BITCOIN On Brink Of BREAKOUT! (Don’t Ignore This WARNING)

In this video, I discuss the recent developments and future outlook of Bitcoin, particularly focusing on the impact of Grayscale’s selling pressure on Bitcoin prices. I delve into the technical analysis of Bitcoin’s price movements, examining key trendlines and moving averages, while also considering the influence of market sentiment and external narratives, such as JP Morgan’s statement on profit-taking in GBTC nearing completion. I explore various scenarios, including potential bullish consolidation and the implications of Bitcoin’s behavior around critical technical levels, such as the 618 Fibonacci line and the 20- and 50-day moving averages. Additionally, I touch on the Bitcoin ETF narrative and its potential impact on market dynamics. Throughout the video, I emphasize a cautious yet curious approach, acknowledging the unpredictability of the market while eagerly awaiting clear bullish signals, such as Bitcoin closing above key moving averages.

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Intro 00:00
Grayscale selling pressure over? 00:40
Bitcoin daily resistance to watch right now 1:15
Insane BTC support right now 2:00
Waiting for this bullish confirmation 2:25
One last shot for BTC 3:35
$70,000 target no matter what 4:20
Waiting 5:00
Most bullish move that could happen 6:20

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Grayscale selling pressure of Bitcoin has been the Talk of the Town in crypto the money that is in gbtc and is selling is long-term week once the weekends have been cleaned out there will be a straight path to much higher prices have the weekends been cleaned out and are we

Getting ready to see support a bounce for Bitcoin I want to break down the technicals and I want to bring into play this whole entire narrative the story of grayscale of the Bitcoin F so please hit the Subscribe hit the like want to dive in and talk about what I’m watching on

These Bitcoin charts because from a technical analysis perspective it really doesn’t get any more interesting and exciting the selling pressure is subsiding this is just coming out today JP Morgan says profit taking on gbtc has largely concluded expecting limited further downside for Bitcoin bullish so the question is this post from the other

Day two days ago once the weekends have been cleared cleed out there will be a straight path to much higher prices is that going to happen here’s the Bitcoin daily chart that I want to talk about I just want to dissect it it’s very simple data very simple targets and areas to

Watch for on the chart right now and I want to start really quickly with this clip from four days ago check it out bitcoin’s not only just throwing back to the trend line to test and this is where I could be proven wrong Bitcoin bounces off this trend line and just absolutely

Explodes to $70,000 right proven wrong because as you all know we’ve been tracking Bitcoin on the weekly hitting the bull market doors this 618 Fibonacci Line This is an area in previous Cycles we’ve we’ve kind of rejected at before the having and we just trended down to key moving averages the 20we moving

Average around 36 the 50 we moving average around 30 31 so this general area have been really just anticipating just a slow consolidation a healthy consolidation I would say a bullish consolidation over the coming weeks into having before getting the balance through having and then the bull market

Doors being broken so that’s where I’m saying I could be wrong now in dissecting the move you can actually see Bitcoin so far has here’s the selloff right from from Bitcoin and everything that’s been happening in the dip off the 618 Bitcoin so far seeing support at

This upper trend line now one more clip from just the other day this was January 23rd check this out so to the downside pulls back into it before continuing lower this would be right here the fake out that I’m trying to anticipate right now because I know on X even on YouTube

Maybe people will get very hype if Bitcoin starts approaching $40,000 even right now or $41,000 or 442,000 I’d be watching this area of resistance those moving averages is a very big deal for me so these moving averages on The Daily Now is is what we’re watching so we’re

We’re get we fell below the trend line and we’re pulling right back up into these moving averages and this this is it this is it for me I am so curious to see how this plays out because we do have these headlines right now JP Mor Morgan saying profit taking gbtc is

Largely concluded and all of the sudden we have this Dynamic once again where everybody’s like it is time to go higher right so we have the technicals and the technical analysis of it saying we are we are rejected at the 618 line here it is on the daily and we’re we’re about to

Fall even potentially into this Rising wedge right just for some shorter term consolidation midterm consolidation or it is different this time and I I don’t know if you remember I did a video pre recently talking about the 618 line up here acting as this area of new structure and this upper trend

Line of the wedge playing into that structure talking about a speculative ascending triangle and this would be kind of a case where I was wrong about consolidating further down to the key weekly moving averages that we see here you know $ 35 to $30,000 and Bitcoin actually just sees

Support at this trend line and we just kind of hobble around in this general area for Bitcoin and maybe even break through into the bull market doors prior to the having as we kind of form a potential ascending triangle right now out of this Rising wedge that you see

Here this massive Rising wedge we have a $70,000 Target that’s in place no matter what happens but on the short term right now all that I am watching truly I’m I’m so curious to see how this plays out is is this going to be the fake out that

We just talked about in the other in the other day in this video talking about X is getting excited because we’re pulling into these moving averages right YouTube people getting excited because we’re pulling into the to the moving averages even when I see a green candle and we’re

We’re bouncing off support I get excited excited I get very interested to see could we get a bullish confirmation but that’s just it I’m I’m I’m sitting here right now waiting for the bullish confirmation we have the 20-day average moving average Crossing below the 50 and

We know in instances like this even the opposite the inverse when it when the 20 crosses above we have these pullbacks to the general area so right now we might be having that pullback to the general area where we might see resistance I’m waiting to see what happens if Bitcoin

Can pull into these moving averages the 20-day moving average around 42,600 the 50-day around 43,000 that area right there just above where Bitcoin is what happens maybe the moving averages pull into Bitcoin what happens for Bitcoin can Bitcoin start closing daily candles above that area I enjoy these narratives gbtc the

Selloff The Profit taking largely concluded it’s up only but at the same time for my own emotional perspective my my mindset my mental perspective in these markets I have to just put aside headlines and watch the technical analysis analysis of it all and this is where it is if

Bitcoin starts closing a daily candle closes a daily candle gets separation above these moving averages that’s when I think we can say you know what we we have something here and then at that point if we’re closing above these moving averages around just let’s just call it 43,000 a daily candle above that

Area then all eyes are on the 618 area once again that long-term bull market door resistance around $48,000 as that next Target to the upside can can the the Bitcoin ETF narrative come back into play that Dynamic come into come into play and truly make things different

This time that’s that’s a question on my mind but at the same time I’m just cautious I have no idea what’s going to happen I’m not sitting here throwing predictions I know what I what I think might happen and that is just a say we repeat what has happened in Cycle’s past

And all that has simply been is rejection at 618 areas at the Fibonacci bull market doors prior to bitcoin havs and it has happened time and time again uh and I would say 2016 move as you know at this 618 line very similar to what’s happening now pulling into the moving

Averages so would love for it to be different this time I’m just cautiously watching the data and analyzing look at this weekly chart one thing just to Note two days 9 hours left look at this candle it has some potential to be an absolute bullish reversal type of candle

If this can turn green would be absolutely insane part of this turning green could be the story of Bitcoin testing these moving averages up here in the 42 $43,000 area you can go over to the weekly candle over here and just kind of get a sense of where that is 42

43 this should be an insanely bullish green candle if Bitcoin can make its way up to that area and then we’ll be monitoring once again can the 618 be tested prior to the Bitcoin having this is what I’m watching everybody it’s exciting it’s fun either way on the

Macro you zoom out on the Bitcoin charts the crypto charts things are getting so exciting in terms of the bull market approaching the having approaching all the bullish narratives that are in play right now for all of crypto so let me know your thoughts in the comments

Everybody hit the Subscribe hit the like be careful out there I’ll see you in the next video God bless