Mind-Blowing BITCOIN CRUNCH! Unstoppable BTC Surge Has Begun!

In this video, I discuss the current state of Bitcoin and the broader cryptocurrency market, noting a slight dip on the daily chart and emphasizing the importance of red candles and consolidation even in a bullish market. I delve into historical data to compare the current market movements with past cycles, questioning whether Bitcoin’s current behavior aligns with previous trends. I highlight the significant role of the Bitcoin ETF in the market, pointing out the demand among advisors at banks and broker-dealers for access to it, which suggests a looming supply shock due to approximately 70% of Bitcoin’s supply being dormant for at least a year. I further explain the relevance of the Bitcoin halving, occurring weeks away, and its historical impact on market cycles, indicating we are entering a phase of supply shock earlier in the cycle than usual. I also discuss technical aspects, focusing on the importance of Bitcoin closing weekly candles above key Fibonacci levels to maintain its bullish momentum. Additionally, I touch on the overbought status of Bitcoin on the RSI but argue that this is not necessarily a concern in a bull market, referencing past cycles where Bitcoin remained overbought for extended periods. I conclude by stating the significance of the current market movements in anticipation of a bullish phase, urging viewers to subscribe and share their thoughts on these developments.

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Intro 00:00
Bitcoin ETF impact 00:35
Bitcoin supply shock 2:15
BTC price at bull market doors 2:55
Understanding Bitcoin dips in bull market 3:45
The next Bitcoin price move 8:45

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Bitcoin and crypto taking a little bit of a dip right now on the daily chart you can see Bitcoin consolidating nice red candle I’m telling you right now red candles even in Bull markets even where we are right now we want to see red candles we just we have to see

Consolidation on these Bitcoin charts on the crypto charts but I want to revisit historical data Cycles past in terms of the exact move that Bitcoin is making right now and is it mimicking it is it normal is is this Behavior what we want to see I want to give you an exact

Example in this video hit the Subscribe hit the like let’s jump into it before we even do that can we just talk about something the move that’s happening in crypto and I know it feels after that crazy bare Market we just went through it feels like we should it’s it’s time

It’s time for the Bulls but this move in crypto that’s been happening recently this upside move this is happening earlier this cycle around meaning we’re not even at Bitcoin having yet we don’t we don’t get this move that we’ve seen right now until after Bitcoin

Having and it seems to be the case that it’s the Bitcoin ETF that’s playing a really big role a lot so this is from a bitwise relationship manager a lot of the advisers we support at Banks and broker dealers are complaining they don’t have access to the Bitcoin ETF yet

They want it so there’s still people waiting to get access to step into that Bitcoin ETF door a huge unlock is coming here’s will over here on on X roughly 70% and this is just going to illustrate the Bitcoin Supply shock then we’re going to talk about the charts and why

Consolidation not a big deal and normal roughly 70% of Bitcoin Supply still hasn’t moved in at least a year while ETFs are seeing $500 million of inflows a day don’t need to be an economics PhD to know what set up to happen next and then lastly everybody over thec counter

Desks are getting drained of their coins the voracious demand from ETFs is going to lead to an explosion in price pretty soon there isn’t much on exchange for sale we go to the zoomed out Bitcoin charts let’s pause the Bitcoin ETF narrative and the fact that that’s even

In play right now that that’s playing into the supply shock of Bitcoin let’s pause that let’s put it on the Shelf with where Bitcoin is in these crypto Cycles we have the Bitcoin having coming up and we’ve just survived an incredible be market and in Cycles pass at this

Bitcoin having this is when Supply shock kind of starts presenting itself to the Bitcoin and crypto markets in general every having right so here we are right now we’re in this environment the Bitcoin having I mean essentially weeks away at this point and we have the Bitcoin ETF truly just funneling right

Into the story of Bitcoin Supply shock now I want to talk about obviously we’re going to we we we’re tracking we’ve been tracking how this weekly candle closes uh within the bull market doors of Bitcoin because that’s where it is right now the swing hiive the bull market the

Last bull market High the bare Market low it’s that Fibonacci retracement this green Channel I call it the Bitcoin bull market doers you see these these yellow rectangles that’s the area Bitcoin after every having has broken through and that sets off this parabolic phase for all of

Crypto not just Bitcoin so you can see it’s happening earlier this year where we’re actually breaking into to this area prior to the having but if we start zooming in the weekly candle is important to me I I really would like to see Bitcoin Clos a weekly candle above

The 618 line of the of the bull market doors of the Fibonacci range so that’s around $48,000 anything can happen in the next one day eight hours but that’s what I’ll be tracking on the short term but really on the short term going to the Daily

This is what it looks like the daily chart 2024 bull market doors being tested this is what we’re looking like so far we had Bitcoin break through the 618 the bottom area of this range and actually Wicked real real quick back down to test that area so it tested that

