Speaker 1: Bitcoin has pulled back this sixty eight thousand dollars. What's happening?
Speaker 1: Where is this bull market? Is it the election uncertainty
Speaker 1: that's causing all these problems? I'll share my thoughts the
Speaker 1: charts and what other expert analysts are saying. Well, let's
Speaker 1: get into it. Hey, everybody, welcome into the Thinking Crypto podcast.
Speaker 1: You're home for cryptocurrency news and interviews. I'm your host,
Speaker 1: Tony Edward. On your way in, Please hit that subscribe
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Speaker 1: and review. Folks, let's talk about bitcoin, because it pulled
Speaker 1: back significantly. It went below sixty eight thousand dollars. However,
Speaker 1: when you look at the daily chart, we are still
Speaker 1: seeing higher highs and higher lows. However, this low that
Speaker 1: it put in is dangerously close to the higher low
Speaker 1: that was set before. It hasn't broken it and it
Speaker 1: hasn't been invalidated yet, but we have to make sure
Speaker 1: that we are looking at both the bullish and the
Speaker 1: bear scenario. Now, I personally believe based on the chart
Speaker 1: movements based on what's happening with the DXY breaking down
Speaker 1: as well, that Bitcoin will continue to move upwards. But
Speaker 1: I'm also prepared for if this gets invalidated and then
Speaker 1: we have to go back to the drawing board. Now,
Speaker 1: from a macro standpoint, when we're looking at the let's
Speaker 1: say six months or yearly perspective, we are still on
Speaker 1: track in this bull market. There hasn't been any major invalidation,
Speaker 1: and as we've been seeing, Bitcoin has been crawling its
Speaker 1: way out of this accumulation zone and it, of course
Speaker 1: last week touched seventy three thousand dollars and that's a
Speaker 1: very good sign. So it's knocking at the door to
Speaker 1: break out of that all time high set earlier this
Speaker 1: year and then enter into price discovery. Now, of course,
Speaker 1: we can't really look at all coins. We have to
Speaker 1: look at Bitcoin. It's the measuring stick that we have
Speaker 1: to use, because the liquidity generally enters Bitcoin and then
Speaker 1: it flows down to the all coins. That's not to
Speaker 1: say liquidity can come in directly to some all coins.
Speaker 1: We've seen that like and Swie and so forth. But
Speaker 1: generally for the entire crypto market to move, we need
Speaker 1: Bitcoin to have that strength and to bring in a
Speaker 1: ton of liquidity. So we have to pay attention closely
Speaker 1: to the charts over the next week or so because
Speaker 1: the election, as I've been telling you guys, is causing
Speaker 1: a lot of uncertainty and you're going to see a
Speaker 1: lot of volatility. And this is true for all markets,
Speaker 1: it's not just true for crypto. So once the election's
Speaker 1: out of the way, we're going to see less volatility
Speaker 1: in the market and people can start focusing in markets
Speaker 1: versus politics and the election and so forth. Here's what
Speaker 1: different analysts are saying. When analysts said the following, don't panic.
Speaker 1: This can be nothing but a casual bullish retest of
Speaker 1: its two hundred and thirty days diagonal resistance. Speaking of bitcoin,
Speaker 1: and if you look at the chart here that they provided,
Speaker 1: you can see it is within the trend lines and
Speaker 1: the structure here. So the analyst said, if this holds,
Speaker 1: we can get continuation. If it fails, sixty four K
Speaker 1: and sixty K are he says, personally, I bet on
Speaker 1: bullish continuation. I'm of the same mindset, not because I'm biased,
Speaker 1: but because of the technicals and the charts and what
Speaker 1: the macro's doing and what we've seen historically from a
Speaker 1: seasonal standpoint, but once again, there is a bearish case
Speaker 1: that if this fails, it could trigger a series of
Speaker 1: other events and we have to go back to the
Speaker 1: drawing board. So we want to keep it balanced now.
