.
And this is not the retail people.
This is not someone who has $10,000 on the sidelines
and is willing to invest $2,000 of his disposable income into Bitcoin.
We are not only talking about institutions having big treasuries on the sidelines,
having hundreds of millions on the sidelines.
Tesla has $15 billion on the sidelines, putting $1.5 billion into Bitcoin.
No, we have much more.
We have to keep in mind that we are in a debt-based system.
So what is Michael Saylor doing?
And I am telling you, he will not be the only person doing that.
So we had Michael Saylor buying for his private portfolio here,
but then we had MicroStrategy doing the same at $11,000.
Michael Saylor buying more.
So the question arises,
if Michael Saylor knows, why is he buying more and more at higher prices?
Is he actually FOMOing in? Is he getting irrational?
No.
What he is doing-- and I'm telling you guys,
many people will follow and many people are actually following him right now.
He already shared his playbook with a thousand executives or more.
What he is doing is he is buying a bunch of Bitcoin,
and remember we are in a debt-based system,
he is taking this bunch of Bitcoin, and he is lending against that.
So he is taking them,
taking it as collateral or whatever, going to a bank and showing,
"Okay, guys. I already have $1 billion worth of Bitcoin. Give me another
- $500 million - Oooh.
- which I can lend against the Bitcoin I already have." - Good.
And then he is buying more. So he did that already four times!
- Wow. - And he is going to continue doing that.
This guy is not stopping until he has hundreds of thousands of Bitcoin.
He already has 90,000 Bitcoin.
So in a system where you have unlimited fiat,
and you can lend more and more against the Bitcoin you are already stacking,
in this system where fiat goes to zero, Bitcoin can go to infinite,
this is why I personally think
in this specific scenario with more institutions, with more billionaires and billion-dollar entities
not only joining this space with their treasury, with that disposable income,
with their investment portfolio,
but also lending against it,
- their potential is insane! - Wow.
It's insane.
And maybe we will come here in 12 months and say, "Well,
$1 million was maybe even a conservative price prediction."
I'm not going with all my life, with all my savings, into that specific scenario,
but we have to keep in mind it's a very, very possible one.
I don't know, like, BitBoy, what do you think about that, Ben?
Yeah, I think it's good. I think that the one thing I would push back on
is just the fact that if it really is going to go that high,
then it seems like we'll have to get a really big push to push down
in order for more of these institutions to come in and buy.
So I think that's what people have to watch for.
If we were to go in, you know, in that insane run where Bitcoin goes to $1 million, you know,
don't think the institutions and the funds,
and BlackRock and all those guys are going to get left behind.
They're going to, you know, make us go through some pain
so they can get, you know, a lot of the rewards.
You've just got to be willing to deal with that. So that's kind of my take on it.
100%. I should maybe focus more on that. Whenever I'm getting euphoric, I should always
put in a little bit of-- yeah, of these things because I already mentioned it before.
We just had recently like a 27% retracement.
It's a lot of selling volume actually being created.
So what happens with these institutions buying Bitcoin,
they are not buying it on an exchange.
They are buying it on the OTC market.
And these OTC market, over-the-counter markets,
they are actually being dried out.
So what happens when Michael Saylor, Elon Musk, they are buying Bitcoin, they reach out to Coinbase,
and Coinbase has a lot of OTC desks, actually, they are screening,
and then they are buying over the counter, not on the exchange,
- over the counter, these Bitcoin. - Right.
So these institutions, they are actually buying all the supply from these OTC desks.
So we need these retracements,
and when they are not happening, they will create them.
So we will have selling pressure, we will have big retracements down,
and we will have retail investors FOMOing out of Bitcoin,
but what happens, every time you are selling your Bitcoin at least at these price regions,
you are selling it to a billionaire.
- You are selling it to a big institution. - Yeah.
So good that you said that. And, guys, don't think that we are just shooting up in a straight line.
Whether it's $250,000, $300,000 or $1.2 million, there will be massive retracements.
And if you are emotional,
imagine that you can be even losing money on that run-up, right?
Yeah, absolutely. And I mean, I definitely have seen a lot of people, especially on my TikTok account,
I've got a lot of people who were telling me Bitcoin would never hit $10,000.
It would never hit $50,000.
It would never hit, you know, all kinds of price targets in the middle,
and we just keep on ticking right past all those numbers.
So, Chris, thank you so much for joining us today.
You guys make sure to subscribe to his channel down below in the description, MMCrypto.
You can't miss him. He's got the face that launched a thousand Bitcoin.
Isn't that, right? You guys have seen his stuff.
Chris, thank you so much for joining us today.
Thank you very much for having me. It was a big pleasure.
- Hopefully, we do it soon again. Bye-bye. - Yeah, absolutely.
Alright, guys. That's all I got.
Be blessed.
BitBoy out.