A really nice Bitcoin daily chart especially this previous Bitcoin daily candle that just closed just above the 50-day moving average. We’re going to talk about that in this video. We’re going to kind of zoom out in the midterm, talk about a pattern setting up, and we’re going to really zoom out and talk about really nice targets. I’m talking about 100,000 plus targets to the upside.
Pro-Crypto Sentiment from Donald Trump and JD Vance
So we have Donald Trump, who very well could be the next president of the United States once again, building a pro-crypto Army. We covered that, but today he picked his vice president, and that is JD Vance. I just came across this video a little bit ago. This was posted only like four hours ago or so. I want to just show you a brief clip of JD Vance because I want to get his little take on crypto briefly.
Gary Gensler’s Approach to Blockchain Regulation
In some ways, the more fundamental issue or at least the most relevant issue for this particular conference is the approach that Gary has taken to regulating blockchain and crypto. By the way, he’s talking about Gary Gensler. Basically, what he just said in a matter of seconds is everything that SEC and Gary Gensler should be doing, they’re doing the opposite, meaning they’re doing everything wrong. That alone plays exactly into what I’ve been saying—they’re on the wrong side of the law.
Blockchain’s Role in the Future of Social Media
a lot of the newest challengers to social media incumbents of 2024 are going to require some blockchain technology to make their business work. Maybe they’ll require a token that supports verification. There are all of these ways in which the companies… I don’t think you can get more bullish than that. I don’t think you can get a more bullish ticket than what we have right now: Donald Trump and JD Vance building a pro-crypto Army.
Bullish Outlook for Bitcoin and the Crypto Market
- If you can just picture them in the White House, I’ve got to put in the thumbnail just a bullish-looking White House, and this is where things are going.
- This is one piece of data right—this talking point.
- There are so many other things happening, and I’ve been going over charting data, on-chain metrics data, just in general, just crypto—all these things playing into this crypto storm that’s been brewing.
Zooming Out: Macro Analysis of Crypto Market Cap
When we start zooming out on the macro, zooming out on what’s going on with the total crypto market cap, can it go higher? How high can it go? We talk about these things. We have massive macro events happening that are good, that are bullish, that I think will have a massive impact on this macro chart. It’s very simple, and when I say this, I’m saying macro, macro, macro a lot because this is macro—this is zoomed out. We’re talking multi-year.
Impact of Bitcoin Halving on Market Cycles
| Event | Details |
|---|---|
| Bitcoin halving | Just happened back in April, right here—I should have the line. |
| Current cycle (macro) | Where we are in this cycle on the macro is really good with all of these things happening. |
| JD Vance clip | I wanted to show that clip of JD Vance because this is new—this is a new piece of data playing into narratives, and that’s what this is. |
| Weekly analysis | Let’s go over the weekly. |
| Daily analysis | Then we’re going to pivot to the daily, and we’ll start kind of digging into price, shorter-term price action. |
Significance of the 20-Week Moving Average for Bitcoin
The first thing I want to point out on the weekly, and then we’re going to talk about some ridiculous targets, is this: this 20-week moving average is a really big deal, and Bitcoin is there right now just below it—20-week moving average around 65,500 or so. Bitcoin is like $1,000 or so below that area, not even. The reason why it’s such a big area is because the one thing that we can note very clearly by just zooming out on the Bitcoin weekly chart and taking historical data very seriously.
Historical Data and Bitcoin’s Market Performance
If we look at historical data, look at the last cycle after the Bitcoin halving—Bitcoin managed to stay above the 20-week moving average pretty much the entire bull market. What we want to see is it just hovering above that 20-week moving average, parabolic moves. Then even the cycle before that, if we go look, Bitcoin tested the 20-week moving average after the Bitcoin halving of 2016—it tested it multiple times, many times, but just incredible bullish support over and over and over again.