I predict Bitcoin in December to break the $70,000.
And to actually break higher.
And for that, my bull market high is--
traditionally, every single cycle, we are having diminishing returns to scale.
So before, we had a much higher Fibonacci extension level as target.
Right now, I would be looking out for at least the 4.618,
and that is the-- actually, I have to redraw it a little bit.
Here, it says $185,000.
- Every single pixel makes a big difference. - It does.
It's actually $191,000 for this cycle.
And, of course, I want to know what the audience thinks,
but that's my take on it.
Hey, guys! Welcome back to the channel.
Today, I'm joined with one of your favorite guests,
you guys may know him as the face that launched a thousand thumbnails,
Chris from MMCrypto!
Nobody makes a better open-mouthed face than this guy.
How are you doing?
I'm doing very well.
Thanks for having me.
I'm going to give the people one.
- There you go! I love it. - That's it. I'm doing it daily.
Feels embarrassing when I'm making it,
- but honestly, you have to play the YouTube game. - You do.
I'm very excited to be here today on your channel to talk about Bitcoin and one price prediction
I did not talk about on my channel yet actually.
A price prediction for the immediate short term.
Better to say for the midterm.
For the end of the bull cycle, I have some exciting things to share for sure.
Yeah, I'm excited. We're going to look at some bullish scenarios,
maybe a bearish scenario for Bitcoin,
but more importantly, we're going to talk about what people can expect in December.
That's why the people came to this channel to check out this video.
So let's go and get started. Let's see what you got, Chris.
- Exactly, exactly. Let me go over here-- - And, guys, make sure to subscribe to Chris' channel down below.
It is in the description.
He does a great channel with MMCrypto.
Yeah, yeah. We always love to welcome people on our channel.
So I would love to have you guys on here.
MMCry--
BitBoy audience is definitely welcome on our channel.
Alright, guys. So let's start here with the charts.
And I actually want to exclude the immediate short term.
If you're watching a few hours later, it's not going to be on time anymore.
But just a quick rundown,
the immediate short term is not the most bullish I've seen in my life.
Lower highs, lower lows, not so nice.
Also, here on the right hand side, you can see a potential Wyckoff accumulation pattern.
Let's exclude the immediate short term for now
because what I think,
the most exciting right now for Bitcoin is actually the daily and the monthly,
where on the weekly even, where we can flip severely bullish again.
So, what you can see on the daily candles is that right now, Bitcoin is kissing the daily support.
Something I was talking about earlier.
I was telling you, right here, when we broke below this--
let me quickly remove this drawing tool here.
When we broke below this specific level, I was saying I expect Bitcoin to go down
and to retest the previous support.
And this was formed, I said that before, by the resistance in February, March, April,
when we were among the all-time high. We got like 20, 30 daily candles rejected.
So obviously, extremely strong resistance turns into very, very strong new support.
And we are holding it right now.
The question is, are we going to break it?
But more importantly, what can we expect from the next few weeks to come?
Because, honestly, if we are breaking this one here,
if we are going over to the monthly candles,
if we are breaking the very, very important level actually on the monthly of $50,000,
I can tell you lights out, it's not going to look good
and maybe the bull market could be even considered to be over
as we have to go into a very, very strong correction
when we are breaking the one-- the half year's support.
However, I do not expect this to happen. Why?
And for this, I want to go over to the monthly candles.
On the bottom right side, I would like everyone to focus on right now.
If we are going here,
at the bottom right hand side, you can see the monthly candles for Bitcoin.
Every single candlestick represents one month.
So if I am zooming out a little bit on that,
you can see that on the monthly candles actually,
we are having, of course, our cycles here.
We had the first cycle ending in 2011.
If you want to say it like this, June '11.
Then we had the next one ending in December 2013.
Then four years later, December 2017.
So everyone who believes in the 4-year cycle should say,
"Hey, December 2021, that's the end. That's when the bull market is ending."
I believe, this time, it's going to be different.
And that's a very foolish thing to say usually as an investor,
but honestly, this time, I think it is going to be different.
And that's for a few specific reasons.
We can see here, this orange upper line,
that's the 11-year resistance,
and actually, if we are zooming out,
every single time we were touching it,
there's no single exception in Bitcoin history,
every time we were touching it,
No. 1 in 2011,
No. 2 in 2013,
in 2017,
and also right now when I was actually in Tulum, Mexico,
if the people were following me, in April 2021,
every time we touched it,
we went into a multi-month bear market/correction.
