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It's like a little rap I just came up with.
I rhymed crypto with crypto.
Pretty good. What can I say?
Listen, guys.
Let's talk about Bitcoin today because Bitcoin is crashing at the current moment,
hovering at $38,000.
At the time of this recording, it has managed to hold $38,000.
Now, will it go lower than this?
It certainly might.
Now, why is this happening?
A couple of things.
No. 1, we have this large OpenSea hack.
I made a YouTube short earlier.
You guys can go check that out.
But, you know, the fact is, there's a really big hack on OpenSea,
and it scared a lot of people.
Now, OpenSea itself, you know they're scammers, right?
We've thoroughly discussed that.
But OpenSea, ran by a bunch of scammers, insider traders,
they continue to get exploit after exploit, hack after hack with zero customer service,
zero customer support.
That's why they will be crushing the company. I've no doubt about that.
They're claiming that these were phishing attacks and not exploits on the site.
But we do know that OpenSea has been exploited several times,
so, you know, can we really take that for gospel truth?
You know, on a Sunday drive video on the way to church?
No, we can't accept that as gospel truth.
I don't accept anything OpenSea says.
They've already shown over and over again,
you can't believe a word that comes out of their nerd mouths.
But the fact is this,
is that people are scared, and that did kind of start, you know,
a price momentum downswing.
But the big news, of course, we still have Russia and Ukraine and their little spat.
You know, not to trivialize what's going on there.
I mean, like I've said many times, I don't understand the geopolitics.
Some people are saying that, basically, what Vladimir Putin wants to do
is he wants to reverse the end of the Cold War.
That's the goal here,
is for him to continue annexing previous USSR countries into Russia
until he basically creates the Iron Curtain again.
Now,
Belarus, also a country that may soon get some interesting things going on there as well,
they could be the next target after Ukraine, from what I'm reading.
But the point is just the instability in the region there--
nice shadows! You guys like these?
The instability of the region over there is definitely playing into the price of Bitcoin going down.
But,
you know, I was looking at the fear and greed index today.
We're heading back to extreme fear very quickly.
These are always the best times to buy, when we're in extreme fear.
The best times to sell are when we're in extreme greed.
Now, this last little run-up, we barely got above breakeven on the fear and greed index.
I think we barely went over 50.
But it's a, you know, 1-to-100 scale,
zero being the, you know, scariest
and 100 being the most greedy.
But the fact is, traditionally, when we see these kinds of, you know, price movements
next to the fear and greed index,
these are good times to buy and good times to accumulate.
But when we really zoom out,
and we think, you know, what we talked about in our video yesterday,
we think about our investment philosophies,
and we think about, you know, investing for the long term,
but we also balance it with one of our other philosophies
which is understanding market behavior.
And one real big thing you have to understand about these price dumps
that we've seen for Bitcoin in these bear markets
is that it's been the retail investors that had been leading the way
dumping the price.
We did not get a blow-off top.
We did not get euphoria in the market during the last year.
We never got a place where outside of memecoins,
the retail investor was really heavily involved anytime after April.
So here's the point.
We look at short-term holders.
We look at long-term holders.
The SOPR is an indicator that measures the strength of the short-term and long-term holders.
And what these numbers are spitting out is that
it should be time for a reversal in the market to go back up
because we're just running out of short-term holders that are selling.
What are short-term holders?
Retail investors, right?
Because the institutions are more longer term.
Certainly, they have wallets,
they open up to manipulate the markets and push price action down,
and that's always on the table that it could occur.
But the fact is,
there's just not retail to dump the price down,
so I'm having a hard time coming up with a scenario,
to be honest with you,
where we get price plummets to $24,000, $27,000,
$18,000,
$10,000,
some people are saying $4,000.
I just don't see where the short-term holder supply is going to be liquid enough
for them to sell and move the price down.
And I'll be honest with you,
even though, today, the price is down around $38,000,
as you guys know, over the last three to four, you know, well, especially the last two months,
I've been very, very bearish on Bitcoin and on a bull market.
I've been very bullish on a bear market.
Lately, I've been closer to 50/50.
You know, it just feels like all of this is running out of steam.
How much further can the price of Bitcoin really go down?
With all of the terrible things for the Bitcoin price,
from the Fed meetings to the Ukraine issues
to the stocks dumping.
And we haven't seen that capitulation of long-term holders.
And I just don't think that we are going to see that, to be honest with you.
There are other things that--
so looking at--
if we were to go and we were to look at the May crash,
and this is why I do believe that we are kind of at a pivotal point here
where we either are going to have to get a market reversal--
Ghad! Look at that. Phone is really shaking there a lot--
where we really are going to have to get that market reversal,
or, you know, we are in for long, long term bear market action,
which is definitely still on the table, guys, definitely still on the table.
One thing to look at is the number of weeks that Bitcoin spent going down in May.
And in that crash, how long was Bitcoin down?
Well, if you use your Heiken Ashi candles on TradingView,
what you'll see is that it was basically 14 weeks of solid downward action.
Where are we at after the close of today's weekly candle?
We will be at 15 weeks.
The 15th week starts this week.
So we are now at the exact same timeframe.
Now, to be fair, according to our Heiken Ashis,
the last two weeks were actually bullish on the weekly.
So we had 12 weeks of downward momentum as opposed to 14,
and then we just got two positive weeks.
But then this bear week that we're going to close with today,
it could indicate a, you know,
it could be another, you know, down--
it could basically balance out the last two weeks of green
where we'll end up at about the same place.
It's very pivotal Bitcoin does get a reversal,
and I think a lot of the on-chain indicators are saying that it looks like that's going to happen.
But, you know, remember, guys, we have to take--
we have to develop a long-term mindset.
That's extremely important.
We're going to be going into each one of those philosophies more in the coming weeks
in videos like this where I ride around and tell you what's going on,
you know, with crypto, with our channel, directions we're going and things like that.
But the long and the short of it is,
be careful out there.
Make sure you have a long-term mindset.
When you do that, you really can't lose.
In the short term, I can be wrong about Bitcoin,
you can be wrong about Bitcoin,
even the most accurate person out there could be wrong about Bitcoin.
But what I would tell you is this,
is that over the long term,
Bitcoin wins for sure.
If you look at what's going on with Canada,
that has never been more clear.
Alright, guys. Well, that is all I got for today.
I may be back with another video later tonight.
I'm not sure if I'm going to do one or not.
Depends on what's going on in the market.
Maybe we'll get a little more into some of our investing philosophies and things like that.
Definitely going to have one of those videos for you tomorrow.
That's all I got.
Be blessed.
BitBoy out.