Area with something we want to see continues to upside and now we’re we’re kind of cruising to the downside I want to revisit some some data from Cycles past right so here’s Bitcoin I just want to make a note overbought on the RSI slower moving momentum oscillator but I

Want to illustrate why that’s not really too big of a deal when you’re in a bull and environment so let’s first go back to 2020 the last time Bitcoin broke through the bull market doors and just to give you a sense on the zoomed out charts we’re we’re here is what we’re

Going to zoom in on on the daily chart so looking at 2020 check it out you can see Bitcoin you know interacting with the 618 line of the bull market doers even just testing it briefly and continuing to the upside but before breaking out to the upside what happened

Consolidation here’s a big red candle right there what I want to what I want to point out is just in this entire move through right it obviously took some time on the daily chart but check out the oscillator the RSI as that move was happening Bitcoin was overbought the entire time obviously consolidations

Along the way right even with this this red candle bringing Bitcoin back down right to around the the 70 line on the RSI but pretty much in overbought the entire time and then it pops to the outside up to upside out of the channel and then boom revisits the 786 line such

A good technical move in 2020 we go back to the daily chart right now you can see the story is playing out so we have a daily candle right now I want to keep an eye on it and I’m very curious to see what happens with the RSI here on

Bitcoin uh and namely the most important thing that I I say I I should say to the downside would be the 618 line right so obviously curious to see what happens with the RSI on the consolidation of Bitcoin the momentum of Bitcoin but if Bitcoin did fall what happens at the 618

Line of these bulld doors that is probably the most critical question so that was 2020 let’s go to 2017 look at the volatility in 2017 Bitcoin quite quickly breaking to the upside of the bull market doors and then boom right to the downside now this is I think the one time where Bitcoin

When it broke through the the lower high Fibonacci it actually fell all the way back down and below the 618 line falling outside very briefly and what I want to point out in that regard is if we go and we zoom out on the weekly chart and we

Go back to the 2017 move when that happened let’s zoom in a little bit I just want to point out what Bitcoin did though it did fall to the downside below the doors but it saw support just above the 20we moving average and that’s that area right so no matter what happens

With Bitcoin zoomed out right now cuz you know we’re obviously going to be zooming in and we’re talking about the zoomed in Daily but no matter what happens on on the the macro it’s the 20we moving average that is the most critical I would say Obviously we want

To see Bitcoin just continue to the upside but pulling into the 20we moving average every cycle has been normal for Bitcoin even in bullish environments right now it’s around $40,000 so I just want to point that out and then we if if this even happened and Bitcoin starts retracing to that

Area we’re in this environment where where the Bitcoin Supply shock really is happening I don’t even know if Bitcoin would would even retrace that low but that’s something to point out when we’re really digging into the 2017 data what was happening there on the weekly but you can see Bitcoin made the move

Through and above retrace back down but we go back to 2013 check it out so 2013 also a quick move through the bull market doors you see that range the Fibonacci range I mean I mean almost green candle every single day but one red candle at that last move through the

786 a brief consolidation to the 20-day but check out the RSI in overbought pretty much the entire move to the upside obviously and then and thereafter as Bitcoin continued just to go parabolic in overbought this just gives you a sense of in a bull market in a bull environment it’s not so predictable

The rsis right Bitcoin can very much hang out overbought for quite some time months right this is a daily chart but this is overbought in January still overbought over here in April so it can just straight up especially in a bull environment a a supply shock environment

Bitcoin can really just hang out in overbought area so we go back now to right now this is the move playing out we’re in one simple daily candle we’ve seen the volatility in Cycles past at this moment and all we can do now is just track the areas that we’re watching

For that is to say the 786 breakout out of the doors to the upside if Bitcoin can continue higher and then support to the downside 78 or 618 support to the downside just above $448,000 all the while watching What happens with these moving averages because Bitcoin on The

Daily in Bull environments we just always want to see continued higher highs and higher lows at the 50 and 20 um moving average area right so let’s see what bit coin does as it consolidates and these moving averages pull into Bitcoin potentially maybe a confluent support right around the seven

The 618 line at the bottom of this range but again it’s all just a matter of watching this and how Bitcoin interacts in this range day by day this is something we wait years for right every cycle this this move happens and it takes just waiting through a whole bull

Bull market and then a bare Market to get to this moment so the weekly chart I would say once again just want to end end with this the weekly chart very important to see how this closes in the next one day8 hours right now you can see that 618 line just above 48,000

That’s what I’ll be watching in the short term and obviously kind of zoomed in checking out how Bitcoin just interacts on the daily chart compared to those previous Cycles so let me know your thoughts in the comments below everybody I appreciate you hit the Subscribe hit the like turn

Notifications on things are just getting started I think in terms of the bull market I’ll see you in the next video God bless