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ALERT! 100% Chance That Bitcoin Will Hit $1 Million After the BTC ETF!!! - YouTube
Channel: Chico Crypto
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Obrigado, what’s the portuguese word with
my favorite people, those who never drop the
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ball and miss an episode of the best crypto
content on the tube.
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If you couldn’t tell, Chico Crypto isn’t
in Chico anymore.
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I’m in Portugal now, Lisbon to be exact
and for the next month or so, we’ve gone
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international European!
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Could we end up in your country or even city!?
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Well don’t stop watching, even on your own
streets…because it’s time for Chico Crypto!
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Yup Chico Crypto has landed in Lisbon, and
if you are interested in meeting up with me,
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we may have a chance to hang out and talk,
as I’ll be going to many of the events that
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are going down here for their blockchain week!
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Lisbon is a beautiful city and I’m so excited
to be shooting outside once again, just like
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I did in Miami…but now let’s get to that
crypto content…
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And of course we have to begin this episode
off with Bitcoin!
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It’s been a few days since I’ve been able
to break-down that Bitcoin Booty, and the
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king crypto has been booty shaking!
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Since I last fully produced a video, which
took place last week on Wednesday…Bitcoin
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has broken upwards.
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It was at a low of about $54,700 on Wednesday
of last week, and as of yesterday Morning
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in Lisbon, it was above $62,600.
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That’s a healthy 14.4 percent increase in
under a week.
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This is crazy to see, as the price is only
less than 400 dollars away from Plan B’s
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October close price of 63k, and only 3.1 percent
away aka about 2200 dollars from Bitcoin’s
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last all time high set in April of this year.
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So, the question on everyone’s mind is-when
official break of the old all time high?
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And what is the price going to do after that?
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Well, I’m not going to try and do my own
analysis, as a better guy named Plan B, already
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did it for us…why stray away from his prediction,
when that is his full time JOB, analyzing
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bitcoin in regards to technicals, on chain
statistics & more.
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Sooo, if we go check BYBT, and liquidation
data across the markets, we can see that there
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still hasn’t been a BIG liquidation day,
on either end of the spectrum.
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Red shorts or Green Longs.
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Leverage traders have been playing it safe.
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The longer’s are still weary of September,
and don’t want to get REKT like they did
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just one month ago & the shorters know it’s
idiotic to short in the middle of a bull cycle.
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Lookin at the yellow line of the price, around
the 28th of September we had a big price increase
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from about 40k to 46k…and that only netted
short liquidations of 300 million dollars
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across the exchanges.
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And then just a week later, the price jumped
from 47.5k to 54k…and on October 5th, the
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short liquidations were just 278 million.
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Large jumps in price isn’t netting the exchanges
much in shorts, as only the stupid are shorting
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Bitcoin before a parabolic bull run.
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Soooo, where are these leverage exchanges
going to make the billions?
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Not in shorts, but in Longs.
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Sooo, what do I predict is going to happen
in the next week or so?
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We are going to smash Plan B’s prediction
of 63k, and we are going to smash the old
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all time high of 64.8k, and shoot up towards
70k!!
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Possibly even crossing it for a short amount
of time….
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Wait, wouldn’t that mean that Plan B is
incorrect?
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His 63k prediction would be proved false?
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No, No, No my friends!!
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Plan B’s predictions weren’t what the
price would hit that month, but were predictions
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of the monthly closes aka where the price
would be at the end of the month.
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So I do still believe we will hit a monthly
close of around 63k, which would mean if I
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also think we are going to pump up towards
70k or even past it…there is going to be
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a big DUMP!
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Just think about the hype when Bitcoin crosses
the old all time high, and it keeps going,
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setting new high, after new high…up to 70k…
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The longers who have been scared to put in
a trade, couldn’t help themselves anymore
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and they would start throwing in the big trades
once again.
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And that is when it will be pulled!
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Towards the end of this month…
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The ole rugger, the BIG dip which will net
exchanges over 1 billion in Long liquidations.
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The price dipping from around 70k back to
around Plan B’s close prediction of 63k.
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Leverage always eventually gets flushed out
of the markets, and it usually happens in
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one fell swoop…
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But just because I think there is going to
be a BIG dip this month, does not mean I’m
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a BEAR.