So, now, we just touched it again! Basically, two weeks ago!
So what I would actually expect just in accordance to past performance,
which is not 100% predicting the future performance but at least indicative,
is that, right now, we should go into a major correction.
So from a historical standpoint, this should be the prediction here.
However, I would, even if you want to be neutral, I would wait--
if you want to be bearish, I would wait on the sidelines
and wait for Bitcoin to choose the direction.
I mean, if we have 11 years resistance,
please, I want to beg you,
before you are deciding here for Bitcoin to go down or to go up,
just wait for the support and resistance to break.
Now, after 11 years, we finally came into the apex.
I mean, in December, that's the last month,
the last month for Bitcoin to decide where to go.
December is the month.
So I think November is going to stay red.
We are not going to create a green candle here.
But I do predict the support to hold.
And I do predict the December month to be green.
And this is the most interesting thing.
Once, in December, we are going to go above the 11 years resistance,
which is exactly to say the $70,000 level,
and then close not the monthly, just the weekly above,
I am expecting daily candles of at least a $10,000 volatility.
I think the market is going to go completely crazy.
The same, of course, goes if we break it to the downside.
Really, I hope this is not going to happen.
But the reason why I think it is going to break to the upside is we are having ascending support,
we are having here an 11 years resistance which got much, much weaker
every single time we were touching it,
and, of course, we have global economic uncertainty bigger than ever before.
We have money printing bigger than ever before.
I do predict the 4-year cycle and even the stock-to-flow model,
all of these things to be invalidated as Bitcoin is measured in US dollars
and US dollars is completely devaluing towards zero.
- Of course, right now, it's a little bit stronger than-- - Right now, it's valuing a little bit.
- You know, you can't deny that. - Right now, yes.
We've been talking about that on this channel for six months.
Right now, the US Dollar Index is of course not the weakest
- as it's getting stronger against other currencies. - Right.
But the US dollar is just going to be the last man standing.
- Of course, it's going to be-- - Yeah.
it's the strongest fiat currency, but it's going to be the last man standing,
which means it's also going to be falling eventually.
- So, of course-- - So let's talk--
Chris, let's talk about, real quick, we've got to run here in a second,
- Yeah? - but I do want to get your--
as we approach the end of the video, I do want to get your price target.
What is your price target for if we do break above this?
- Where do we head to? - Yes.
So as we have the next thing upcoming already,
let's talk about the price target.
And just quickly, if we break down, of course,
- I don't see Bitcoin ever to go below $29,000 again. - Fair.
It's a very bold statement, but you can count me on that.
That's my prediction. I can be wrong. I was wrong in the past.
Just in case we are breaking down that you have my scenario here.
But as I said, I predict Bitcoin in December to break the $70,000.
And to actually break higher.
And for that, my bull market high is--
traditionally, every single cycle, we are having diminishing returns to scale.
So before, we had a much higher Fibonacci extension level as target.
Right now, I would be looking out for at least the 4.618,
and that is the-- actually, I have to redraw it a little bit.
Here, it says $185,000.
- Every single pixel makes a big difference. - It does.
It's actually $191,000 for this cycle.
And, of course, I want to know what the audience thinks,
but that's my take on it.
Wow! That is-- that is quite the target.
I've been very clear about my audience where I think it's going.
I think it's not going much over $100,000,
but still, in either case, I think we are breaking that 11-year line, you know,
and you can look back, like, when we went up to $64K,
like, we did break it a little bit and then it went back down.
Obviously, you guys can see everything closed below it.
I'll tell you a crazy scenario would be if in December,
we rocketed up for three weeks and went all the way to $100K
and then came back down and closed around $70,000.
You know? That would be nuts!
You'd have a giant wick above that 11-year line.
- That would be crazy. - Yeah.
And then that might set us up, you know, in the next cycle to absolutely crush it.
But in other case, Chris, thank you so much for joining us today.
It'd been very insightful.
You guys don't forget to go down to his channel.
Click subscribe.
Great channel. I love watching his videos.
And I want to know from the audience, what are your price targets?
Drop those down below.
Chris, thanks for joining us.
- Everybody, be blessed. - Thank you very much.
BitBoy out.