Speaker 1: Even before bitcoin broke down here, crypto Wizard had shared
Speaker 1: a chart on October twenty ninth highlighting that this was
Speaker 1: going to be a normal move for bitcoin. It would
Speaker 1: pull back to about sixty a K because it made
Speaker 1: a huge move up to seventy three K, and he
Speaker 1: had said at that point the descending channel in bitcoin
Speaker 1: has been broken out after eight months. A breakout above
Speaker 1: seventy two K opens the door to a new all
Speaker 1: time high to eighty two K, and he highlighted here
Speaker 1: a rtest of that support level. So this was something
Speaker 1: that was not off the table or out of the
Speaker 1: conversation here. It was a possible snare. It didn't mean
Speaker 1: it had to happen, but we're talking probability here now.
Speaker 1: Crypto Wizard also shared a macro chart here zooming out
Speaker 1: showing the different market cycles and their relation to the elections,
Speaker 1: So showing where we're at here for the twenty twenty
Speaker 1: four elections, showing where we're we were at in twenty
Speaker 1: twenty for that election. In twenty sixteen as well, and
Speaker 1: you can see bitcoin had not really put in any
Speaker 1: major gains, mostly retracing to its prior all time highs.
Speaker 1: That's pretty much where we're at, So we need this
Speaker 1: election out of the way. I know, I keep repeating myself,
Speaker 1: but we've seen this before. This is not unusual, and
Speaker 1: the only thing that's a little bit different is that
Speaker 1: Bitcoin hitting new all time high before the having at
Speaker 1: the beginning of this year, so it put us ahead
Speaker 1: of schedule. But this slowdown and boring zone and accumulation
Speaker 1: zone is putting us back on tracks. So once again,
Speaker 1: no major invalidation of the bull market. I'm here to
Speaker 1: make money, so I don't have time to play games,
Speaker 1: don't I'm not here to lie to you guys to
Speaker 1: get views or whatever it is. I want Bitcoin to
Speaker 1: go to one hundred and fifty K and now it
Speaker 1: will be game change, not only because I hold Bitcoin,
Speaker 1: but for all coins. So I'm in the same boat
Speaker 1: as you guys. I know it can be frustrating, I
Speaker 1: know it can be painful, but this is where patience
Speaker 1: is so important in investing Now. Jason Pisino, who's a
Speaker 1: great analyst guy, so I highly recommend you follow him.
Speaker 1: He's on Twitter, but he's also on YouTube. I listen
Speaker 1: to a lot of his content. He said, the US
Speaker 1: Election twenty twenty four update. It doesn't look like this
Speaker 1: US election will be a clear Trump win, which the
Speaker 1: markets US stock markets and bitcoin have been preparing for
Speaker 1: over the last week or so. We know this election
Speaker 1: has been quite tight. Guys, some of the polling and
Speaker 1: so forth show this. Now I'm gonna get a lot
Speaker 1: of comments. People are going to say, you're an idiot.
Speaker 1: Trump is clearly winning. Right. People are in their own
Speaker 1: bubbles and they only want to hear things that validate
Speaker 1: their bias. The point is, until election day the results
Speaker 1: are in, we don't know. It is not that clear.
Speaker 1: It's very tight. And I'm not saying Harris is gonna win.
Speaker 1: Maybe Trump wins, but the point is we don't know,
Speaker 1: and we have to wait for the results, and we're
Speaker 1: not here to invest with our emotions. And yet emotional
Speaker 1: and worked up and triggered, Let's look at the data
Speaker 1: and let's look at what's happening. So Jason continues. He says,
Speaker 1: If Harris wins, the markets will likely freak out in
Speaker 1: the direction of the current trend down. However, they'll eventually
Speaker 1: realize that the massive amount of stimulus money coming will
Speaker 1: pump the markets once again. And this here, folks, what
Speaker 1: Jason is saying is the macro factors. People get so
Speaker 1: caught up in narratives and so forth, but at the
Speaker 1: end of the day, bitcoin is not correlated to Trump.
Speaker 1: Bitcoin is not correlated to Republican or Democrat. Bitcoin has
Speaker 1: pumped under Obama, Trump, Biden, so on and so forth.
Speaker 1: It doesn't care who the president is. What it's correlated
Speaker 1: to is global liquidity and the money printer, folks, where
Speaker 1: the money printer feeds global liquidity, the Fiat system we
Speaker 1: live in. They will go back to printing money. I've
Speaker 1: been telling you guys for a year now. They cut rates,
Speaker 1: they go back to It's a process. It doesn't happen overnight,
Speaker 1: and that's what drives markets. Yes, there are other factors
Speaker 1: going to drive the evaluation and demand for stocks and
Speaker 1: different things, because companies have great earnings, new technology, YadA, YadA.