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Chico is BOOLish, aka Novogratz Bullish..
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So everyone knows about the Bitcoin ETF, aka
exchange traded fund that got approved.
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On Friday of last week, the SEC for the first
time greenlighted a batch of ETF applications
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after the 5 SEC commissioners met and deliberated
on the issue.
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One of the ETFs, from proshares even filed
a post-effective amended prospectus, and as
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we can see from their filing, they were targeting
an October 18th for the proposed public filing.
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Which means this ETF is ready to go!!
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Now proponents of a bitcoin ETF believe the
products will be more widely accessible for
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individuals interested in bitcoin, yet are
wary of its unregulated nature, as this is
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a fully regulated product, giving them exposure
to the gains, without having to actually own
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any bitcoin.
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Sooo there is no doubt that this is BIG, and
it’s bullish for the price in the short
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to mid term aka the last hoorah of this cycle.
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Why!??
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Well let’s just check out some trading signals
first.
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A certain derivative in cryptocurrency has
seen it’s volume and open interest explode.
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This is Options!!
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Checking out Bitcoin options open interest,
it is up an outstanding amount since the September
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lows.
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There is over 12.2 billion dollars in open
interest, compared with the low last month,
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which was only 5.9 billion.
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That’s 6.3 billion dollars more, aka over
107 percent more in just a month.
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My oh my how things can change
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And options volume has followed a similar
trajectory as open interest, peaking at 1.5
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billion last week on Friday.
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The last time option trade volume was this
high was on three occasions from March through
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to May of this year, aka right before the
BIG dip, aka the later peaks in April and
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May, weren’t bullish options, but options
betting on the price going down.
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But this time, those options aren’t bearish
put options, but bullish call options!
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As we can see from this chart of options with
an expiry date of December 31st 2021, there
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is a lot of bulls buying them starting at
strike prices of 60k, but we reach 250 million
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in open interest by 80k, over 350 million
at 100k, and even 325 million at a strike
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price of 200k.
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Bitcoin bulls are favouring strike prices
above $100k, giving us big insight that many
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think the price will be at 100k or above by
the end of the year!
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I wonder why?
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Well it goes right back to the ETF, they know
exactly what happens to a commodity after
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a US ETF is launched against it.
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It explodes.
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And the one that has the most similarities
to Bitcoin…?
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Gold…was no different.
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As we can see from the gold price chart, the
first US Gold ETF, SPDR Gold shares, started
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trading on the NYSE in November 2004.
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Gold was just over 400 bucks.
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By May of 2006, it broke$675, by 2008 it reached
nearly 1000, and then in August of 2011 the
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price broke over 1800 dollars.
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Basically gold went into a 7 year bull cycle,
with just a few slight bearish corrections
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on the way up.
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This hype captured the attention of all metals,
which rose all tides including silver.
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The price moved in tandem with gold, and they
launched the first silver ETF in 2006.
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But when the hype of the Gold ETF and silver
started to come to and end, they launched
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other precious metal ETFs including ones against
Platinum and Palladium in 2010, and as we
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can see from the Wall St. Journal article
that covered it, both of them hit highs shortly
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after the launch of their linked ETFs.
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Soo, don’t think BTC will be any different,
it’s going to set new all time highs, but
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the question is….will it be more like gold,
and go into a 7 year bull phase?
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Could the ETF be the kicker that gets bitcoin
to 1 million dollars?
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Well Gold went from 400 to 1800 in the 7 years
after the US ETF launch.
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A 4.5x.
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Now from the current Bitcoin Price of about
62 thousand dollars, a 4.5x would be 279k.
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But, BTC isn’t like gold.
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Shoot in under a year, since December the
price has already over 3x’d, from 20k…so
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me thinks Bitcoin could easily do more than
a 4.5x in the 7 years after…
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Gold unlike Bitcoin doesn’t have halvings,
where the supply of it is cut in half.
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Creating scarcity like never before…and
within the 7 years after these first BTC ETFs,
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we will already have 2 more halving events
take place, one in 2024, and another in 2028.
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That is why I think a million dollar bitcoin
could be coming by the end of the ETF hype,
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aka after 2 more halvings, aka in about 7
years.
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Cheers viewers, I’ll see you next time!
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