BITCOIN Sends Crypto Soaring! There Is Not Enough BTC!

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In this video, I dive into the bullish momentum of Bitcoin and its impact on the entire crypto market, emphasizing the significance of Bitcoin as a roadmap for cryptocurrencies. I start with an analysis of the daily Bitcoin chart, highlighting the potential for a next parabolic bull run not just for Bitcoin but for altcoins as well. A key focus is on the unprecedented event where Bitcoin ETFs purchased nearly twice the amount of new bitcoins produced by miners last week, indicating a severe supply and demand imbalance. This supply shock, coupled with BlackRock’s Bitcoin ETF holding a significant portion of Bitcoin’s total supply, sets the stage for a potential price surge. I explore the implications of this supply crunch, especially as we approach another halving event which will further reduce Bitcoin’s new supply. I share my technical analysis, pointing out the importance of the Fibonacci retracement levels, known as the “bull market doors,” and how Bitcoin’s current price action is testing these levels amidst a supply shock. Despite my bullish outlook, I express caution due to historical patterns and the need for Bitcoin to break through key resistance levels. I conclude by discussing the rising wedge pattern on the daily chart, which, while typically a bearish signal, could indicate continued bullish momentum in the current environment.

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Intro 00:00
Bitcoin supply vs. demand 00:30
Bitcoin bull market right on time! 2:30
Bitcoin momentum is healthy 4:15
BTC higher highs and higher lows 6:05
Bitcoin price targets 7:30
Massive BTC resistance ahead 8:40
Bitcoin so close to breaking bull market doors 8:30

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There’s really no other way to open the video other than saying crypto is so bullish right now this is Bitcoin on the daily chart I’m going to dig into the daily chart on BTC talk about what’s next for bitcoin price targets all that good stuff but Bitcoin really is the

Road map for all of crypto so this is a Bitcoin video we’re going to discuss a lot in regards to bitcoin but in terms of the cycles of crypto this next parabolic Bull Run that we’re preparing for this applies to altcoins so hit the Subscribe hit the let’s jump into it

We’re going to start zoomed out on the charts I want to first though begin with this because this is really playing into this cycle this is something has never happened before in Bitcoin in crypto Cycles Bitcoin ETFs bought nearly 2x new Supply last week so Bitcoin purchased by

ETFs last week 11,23 233 new Bitcoin Pro produced by miners 6,159 there is a supply and demand problem right now and when it comes to if you’re if you’re interested in price if you’re interested in the increased value of something is if you just go and revisit the very simple dynamics of

Supply demand you really get hints of what is going to happen next I just saw this post as well black rocks Bitcoin ETF now holds 13,23 Bitcoin up 3,281 from Thursday their total hold are now worth $6.65 billion Black Rock now holds 62% of the total supply of Bitcoin 900

Bitcoin are issued per day in April this will drop to 450 on Friday Black Rock clients bought look at this three and a half times the new issued Supply the supply shock that we’ve talked about over the years it is happening just at such an obvious level right now and this

Is all happening while Bitcoin if you look at cycles and Cycles past is testing this this yellow area I call it the bull market doors it’s a Fibonacci retracement indicator Bitcoin has just visited we within it right now all of the supply shock story is happening while Bitcoin testing those bull market doors

I just want to start before we really dig into the the technical analysis on the shorter term this is what blows my mind it’s also kind of I think where some caution for me comes into play just because this is the way my mind work and that works

And this is all this is this is my perspective on these crypto markets but I charted this chart back in it was an idea on trading view I posted back in two th December 18 2018 you can see Bitcoin you know trading in the $3500 to

$4,000 level when I posted this chart I just want to point out notice just the speculation of of Cycles consistently repea competing for Bitcoin you you have Bitcoin going into the having of 2020 bull market parabolic gains and then retracing back down to a very critical area seven it’s a it’s a retracement

Area on from a Fibonacci perspective that yellow line and then going into 2024 again entering into the Bitcoin having a bull market that’s what it looked like speculatively three to four 3500 to $4,000 and then look at the chart so this is where some caution comes into play

This is when I charted this back here Bitcoin has almost done exactly what I charted and speculated even right now at this moment on this chart the caution comes into play because this move that’s currently happening right now and I’m I’m so bullish and and I want to see what we’re

Seeing play out which is an early bull market I want to see it happen but this move that we’re seeing right here has historically happened post having right so for instance last cycle the move that we’re seeing now is comparative to this move back here in November 2020 and then

Just POS having every cycle this is when the move has happened here’s 2013 move all the way back here on the chart po having that’s where the caution comes into into play for me as we do start digging into the charts and just looking what is happening right now so this is

Bitcoin on the monthly I wanted to point out I referen it in yesterday’s video kind of where Bitcoin is on the RSI in terms of the monthly just look at it last uh November 2020 when it truly broke through the Bitcoin bull market doors this lower high Fibonacci you can

Just see actually Bitcoin on this on this chart on the monthly bitcoin’s even lower on the RSI than it was then it was overbought in the RSI on the monthly so much room for upside so much move so much room for parabolic uh explosiveness right but right now bitcoin’s not even