Speaker 1: But at the end of the day, the main factor
Speaker 1: is the denominator, the US dollar, which they continue to
Speaker 1: debase and continue to print more of and guess what
Speaker 1: they're going to continue doing, folks, as they cut rates
Speaker 1: and keep raising the debt ceiling, print money. So Jason
Speaker 1: is saying, in the short term, you may see some
Speaker 1: downside pressure because there's this narrative out there that Trump
Speaker 1: is going to be better for a bitcoin and crypto
Speaker 1: and so forth. But at the end of the day,
Speaker 1: bitcoin and crypto will continue to move because it is
Speaker 1: correlated to the money printing. So watch the M two
Speaker 1: money supply from the fat watch global liquidity. That's what
Speaker 1: I'm looking at now. As I've said many times, Trump
Speaker 1: would I think be better for crypto businesses from a
Speaker 1: clarity standpoint, But asset prices are not dependent on Trump.
Speaker 1: So if you are running with that narrative, you're missing
Speaker 1: the mark. You're not looking at data. You're looking at
Speaker 1: your feelings, your emotions, your bias, your political bias, and
Speaker 1: so forth. And both Democrats and Republicans print money. That's
Speaker 1: this fiat system we live in. So Jason continues saying,
Speaker 1: so expect volatility while swings would upside to resume. He says,
Speaker 1: if Harris wins, dump a little ranged and Pump. If
Speaker 1: Trump wins, probably Pump then pump more. Both are still
Speaker 1: bullish medium to long term. Both have the same endgame,
Speaker 1: just a different path to get there. So this is
Speaker 1: one people who study data and analytics and stats are
Speaker 1: looking at, not their emotions, but what the correlation is
Speaker 1: for these asset prices. He says, overall, my analysis has
Speaker 1: not indicated any change in the cycle. Therefore, I expect
Speaker 1: higher prices with more volatility as it is the winner's
Speaker 1: curse phase of the eighteen year cycle, something I've been
Speaker 1: covering for many months now. I'll be sure to check
Speaker 1: out his channel, guys. He covers a lot of stuff,
Speaker 1: and once again, this is not emotional, This is not politics.
Speaker 1: This is markets and liquidity and what the FET is
Speaker 1: doing and what other central banks around the world are doing.
Speaker 1: So please understand me. I'm not trying to say don't
Speaker 1: go vote for the candidate you love or you want
Speaker 1: to vote for, because there's many other issues to vote on,
Speaker 1: But when it comes to things like asset prices and markets,
Speaker 1: there are true fundamentals that you need to pay attention
Speaker 1: to and understand how they work. So I'm in full
Speaker 1: agreement with what Jason's saying here now, guys, quick word
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Speaker 1: on the topic of politics, Vivek Ramaswami's Strive launches a
Speaker 1: wealth management arm to bring bitcoin to standard portfolios. Now
Speaker 1: we know Vivec understands crypto, we know Trump is procrypto,
Speaker 1: and much more, JD. Vans and all these guys understand it.
Speaker 1: We're seeing a lot of trad fi folks are now
Speaker 1: launching an armed to investing crypto, building with crypto and
Speaker 1: much more so. Strive Enterprises, an ascid manager co founded
Speaker 1: by former presidential candidate and current Trump surrogate Vivek Ramaswami
Speaker 1: announced the creation of its wealth management business. The business
Speaker 1: aims to integrate bitcoin into standard portfolios of everyday Americans
Speaker 1: and launches amid a corporate move and the closure of
Speaker 1: a thirty million dollar investment round. Everybody is coming for crypto.
Speaker 1: They want it, and they're creating financial products, they're building
Speaker 1: with it and much more. It's pretty incredible. Now check
Speaker 1: this out. US governments seeks to return thirteen million dollars
Speaker 1: in political donations from former FTX executives. This is interesting.
