馃攳
$8K Is Bitcoin's Next Target, But Will a Plummet to $3K Follow? | Charlie Burton & Clement Ip - YouTube
Channel: Cointelegraph
[0]
from a market sentiment perspective I've
[2]
been trading 20 odd years and I've seen
[4]
many manias over this time who's coming
[8]
in my big ball right now could we see a
[11]
second wave in the stock markets maybe
[13]
not with the same ferocity that we saw
[16]
back in in March what's up YouTube my
[20]
name is Jackson today I'm here with
[21]
trader Charley Burton and co-founder of
[23]
Genesis block Hong Kong Clement how's it
[26]
going today guys
[27]
very good things nice to see you thanks
[29]
yeah great thanks for having us awesome
[32]
so Bitcoin recently broke above 7k and
[36]
seems to be holding for now would this
[38]
move Bitcoin broke the key level of 6800
[41]
6900 identified by Michael Van de Pape a
[44]
couple weeks ago what I want to see with
[47]
the price right now it's just that we
[48]
reclaim and reclaim a previous support
[51]
level which is six eight six nine until
[53]
we don't do that
[54]
I expect further downside to come it's
[56]
just pure technical levels
[58]
do you believe Bitcoin will continue its
[60]
upward momentum let's start with you
[62]
Charlie I mean do I think that 68 to 69
[66]
hundred level it's okay it's this sort
[70]
of zone down here I still think this
[72]
more the market needs to do more yet
[75]
before that really becomes that
[77]
important if I just put a pen up here
[78]
this is a sort of area we're talking
[81]
about here Sony just popped his head
[83]
above there I think that just a few days
[85]
as a daily chart yeah I don't think it
[87]
means too much for me Bitcoin would
[91]
really need to go a bit higher before it
[95]
becomes anything much more significant I
[98]
still think it's got a bit bit further
[100]
to go before I would say that it's it's
[106]
out of the woods certainly at the moment
[108]
especially as it seems to have been
[110]
moving in in sync with the u.s. stock
[113]
markets we've like the S&P in alikes
[115]
we're seeing this correlation there and
[117]
at some point they'll probably do
[119]
another bit of a pullback and we'll see
[121]
how Bitcoin reacts then as well but but
[124]
you know it's encouraging signs
[125]
certainly that it's that it's popped up
[127]
but I would like to see it well above
[129]
8000 before I start getting
[131]
sited Clement do you see Bitcoin
[133]
continuing its upward momentum yeah so I
[137]
mean so Genesis walk run an OTC des and
[141]
we have a prop test as well it's just
[143]
been really weird the last couple of
[145]
weeks we haven't seen a lot of flow
[148]
coming in especially in Asia we're based
[150]
in Hong Kong March was a great month for
[154]
us a ton of volatility when it went
[159]
down all the way down to like 4k and we
[161]
we did see a lot of people coming in by
[164]
Bitcoin queues we're starting to ramp up
[167]
on ATM machines and and but this the
[172]
last couple of weeks this run up has
[174]
been really really quiet been speaking
[176]
to other big test as well and it's just
[178]
been extremely quiet even with people
[181]
trying to move money with like tether or
[183]
using Bitcoin like it's just been really
[186]
quiet because of the quarter virus so
[189]
don't know like I mean I I'm not
[193]
convinced I think if I have to put a bet
[196]
on I don't think we're gonna head
[198]
towards like and any anything further
[201]
maybe we'll come back down at 75 that's
[204]
my guess but I'm on the sidelines right
[206]
now in our previous crypto market
[209]
discussion CEO of coin routes Dave Weiss
[211]
Berger said that Bitcoin could be
[213]
forming a bottom at 6 to 7 in the 6 to 7
[216]
K range I think we're in the process of
[218]
a bottoming process in the 6,000 to
[221]
7,000 reign do you think that bitcoin is
[223]
currently in the process of bottoming
[226]
from the market sentiment perspective
[228]
I've been treading 20 odd years and I've
[231]
seen many manias over this time that
[234]
it's like this second wave where it'll
[238]
suck a load of investors in again I
