Crypto Market Review: Quick BTC Review (June 9th, 2021)

hey guys if you like this content i am only greatlyappreciate it if you guys liked the video and subscribed to my channel it helps offset thesevideos worth it going forward hey chaps a quick crypto sell recall today on btc as alwaysthis is not business advice i am not an expert do your research okay so as i’ve always beensaying the last few weeks i believe that the short-term bottom is in uh it’s possible that2 8k comes ranged briefly like a speedy quick down and then go up but i still strongly believethat um we are going to see ranges like 46 k to 50 k before we potentially hit brand-new lows um ikeep clearing that mistake on twitter i keep saying new lows as if it like that’s like my overall biasi actually don’t know what’s going to happen uh but i still feel strongly uh that we go to 45 kwithin the next few weeks personally uh there’s a lot of reasons for this number one we wiped outa lot of speculators on this big wick down there are a ton of exterminations and you generally need uhfuel i mean you need liquidity to push price in a certain direction and after uh we moved all theway down like this we liquidated so many people that there’s probably going to be higher liquidityup in this 45 to 50 k region so as everyone ever knows rate searches liquidity and after there’suh so much liquidity being collected down now the next logical spot in my opinion would beuh to go to 50 000 or 45 000 around this area so that’s kind of like the province that i’m overalltargeting in the short term after that i honestly have no idea like we could go to 20 000 we couldgo to all the way back up to like 60 k like that’s you know i honestly i have no idea um do i thinkthis is the overall macro busines top i represent i have just been like a lot of conflicting opinions on that i’vedone a great deal of meditating i honestly don’t know there’s a lot of reasons why therewasn’t a btc usd blow off top and one of the reasons why is that there’s so manyaltcoin features now and kobe highlighted this as well and i talked about this in anothervideo but uh back in 2017 there weren’t many all copper boasts duos actually at all or even all usdpairs it was all all btc duos so if you wanted to buy an altcoin you had to buy bitcoin first andthen you had to transfer that into an altcoin uh whatever pair now in 2021 we consider all sorts ofawkward facets existing and you don’t even need to buy the underline you can time buy the featuresuh and uh that in addition to many other reasons i believe that’s why we didn’t really ascertain a blocktop quite yet now with that said like times that want the hertz is just over with like again i’mvery conflicted i have no idea like toll was likely to go to 20 000 um like i’m not dismissingthat onetime all-time high level um it would be somewhat comparable to some of the otherbig drawdowns that we’ve had in the past uh in the sense that uh you know thiswould be like let’s see it would be like a 70 move i symbolize again that’s like entirelylike pretty normal for bitcoin’s price history like if you looked at at the age-old 2020 runuh which is something we get from 20 k to well this is even worse of course but i represent thiswould be like uh like the 20 k to 6k move but uh what i’m trying to say is that like a70k 70 move for bitcoin’s price history is like not super uh unusual and like it’s certainlypossible that we could go to twenty thousand but with that said i do believe that we hit fortyfive to fifty thousand first before we punch any brand-new lows um again it’s it’s it’s quite possible that2 8k does swept really quickly um but i do believe that the short-term bottom is in for the mostpart uh and as i’ve said in the other videos too it takes a long time for cost to use lows likeyou can see uh back in january i signify this like it takes a while for this low to figure again back inlate february early march this again takes a while for rate to word a low-pitched and generally speaking thelonger or « the worlds biggest » the the shakeout the bigger the move down or move up that is the longer timeit makes for price to consolidate uh generally speaking um cr you are well aware historic examples mightbe like bitcoin precipitating from the six thousand dollar storey in 2018 um you know took severalmonths for that expenditure to amass so because this move down was so significant from 60 to 30 inlike such a short quantity of occasion uh it concludes sense that price will just ping-pong around and uh justconsolidate for a while over the next few uh weeks as it has done over the last bit with um kind ofdecent amount of volatility but not as much as like up here overall though i still believe thatyou know 45 to 50 is like the next grade up so but after that like frankly i i honestly have noidea like you know price could just like reverse like i have a hard time believing that it’s goingto really do like a big reversal and that was like the plunge uh the one day market structure still isbearish in my opinion like you verify uh lower high-priceds on uh the daily and you consider lower lows of courseas well like low-spirited and then lower low-spirited right here so like on the daily this is just like not reallylooking great and it’s going to take a higher high-pitched than 58 k in my opinion that’s like the lasthigh and then like a higher low-grade at the 50 k region to break the market structure so you would haveto see something like this where you like just grinds back up to like you know what are 64 kor something uh form a low-grade at 50 and then like continue higher that that to me seems pretty ununlikely in my opinion uh i think it’s more likely that we see something like this where we uh goup to like you know 50 000 or something like that come back down to 40 and then we thumped some sort ofconsolidation uh pattern where we make like higher lows and lower high-flowns and just like chop aroundfor a while that to me would be a likely situation and that’s the buoyant occasion uh in the sensethat like you know 28 k or whatever is the low-toned or 30 k or wherever your your your low-toned is denoteddepending on wherever uh you’re trading that uh so like that would be like the buoyant suit onthese lows viewing and like the bearish speciman would be something like this like if it’s goingpretty bearish and i actually think it’d probably going to go like even higher like 60 000 geteveryone certainly bullish again and then just like then thought lower uh maybe not 60 but at least 50000 and then like engrave some new lows around 20. like there’s certainly gonna be a lot of liquiditylike down here um and if like 28 gets swept then and starts and price starts closing belowthat on high time frame planneds that it’s it’s really going to be scary then here i am thinking like 20 k iscertainly uh a very real possibility pretty quick but you know there’s still many levels beforethat time i’m not going to start calling super bearish yet i entail it’s still to me like it’sstill okay it is bearish on the daily and uh yeah you can’t really call it like bullishby any means but like i do are of the view that the short term bottom is in so those are kind of my overallthoughts on bitcoin uh again we could see a very quick sweep down of the 28 ks and then like higherbut um like i don’t think it’s really going to go that low-spirited like i really i hope i’m right in thatregard like i don’t want to see that because you’ll visualize like a great deal of altcoin demolition andum just like overall busines capitulation i think if that happens merely parties is not like thatit’s already highly bearish right now though the overall sentimentality is very bearish if you look ontwitter everyone’s hoping to buy in the 20 ks again and even like they’re hoping to buy it like youknow 28 k again but like i personally still believe that like max payne is is up because you knowfunding searches okay there’s a good deal of liquidity up there and everybody’s looks like they’re mostlyout and i think that this overall choppy uh price action that we identified extremely this has probably thinnedout a lot of different uh vendors as well so i’m guessing there aren’t going to be as countless sellersum throughout such areas and on the way up too uh for that in that regard um usually whenyou assure expenditure activity like this it chops out a lot of people and and there’s only residual cellliquidity on the way up so those are my overall judgments on btc usd i hope you guys enjoyedthis video good luck and stay safe out there