Speaker 1: The US government has been given more time to negotiate
Speaker 1: with certain political action groups over the return of up
Speaker 1: to thirteen point twenty five million dollars in donations made
Speaker 1: in the names of former FTX executive Sam Beck, Merfried
Speaker 1: and Nishad Singh. A recent filing shows the political groups
Speaker 1: in question are mostly Democrat aligned and include Senate Majority PACK,
Speaker 1: Emily's List, Slash Women Vote, and The Future for Pack,
Speaker 1: which received six million dollars. Singh was recently sentenced to
Speaker 1: time serve and three years of supervised release, allowing the
Speaker 1: former FTX engineering director to avoid prison time. So we're
Speaker 1: seeing some clawback here of those political donations. And this
Speaker 1: was a topic I remember speaking to Anthony Scaramucci about
Speaker 1: when I did an interview with him, and it's fascinating.
Speaker 1: Let's see how much more they pulled back. And remember
Speaker 1: Maxine Waters was hugging up SBF, blowing him kisses, stuff
Speaker 1: like that, because he was doing big donations to the Democrats. Now,
Speaker 1: don't get me wrong, he also donated to Republicans, but
Speaker 1: a majority of his donations were to the Democrats, and
Speaker 1: that's probably because Biden and the Democrats were in office
Speaker 1: around the time when he was making his rounds in Washington,
Speaker 1: d C. But of course he was committing epic fraud,
Speaker 1: stealing people's funds and much more, and he was meeting
Speaker 1: with the SEC and Gary Gins and they did nothing
Speaker 1: to stop all this nonsense. But thank goodness, we're seeing
Speaker 1: some resolution here. The bankruptcy proceedings are happening where people
Speaker 1: would get back some money. And SBF is in jail,
Speaker 1: all of his partners in crime, Caroline and all these
Speaker 1: folks in jail. So the nature is healing folks now. Apparently,
Speaker 1: there were some rumors that Tether was launching its own blockchain,
Speaker 1: and tethers CEO Paolo Arduino cleared up the rumors, saying,
Speaker 1: I hear again few rumors about a Tether chain. Tether
Speaker 1: is not planning to build an official blockchain at this time,
Speaker 1: simply different independent Eltime two solutions are working to support
Speaker 1: USDT for gas V. So I don't know who started
Speaker 1: the rumor, but they're trying to say Teller was going
Speaker 1: to launch its own blockchain or whatever it is, but
Speaker 1: they said clearly they're not doing that. So that's a news. Folks.
Speaker 1: Let me know what you think about the election and
Speaker 1: the markets and what's happening with Big One. I think
Speaker 1: expect a lot of volatility as we head into tomorrow, Monday,
Speaker 1: and of course Tuesday, and look, it's kind of like
Speaker 1: the Fed meeting weeks where you have a ton of
Speaker 1: volatility that we could probably see a lot of that
Speaker 1: this week, so you kind of have to let the
Speaker 1: dust settle and go into the following week. I've seen
Speaker 1: that historically with markets. You can't judge it the week
Speaker 1: of there's just so much going on, So just be
Speaker 1: mentally prepared that you're going to probably see some wild
Speaker 1: swings maybe you know, maybe I don't want to say
Speaker 1: that's a guarantee, but be mentally prepared as an inform
Speaker 1: educated investor, right, you want to be prepared for all
Speaker 1: these things so you're not rocking in the sea of
Speaker 1: volatility like a ship without an anchor. So I hope
Speaker 1: you guys understand what I'm saying here, and I'm saying
Speaker 1: to some experience, because I've been through all of that
Speaker 1: and I had to learn my lessons and not be
Speaker 1: not moved by my emotions and what the markets are doing.
Speaker 1: But look at the macro, look at the charts, look
Speaker 1: at the technicals, and what story and even on chain
Speaker 1: data that we have encrypt what story is that telling me?
Speaker 1: So let me know what you guys Thinkly for your
Speaker 1: thoughts comments below. A great way to support me in
Speaker 1: the podcast, guys, is to sign up for my free
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Speaker 1: grab a copy of my book, Rethinking Crypto. It's available
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Speaker 1: Buy a few copies for your friends and family, give
Speaker 1: them as gifts this holiday. Help them to learn about
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Speaker 1: please leave a five star rating and review. It will
Speaker 1: really help me out thank you so much. I appreciate
Speaker 1: you all, and I'll talk to you all later. Tasty stuff,
Speaker 1: Stan