[239]
don't need to then you know see what
[241]
what happened after sort of July 2 on
[243]
the last year the Bitcoin cast so it off
[245]
again and it might that might have been
[247]
that second wave which enables a lot of
[250]
other people to throw in the towel and
[252]
then you get your hardcore who will stay
[254]
at it and I think that's possibly where
[256]
we're at now
[257]
and we are in a longer-term bottoming
[259]
process so yes I believe we are but what
[263]
I would like to see I've put a trendline
[264]
on my chart here and I would love to see
[267]
back Bitcoin get above this and if we
[269]
just said roughly 10,000 we get above
[273]
there and I think it's away but but I
[276]
think when I was last on I was sort of
[278]
saying that this could be like a year to
[280]
18 month formation process I don't think
[283]
it's gonna just take off and just go
[286]
straight for the hills that's all
[287]
climbing what's your perspective on this
[290]
idea of bitcoins bottoming process
[294]
specifically on 6 7 K I have some
[298]
concerns here I mean we have happening
[302]
coming out in around 40 days I think a
[307]
good benchmark would be like corn if you
[310]
look at like corn I think there's a lot
[312]
of hype coming up on this whole having
[314]
thing reality is I don't think this
[319]
third Hobbit is going to have much
[321]
effect we're gonna be down to nine
[323]
hundred coins production a day what I
[326]
really like to see is more people come
[329]
into space when we saw 2013 that was
[333]
really viewed by the Chinese and then
[337]
2017 was the Koreans that created a huge
[342]
opportunity and that's where you know a
[345]
lot of organic flow really comes in I
[349]
think this entire year like I mean
[351]
there's a lot of people doing futures
[353]
trades but reality is like new people
[356]
coming into space is nothing compared to
[359]
like what we saw in 2017 so and saying
[363]
that like I think with all the futures
[367]
there's so many futures exchange now in
[371]
my opinion I think manipulation is also
[374]
a lot easier so it really depends on
[377]
this whole coronavirus thing as well I
[379]
mean there's so many factors to look
[380]
into so I'm not convinced that we're
[383]
bottoming at 67k but it's
[387]
yeah in order to see like Bitcoin to go
[391]
go up even more like I think it's it's
[395]
we're gonna have to need a lot of
[397]
organic real organic growing blind-spot
[401]
so you feel that bitcoins like next
[404]
major upward movement is more dependent
[406]
on adoption and reaching a critical
[410]
level of involvement in the space yeah I
[414]
think this level anything can happen I
[418]
mean he saw swings like you know two
[420]
thousand dollars up and down I mean we
[422]
were at 10k when everyone was really
[425]
excited just like in February right and
[427]
then we hit we dropped like 6,000 points
[432]
close to 6,000 points and in the space
[435]
of a month we close to doubling doubling
[439]
up now so crazy amount of volatility and
[444]
yeah I mean who's coming in by a big
[448]
hole right now that's my biggest
[449]
question I mean we've been very very
[450]
quiet
[451]
people are not even interested in maybe
[455]
the online stuff but for us like and
[457]
we've been hosting a lot of like
[458]
physical events to teach people what
[459]
bitcoin is how to set of wallet and all
[461]
that stuff
[462]
we're not seeing any of that so
[467]
interesting to hear now mm-hmm Charlie
[470]
are you also looking at it there's
[471]
perspective in terms of when is the next
[473]
next big wave of buyers coming in when
[476]
are we going to reach that critical mass
[478]
of adoption well again you know it all
[481]
comes back down to size the trade of
[483]
psychology you get back about 10,000 and
[485]
more people to start saying oh maybe I
[487]
should be doing something with Bitcoin
[488]
again and some of the crypto currencies
[491]
so it does seem to work that way it's
[493]
the same in any market whether it's a
[496]
stock markets people don't buy the stock
[498]
markets when they're down below when the
