BITCOIN: WATCH IN THE NEXT 48 HOURS...

Summary

This video discusses the significance of the upcoming FOMC event and CPI release on Bitcoin's trajectory. The presenter analyzes Bitcoin's price action, emphasizing key resistance levels and potential bullish scenarios, while cautioning about possible market volatility. They delve into labor market data, revealing a concerning shift towards part-time employment, hinting at economic weakness. The impact of Bitcoin ETFs, particularly the inflow of funds, is highlighted, contrasting this with the potential for a correction in Ethereum post-ETF approval. The video concludes with a skeptical note on political promises regarding crypto, advocating for a Republican administration viewed as more crypto-friendly.

Takeaways

• 📈 The speaker is very bullish on Bitcoin and believes it will break towards the upside, despite a recent rejection from the 71.4k level.
• 📊 The speaker discusses the importance of the FOMC event and the CPI data, which are both happening on the same day and could significantly impact Bitcoin's volatility.
• 💡 The speaker suggests that a break above 72k with confirmation is needed for Bitcoin to continue its bullish trend, while a drop to 64k must hold as support to avoid a double top formation.
• 🌐 The speaker mentions that Canada and the Eurozone have cut interest rates, leading to speculation that the US might follow suit, but doubts this due to the difference in inflation rates.
• 📉 The labor market is not as strong as it seems, with a significant increase in part-time jobs compared to full-time employment, indicating economic weakness.
• 🏦 The speaker points out that foreign-born individuals are taking more jobs than native-born Americans, which could lead to less capital being injected into the economy.
• 📉 The speaker highlights that since 2018, no jobs have been added for native-born Americans on average, which is a concerning economic indicator.
• 💰 The speaker talks about Bitcoin ETFs and how they are buying up large amounts of Bitcoin, which could lead to ETF issuers holding a significant portion of the Bitcoin supply in the future.
• 🚀 The speaker predicts that Ethereum might rally before the launch of its ETF but warns of a potential correction afterward due to selling pressure from Grayscale.
• 🏠 The speaker mentions high prices for everyday items like milk and houses, suggesting an economic bubble that could lead to a collapse.
• 🗣️ The speaker advises viewers to take political promises regarding cryptocurrencies with caution, citing President Trump's changing stance on TikTok as an example.

Q & A

What significant events are expected to impact Bitcoin this week according to the video?

The Federal Open Market Committee (FOMC) event and the Consumer Price Index (CPI) are the significant events that are expected to impact Bitcoin this week.

What is the current bearish sentiment on Bitcoin and what could change it?

The bearish sentiment is based on the price rejection at the 71.4k level. A break above 72k with confirmation or a bullish trend continuation could change this sentiment.

What is the importance of the 64k support level for Bitcoin?

The 64k level is crucial as it represents the support of a large ascending channel and the ascending triangle pattern. A drop below this level could indicate a double top formation, which is bearish.

How does the speaker view the labor market based on the non-farm employment data?

The speaker views the labor market as not doing very well, despite high employment numbers, due to a significant increase in part-time jobs and a decrease in full-time jobs.

What is the speaker's opinion on the potential interest rate cut by the US during the FOMC event?

The speaker does not expect an interest rate cut by the US during the FOMC event, as the US inflation rate is still high compared to Canada and the Euro Zone.

Why does the speaker believe that the labor market situation is not accurately reflected in the stock market?

The speaker believes that the stock market does not accurately reflect the labor market because the increase in part-time jobs and the decrease in full-time jobs indicate economic weakness, not strength.

What is the significance of the Bitcoin ETFs and their inflows for the Bitcoin market?

The Bitcoin ETFs are significant because they are buying up large amounts of Bitcoin daily, which could potentially lead to them holding a substantial percentage of the overall Bitcoin supply.

What is the speaker's projection for Ethereum after the ETF approval?

The speaker projects that Ethereum will rally until the ETF approval and experience significant volatility on the launch day, after which they expect a correction due to selling pressure from Grayscale.

How does the speaker view the current state of the US economy based on the labor market and inflation?

The speaker views the US economy as potentially heading towards stagflation or recession, citing the high number of part-time jobs, the lack of full-time job growth for native-born Americans, and high inflation.

What is the speaker's advice regarding political promises related to cryptocurrency?

The speaker advises viewers to take political promises related to cryptocurrency, or anything else, with a pinch of salt, citing the example of President Trump's changing stance on TikTok.

What is the speaker's final note on the expected content for the week?

The speaker notes that the week's content will be extensive, with live streams and various videos, and thanks the viewers for watching until the end.