If the quantity produced goes up, the money supply goes up and then also the velocity goes up. What is going to happen? The prices are going to increase, the purchasing power of the us dollar is going to decrease, and then, ladies and gentlemen, i can say tell you all of these models here are going to be invalidated.
Bitswap is the hottest new way to trade tokens crawling all the top decentralized exchanges. Bizwa will get you the very best price and value for your trades. Bitswap is changing the game. Try it now at bitswapdex.
com, welcome to bitboy crypto, the largest crypto channel in all the interwebs. My name is ben every day on this channel. I show you how to make money in cryptocurrency if you like money in crypto, make sure to go ahead and hit that subscribe button for your chance to win a full bitcoin details down below.
Also, if you want to take advantage of these huge bitcoin heat pumps that we're, seeing you can certainly do that with buy bit here. You can trade, bitcoin, ethereum, cardano, eunice, wap and even xrp on leverage.
We also have a big competition going on right now that you can sign up for by visiting bitboycrypto.com by bit. Now, if you don & # 39, t want to join the trading competition, you can just sign up for by bit by visiting bitboycover.
com deals scroll into the buy bit section in this video. We're gonna be discussing the price of bitcoin and why we're, not even close to the top of the market exciting times ahead. I brought on chris from mm crypto youtube channel to give us his thoughts.
So let's, go ahead and jump in hey everybody. Welcome back to the show. Today i have got chris from mm crypto on the channel to talk bitcoin and a lot of people are kind of floundering right now, with the bitcoin price.
Wanting to know where it's going to go, other people are saying bull market's over. We got rejected again at 60k. I want to know chris what is happening in crypto, but first, of course welcome to the channel.
Thank you very much for having me. I have actually prepared something very crazy for your channel really. I took some time here before the recording and i'm - pretty sure the people really pumped about that um.
Thanks for having me, of course beautiful to be here. Let's. Go straight into the content. Man yeah! Let's. Do it and just a reminder to everybody. If you want to subscribe to chris's channel, you can do that down in the link below make sure you subscribe to his channel before you get this great content thanks man.
Thanks yeah, you know what i will just start sharing my screen here. As i said, i have something nice prepared, um, let's, go over into my chart here. So what we can see here - and i already talked about that on my channel - is um.
I have something to add here. This is actually a chart which is predicting right now that the bull market is over. I have some evidence for you that we are not only going to break through also, i have evidence that we are going to blast through and speak exceed everyone's expectations.
I want to talk about price targets as well, but before i want you to go to the into the short term, because everyone is wondering where's bitcoin going today tomorrow, so um, let me talk a little bit about what's Happening here so, first of all mid-cockpit, but you probably recognize that we got rejected here at the all-time high, this invisible resistance.
Where is it coming from? Why did we get rejected and is it already over? Well, the bears might say yes, and i can actually. I have news, the technicals are saying yes, the technicals are even saying: well, maybe the bull market is over but, as i said, i will come to that later on right.
I personally, i am very bullish on bitcoin. Still i am having all my trades open. I'm betting on higher price targets for bitcoin. First of all, you can see here we got this dumped down and bitcoin is already forming something like a w pattern.
I would say we are on crossroads right now. This is just the four hourly cannas when you bring it out, maybe we are already a little bit higher a little bit lower um. The bottom line is if we are breaking above this specific level here, let me mention it exactly which one it is the 58 474 us dollars.
Then i actually see good chances of this w to continue and also to complete at 60 600 us dollars. This would put us actually at a higher high and basically, the last psychological resistance above is only the all-time high right.
So if this w continues bullish in the immediate short term for bitcoin, also great news would be in this specific bullish case that we are getting above. The ema ribbon on the four hourly and we just went below got rejected and bitcoin is going up for another retest only in case we stay below it would flip bearish and something like this scenario here or something like this scenario here - could actually evolve.
But right now we can see bitcoin showing some strength getting back above and well. The bullish scenario which we are all hoping for is probably coming here into fruition, um, because on the flip side, it's, just it's just horrifying, because if we would be breaking below here, let me quickly show you the vpvr.
Just for the immediate short term, but guys stick until the end. I think the long term is here much more interesting. You can see at the previous low is the last class of support. Actually, so if we were to break below here, the next one is at the vp vr and that's at the 50 at the point of control, the 47 500 us dollar levels.
This would bring us below the previous low and would actually activate basically an n pattern breakdown right. I'm, not looking out for that. I will update you if something like this is happening so far.
It is not looking all too bad for bitcoin as um we are. Basically. Let me quickly show you just to give you some context. Man we're, just six percent below the all-time high right and people are already going crazy, so um that's it for the short term.
Of course, there was a potential long trade involved for everyone who is interested in that, but, of course, uh play from a position of strength and don't get too greedy. Here let me evaluate on this um i don't know many people saw it.
I made a video got like 120 130 000 views was very popular. This is the monthly canvas on bitcoin and bitboy. Please interrupt me if you have a question. If you want to say anything, this is a truly no.
I'm. I'm just watching. I'm amazed right now. I'm just watching i'm, taking it all in exactly and please guys watch until the end. First of all, it sounds very apocalyptic, but i have very good news for you, so you have here every single candlestick actually representing one month and as you can see it's, the perfect fit.