[500]
stock markets were down the S&P was down
[502]
as low as two weeks ago most people
[504]
weren't buying it then there was running
[506]
for the hills you could see that and the
[508]
outflows of people pulling their months
[510]
out money's out of the pension funds and
[512]
the 401ks and whatever
[514]
and it's the same as what Clement was
[515]
saying here about Bitcoin it's been very
[517]
quiet from what you're seeing there over
[519]
the last few weeks and of course people
[521]
are worried about their jobs and you
[524]
know their incomes and everything else
[526]
but psychologically it won't be once in
[530]
my view once we get buff some milestones
[532]
that you then you then start to thee you
[535]
see investors saying oh actually yes I
[536]
should be getting back involved in this
[538]
so speaking of milestones you mentioned
[540]
8k as being one of those milestones
[541]
earlier and coin telegraphed contributor
[544]
filled filled recently published in
[546]
market analysis suggesting that if
[548]
bitcoins momentum were to carry it past
[550]
a que Bitcoin would enter a bull market
[552]
however two traders who have correctly
[554]
predicted Bitcoin cycles in the past
[556]
both believe Bitcoin could reach eight
[558]
point five K before plummeting down to
[561]
three K in the near future what do you
[563]
think the likelihood of that reversal
[565]
move is of occurring anything in the
[568]
markets can happen but I think that this
[571]
flush down move that we've had all right
[573]
that was in sync with the stock market
[574]
and it's really gonna what would be key
[577]
is whether the stock markets come down
[579]
but roll back over and make new lows
[581]
because if they do then we probably will
[583]
see Bitcoin come over and make new lows
[585]
below that 4,000 that we've made it a
[587]
few weeks ago so I wouldn't necessarily
[591]
agree with though what those traders are
[593]
saying go into 8 and a half and then
[595]
coming back down to 3,000 but I
[597]
understand why they might say it because
[599]
again that could be another clean-out
[600]
move in in that market but I don't see
[604]
anything technically to say that it has
[606]
to come down to three and a half back
[608]
down to three thousand at the moment so
[610]
could we see a second wave in the stock
[612]
markets maybe not with the same ferocity
[614]
that we saw back in in March with that
[619]
type of sell-off but maybe we see a
[620]
gradual salts sell-off back down to at
[623]
least retest the lows that could still
[625]
happen yet if it doesn't happen then I
[628]
see no reason why Bitcoin would need to
[630]
go back down to 3000 but if we do see
[632]
the SP and the stock market's going back
[634]
down
[635]
their lives then we could well see
[637]
Bitcoin do the same
[638]
yeah I agree with Charlie there I think
[642]
things like when it when it does hit 85
[644]
I think a lot of people in this space in
[647]
the crypto space will get a bit excited
[650]
which we are seeing like a lot of people
[654]
so how I see this entire cycle is like
[656]
2017 you have a bunch of people coming
[659]
into the space that don't know how to
[661]
trade derivatives then they're there
[662]
they're just flipping ico coins 2018 was
[667]
dead 2019 was a year that you know that
[670]
mix made a ton of money which means like
[673]
a lot more people learn how to trade on
[675]
leverage it's just more exciting for
[678]
them because there's no IC o---- coins
[680]
for them to flip and what we saw you
[684]
know months back was like funding rate
[686]
reach record high a lot of people were
[689]
in longs and got completely wiped out so
[692]
maybe it's definitely possible you know
[695]
when we hit 85 we will see more people
[698]
coming in and thinking that it will go
[700]
past 10 and up and beyond because of
[703]
having who knows but if that does happen
[707]
then it would be it would be I mean the
[712]
big whales out there could wipe them out
[715]
it could retest the lowest I think it's
[718]
absolutely possible but it depends how
[719]
many people believe that this will
