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WHY IS BITCOIN NOT PUMPING? THIS CHART REVEALS THE ANSWER



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Timestamps:
00:00 – Intro
00:40 – Bitcoin analysis
04:50 – Altcoins
07:40 – New BTC All time high

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Guys we’re seeing big things happening for Bitcoin and crypto in general today guys I’m going to talk about a couple of very specific charts why I think that the cryptocurrency market is going to continue towards the upside why the recent drop you’ve been seeing is not something that I’m necessarily concerned

With I am going to talk about some altcoins that I’ve gone absolutely nuts as well as what I see happening forward for the altcoin market so guys make sure to stick around from the beginning until the end of this video Welcome Back everybody my name is Chris I’m bringing

You cryptocurrency videos every day teaching you how to make money in this market if you’re new to the channel then make sure to subscribe and activate the Bell right now so let’s get straight into it guys and what you can see for Bitcoin is that on the daily time frame

After going down below my orange line we have had a big bounce and you can see we were struggling with it right here however this candle is resting right on the orange line here and let’s see if we can close this candle like this this this would be absolutely fantastic and

What do I see happening for Bitcoin in the mid to long term I think that Bitcoin is going to continue to go up but here is the thing the number one reason why even short term I don’t necessarily think that Bitcoin is going to do bad is because traditional markets

On Friday and Thursday on Friday actually had a massive pump a massive pump and as you know I’ve been saying this as long as traditional markets continues to go up I don’t think there is anything to worry about for Bitcoin yes you’re going to see short-term drops

And the reason why we had this particular drop is according to some data here it is uh due to some miners who have been accumulating a lot of Bitcoin and they are taking profit now ahead of the having because at the having of course the miners are going to

Get their revenue cut in half because they will earn half the amount of Bitcoin and the difficulty Remains the Same until it is being adjusted so what what I’m seeing here and according to some data from crypto Quant miners are sending Bitcoin to OTC desks and OTC

Desks are then uh selling this of course they are not selling it directly into the open market but still um it is uh likely that it has some kind of effect so just some shortterm things going on right here and apart from that though we are still seeing even with the the

Miners potentially selling here on the OTC desks we’re still seeing the amount of holders holding between 1,000 to 10,000 Bitcoins this is definitely Wales uh they are at a peak right now so we haven’t seen these levels since July of 2022 so boom you can see the purple

Thing right here so whales are still accumulating but minus in particular it looks like they took some profit and also what we do know is that uh Genesis are going to sell parts of their gbtc in fact if we look at the flows and we look

At this thing right here this is the flows you can see that we had in general positive inflows for the last every day of the last week however on Wednesday in particular you did seeus $35 million because grayscale were selling a lot of Bitcoin $200 million worth of bitcoin

Was sold on grayscale this day so in general in net inflows we did have- 35 million but uh this was likely due to Genesis selling big bags of their Bitcoin we already know that they’re going to do that so after that we still had very positive inflows into the um

Into the ETFs here so there’s nothing to worry about in my opinion I think that Bitcoin is still programmed to go up to new all-time highs eventually uh but it’s fantastic to see that it’s not in a straight line it’s good to see that we have some pullbacks along the lines here

Now if we go to the 4H hourly time frame you can see that Bitcoin has been kind of swinging back and forth here and um if you look at where we are right now at the Orange Line obviously even on the 4 hourly time frame if I flip on the moving averages

You can see that also we do have this this orange moving average which is the 50 period moving average on the 4 hourly time frame so this is also now ironically it’s two Orange Lines strengthening this entire level here as support so this is a very good environment for Bitcoin to find that

Support consolidate Above This orange line and then have a pump towards the upside now it is the weekend so we still have to be a bit careful with weekend uh price action obviously as you know but yeah looking good for Bitcoin here now let’s talk about altcoins and first I

Need to talk about cot because obviously C is a coin I’ve been talking about for many weeks already and I since I posted this on Twitter I just put one $100,000 in cul and you know this was in uh early February the 9th of February this has

Gone up absolutely insanely I mean this went to let me see I have to actually zoom out here so from the 9th it went up by 250% now what I did say here is that when we break through this orange line I think we’re going to see some massive

Pumps but honestly guys I was not expecting this and as you know as well when we were s when we were at this orange line or at like these levels I did say that even if you take out the initials here even if you put in let’s

Say some amount here and then you take out your initial right here so you take out whatever you put in and then you let the rest the profits ride you’re still making like 100% from this point so everyone that uh took this trade and invested into C and also uh MBS as well

En caged you are now sitting at massive profits but looking at altcoin in general K I think still is going to do uh continue to do well but be careful because we’ve had a massive pump obviously but if you took your initial out you can let the rest ride for the

Rest of this bull market is is what I’m going to do uh I took out my initial but the rest is riding for the bull market took out my initial on MBS rest is riding for the bull market so that is risk-free money and if this does uh a 5x

From here or a 10x from here then that is all profit and because the profits were so big during this pump it’s still a decently sized bag so I’m happy about that um forgotten Playland and beam I think are going to do well in fact I’m

Going to uh create a I’m going to post a separate altcoin video here probably later on today guys so be on the lookout for that if you want to look at my next major purchase then um watch my video later on today and also follow me on

Twitter because I’m posting all of these things on Twitter because it’s much faster I can react quickly to the price action and everything so follow me on stacker Satoshi on Twitter so that is absolutely fantastic as well but uh in general we’re looking good so the others

Chart H this is something I’ve been talking about previously you can see the similarities here on the weekly time frame to what we saw here in the beginning of the last Bull Run so you have this resistance right here you go up you come down almost to the previous

Point of resistance and then from that point to propel up so same thing here we consolidate previous cycle high right here and then you go up you come down you almost reach the same point and then you Propel towards upside so this is still all

Looking very well guys so uh I will keep you updated as always one thing I want to point out as well is that even though Bitcoin is about 15% or 17 what is that 23% away from a new all-time high in terms of USD it is only 177% away from a

New all-time high in Euro and great British pounds and in some currencies it has already reached its previous all-time high it’s already broken new all-time high compared to the Japanese Yen the Nigerian I think it’s naira and the Turkish Libra so Bitcoin is still doing well compared to other Fiat

Currencies this is the number one thing why Bitcoin was invented to protect against devaluation of Fiat currencies so absolutely fantastic everything is going according to plan and I am anticipating some nice juicy pump towards the upside for Bitcoin and altcoins in general guys if you want to

Sign up to the best exchanges out there and get the best trading bonuses make sure to go down okx up to $60,000 by clicking on this link right here and up to $8,400 on this link right here so make sure to take advantage of that guys thank you so much for watching this

Video and I will see you in the next one

18 Comments

  1. Thank you for the content!! All we need is the right advice on how to invest in crypto and we will be set for life, I made over a million dollars from trading this year regardless of the market conditions😊

  2. Miners don't have that much BTC on their books to sell. Not only that, some of them have started HOLDLing all their production. So whatever is being seen in your chart ain't from miners.

  3. Bitcoin & Litecoin hashrates hit all time high ⚡️💃 Bitcoin spring 🌾2024 mining reward halving closer second by second ⏱️

    Last ‘round of halvings’ signified the beginning of the 2019 – 2021 bull run 🐬

  4. Wyckoff secondary test/spring is coming sooner than later. This is what is programmed. If somebody thinks that they will allow btc to make new ATH withoit weak hands terminal shakeout – i wish you honestly good luck

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