Overbought on the monthly on this monthly chart and we’re we’re break and we’re testing these bull market doors but let’s try and get a sense I’m going to dig into the daily chart and just discuss on the shorter term what I’m anticipating what I’m watching breakout potential for all-time highs a new

Pattern that is that is very clearly on the chart but on the weekly just to give another just perspective on these charts what I what I truly would want to see to really you know disregard that caution that I have and the caution is very simply like maybe we just don’t break

Break through this this retracement area the the bull market doors and by the way bull market High bare Market low that’s what the doors are it’s a Fibonacci retracement it’s a lower high resistance maybe we don’t we don’t break through because it is earlier this time this

Cycle around but again this Supply shock factor is playing into the possibility number one this is why it’s happening earlier than Bitcoin having and number two it’s just going to happen bitcoin’s going to go higher there’s always caution because of historical data that it just doesn’t break the doors and

Bitcoin consolidates into having as it has done Cycles pass and we don’t break the doors until after having just want to throw that out there but but zooming in on the charts let’s talk about this this is Bitcoin on the daily chart first let me note this Rising wedge it’s it’s

On the daily so I mean this is going back to this upper trend line really going back to like the summer of 2023 so it’s it’s a quite it’s quite a large wedge but you can just see higher highs and higher lows a lot of people this

Freaks a lot of people out when we start getting these setups and these patterns higher highs higher lows Rising wedges a lot of people just think it means we’re falling we’re going to fall to a downward Target here’s one coming out of the bare Market it’s a bare Market exit

Structure there’s another Rising wedge right breakout Target of that is around $70,000 basically testing alltime highs I say this often on this YouTube channel Bitcoin in bullish environments just this these are the structures that it puts in higher highs higher lows it very often equals Rising wedges and

Bitcoin just keeps breaking out of those things and just keeps going parabolic and just keeps going up so it’s normal for bullish environments for Bitcoin to do this it’s not a concern could Bitcoin just plummet and fall to a target of $38,000 or so wherever the target is it

Could but at the same time when I see Rising wedges in Bull environments as we approach it having with Supply shock Factor it doesn’t concern me it actually makes complete sense to me but now talking about the price move and actually Bitcoin as I do the video just

I I think it just broke $53,000 as I’m doing the video this is a daily chart first thing I just want to mention we have that Rising wedge I just discussed you can see it on the chart here breakout Target for that let me move

This is I mean we’re looking at 80 plus thousand so we have a new Target in play 80 plus thousand on the very short term you can see Bitcoin on The Daily approaching the upper trend line I’ll be watching this today I’ll be watching the current daily candle move this is around

54,000 just above $54,000 there could be resistance here and Bitcoin might not be ready for this massive breakout and it could just consolidate right maybe it consolidates pulls more into the 20-day around 50,500 the the 50 days is all the way down here around 45,800 and Bitcoin could truly just

Continue testing these areas notice the bull market doors this crucial area for Bitcoin the lower end of the bull market doors it’s a crucial support area that we want to see Bitcoin just see support above if Bitcoin is to fall but but this upper trend line Bitcoin gets the

Breakout then we have this new thing in play that is to say this area here the top of the bull market doors around $57,500 or so and then this upper trend line we have this big resistance triangle area for Bitcoin I will be watching very closely to see how Bitcoin

Interacts with this entire region we’re talking about 54,000 just about 54,000 to let’s just call 57,000 54 to $57,000 is a very Massive Resistance level for Bitcoin uh I’m I’m also watching a lux algo indicator it is on the uh price action Concepts indicator and actually check it out it actually I

It before I did this video I did not see this but you can see this break of structure indicator just I think it just triggered for Bitcoin on the daily chart and I wanted to talk about it because break of structure is price breaking a prior swing High during an uptrend so

It’s a bullish break of structure thus forming a new higher high and this is what literally just occurred right now it just triggered but I want to I want to point something out if we just go back and we look at the last time Bitcoin put in a break of structure

Right here Bitcoin making a really nice power move people probably getting very hype similar to how we’re feeling right now this daily candle what happened it tested it it fell it tested the 20 the 50 and you can see that happening so be careful here we’re at this upper trend

Line right now on bitcoin we have a break of structure maybe we we go a little higher today maybe even a little higher next daily candle and then boom we could fall to the 20 in between the 20 and 50 and notice that range once

Again we have the the bottom of the bull market doors around just above 48,000 and the 20-day moving average around 50,400 or so so be careful for a Bitcoin dip if there’s going to be resistance in this upper trend line area a Bitcoin dip

Of you know 5 to 10% it’s in play in the shorter term but if we get this breakout everybody Bitcoin is so close to breaking through the bull market doors we’re talking about 8% away from from me doing a video that takes me a full cycle

To do it was November 2020 I did the video Bitcoin breaking the bull market doors were 8% away from me doing that video again and and that is incredible to me but this is what I’m watching on the short term everybody in terms of Bitcoin but the crypto space in general

Insanely bullish right now and I think it’s just getting started Bitcoin hav just over here on this Bitcoin chart the demand the supply demand Dynamics here that are that are taking place is like something we’ve never seen before there’s just not enough Bitcoin let me know your thoughts in the

Comments below hit the Subscribe hit the like turn notifications on I really appreciate all of you for watching I’ll see you in the next video God bless