[722]
happen and looking to the more longer
[724]
term many of our previous guests believe
[727]
that the federal bank strategies of
[729]
quantities and limited quantitative
[732]
easing will propel Bitcoin to safe haven
[735]
status what is your take on this
[737]
narrative Clemen yeah I think so if
[744]
people who are watching this don't have
[747]
a position in Bitcoin or looking into
[750]
investing in bitcoins and I think you
[752]
know these are great times I mean
[756]
Bitcoin all the time how was needed at
[758]
20k if you want to get into Bitcoin
[761]
these are the these are great times to
[763]
look into it and really take some action
[765]
I think
[767]
the whole narrative of Bitcoin is like
[769]
there's only 21 million points ever
[771]
gonna be minted and there's gonna be
[773]
less and less supply I think it's a
[778]
great time for you to accumulate
[779]
sensibly because the dollar is just
[783]
gonna at some point it's just gonna blow
[785]
up I mean not just a dollar but like I
[788]
mean I think the UK even is is given
[792]
people so much money at some point have
[795]
no idea how they're gonna pay their
[797]
debts so I think once the virus is over
[801]
then I think governments feds will at
[806]
some point will need to answer these
[807]
questions and and that that would be a
[810]
very very good time for Bitcoin to shine
[814]
mm-hmm what are your thoughts on this
[816]
charlie I think that yeah good points
[821]
made there again but the and the with
[825]
the the huge amount of money that's
[826]
being printed especially we're seeing in
[830]
Western governments and in the u.s.
[832]
especially if the US has some sort of
[837]
u-shape recovery
[839]
I say you shape not v-shaped I don't see
[841]
that happening but some sort of u-shape
[843]
a longer recovery but if we get beyond
[847]
this crisis then with all of that amount
[850]
of dollar printing that's going on then
[853]
what we'll see is we should see is a
[856]
weakening of the dollar and so this is
[859]
important when it comes to Bitcoin here
[861]
because all of the time that we've been
[863]
in a crisis money goes to the dollar and
[865]
that's what we've been seeing over the
[868]
recent weeks but as investors around the
[871]
world feel more comfortable then all of
[875]
this printing of dollars that's out
[877]
there then at some point there's gonna
[879]
have to be a devaluation and marked the
[881]
evaluation and the dollar and we'll get
[883]
that devaluation of dollar then other
[886]
assets such as gold could continue to do
[888]
well we're already seeing gold doing
[890]
quite well recently in that regard and
[893]
also Bitcoin I always find it funny of
[896]
mentioning people mentioning Bitcoin
[899]
being a safe haven because I've always
[904]
seen it was quite volatile and you know
[906]
but the the the fundamentals behind it
[908]
the blockchain behind it yes and there's
[910]
a lot of huge potential going forwards
[912]
in the future we're also seeing you know
[914]
a lot more really user friendly wallets
[918]
happening even phone companies are you
[921]
know embedding wallets within their
[925]
phone and I mean I think like as soon as
[929]
more people starts to believe that or
[934]
they want to own one Bitcoin then it's
[938]
very natural that against the dollar
[940]
I mean price will just go up yeah and
[943]
the and the and you've hit the nail on
[946]
the head there it's making it easier for
[948]
the average Joe to own some Bitcoin
[951]
where the average juror the average
[953]
person on the street hasn't necessarily
[955]
got in some did and they got burnt but
[958]
next time round with the ease of getting
[962]
into these crypto currencies it's give
[964]
me a very different thing great well
[967]
thank you guys for coming on the show
[968]
today I really appreciate your time and
[971]
the conversation thanks for having us
[972]
yeah thanks again nice to meet you come
[975]
nice to meet you
[976]
coin Telegraph like subscribe and hot
[979]
off
[982]
[Music]
Most Recent Videos:
You can go back to the homepage right here: Homepage