I try to play around with that orange lining. If i'm zooming out, you can try to pull it up, but then the previous high here is not fitting anymore. So this is the perfect fit. However, you draw it. However, you pull it and you can see here.
The first touch point in may 2011, then we had another one in um in 13 and of course, the famous one in december 2017, with the cme futures launch and the market every single time. That's, the bottom line we hit it then very next month, bitcoin was starting the bear market.
Well, it is the next month technically we should start the bear market. No. Judging from the history for bitcoin right, why do i think that this time it's different and it's, one of the most dangerous things to say as an investor.
This time it's different because the laws of the market are not changing and usually it's. A fool's thing to say, because things are never changing in this case. Yes, because bitcoin is the first asset where things are different.
Bitcoin is the first asset where you cannot inflate the maximum supply over a specific amount. I mean everything has an order book right, even this bottle of glass. If the demand for this um for for water is increasing well in a capitalistic system, someone is coming rent seeking and producing more of that water inflating the supply right for bitcoin.
You have elastic demand, but a fixed supply. Usually, you have always both sides being elastic and that's, why the only point of regulation is the price. That is why i think this doctor flow model models like this one.
Here i was just showing you are going to be invalidated in this specific point of time here and the reason for that is one thing. I want to show you this mod this this thing here it's very easy to understand.
I will just talk about it a few seconds, but this is basically the law of money. How is the price or the purchasing power of the us dollar going higher or lower? It all comes down to this everyone who's following me knows i'm.
Basically an economist. I was studying economy economics back in the days. You have the demand side of money and you have the supply side of money. So you have the money supply the circulation, the velocity v, the velocity of which this money is in circulation.
So whenever you spend money, you are increasing the velocity. Whenever you are hoarding money, you are decreasing the velocity. Then, of course, the price representing also the purchasing power and the quantity produced.
So what was happening last year in march when uh this sea pandemic started? I don't wan na say it um, i don't think youtube likes it, but what what? What has ever happened then well. The quantity produced was just skyrocketing.
Of course the money supply was skyrocketing. Why are the prices they are increasing, but why are they not as much increasing as the quantity, because the circulation, the velocity, the speed in which money is in circulation, is not increasing that heavily, and this is why i want to show you this chart here.
It's, economic data. You can see this orange field here. It's, the start of the pandemic. Whenever they started, the velocity actually went significantly lower off the money. So because we have these lockdowns people are not spending their money as much and as fast as usually.
This is why they are printing printing printing, and we are not seeing this very, very high inflation only like 10 right. It should be 20, 30. 40, because that's, actually the speed of the expansion of the monetary supply.
So i can tell you something when this um these i don't want to say the name again are coming out and the lockdowns are going to stop. Well, what is going to happen? People are going to continue and start spending their money much faster again.
If the velocity goes up and now let's go back into this law of nature here. If the quantity produced goes up, the money supply goes up and then also the velocity goes up. What is going to happen? The prices are going to increase, the purchasing power of the us dollar is going to decrease, and then, ladies and gentlemen, i can say tell you all of these models here are going to be invalidated, and i think it is going to happen this time here, because This time, not only things are different with bitcoin as an asset, which is absolutely scarce.
No, we have this unseen political and economical environment. Right now we have unseen money printing and we have, for the first time in history, a complete new, complete new group of buyers buying something which is absolutely scarce, and these group of buyers they have infinite currency.
It's michael sailor who can lend against the bitcoin. He's already holding yeah when you have something which is infinite like the u.s dollar and something which is absolutely finite like bitcoin, then i can tell you guys.
Sky is the limit, and this is what i want you to tell you. This is why 62 000, in my opinion, is by far i can't, be wrong. Guys make your own research. It's by far, not the top for bitcoin. This is why i'm.
Looking personally for prices, i was saying the beginning of the bull market before i knew about these lockdowns before i knew how crazy the money printing is going. I was predicting two three hundred thousand.
I think we are going to blast through that. I think we are going to exceed everyone's expectations and i think we are going to uh see prices which you and me bit boy. We have never dreamed of before and um yeah.
Let me know what, if it's, if it's bigger than you and me have dreamed of, i mean who knows how hot it could be, because we're, big dreamers, i think uh yeah i mean chris. I i think you've hit the nail on the head here, which is at some point all these residual effects of the money printing is going to drastically increase the price of bitcoin, and you know a lot of people if people remember john mcafee's.
Famous uh bet that he made that uh bitcoin had didn't hit a million dollars by. I think it was by 2020 that he was going to uh eat something, and you know the funny thing is about. That is, of course, he didn't, do the bad or whatever and he would have lost, but his argument, the whole time was not.
The value of bitcoin was going to drastically increase. It was that the value of the dollar was going to drastically decrease and he said that four years ago, and so it's, just interesting to see it all playing out, and i also agree with you.
It is a little concerning when we see these types of charts, but charts are meant to be broken and eventually you know we are going to see even these logarithmic moves uh come down, so i'm, very excited to see where it's going to go this year, obviously, and the money printing can only help it uh.
You know a lot of people are angry about our political situation over here uh. But if you're in bitcoin, the people in charge just keep printing the money. You got to be thankful for them, so um chris anything else.
You want to add today, yeah just a quick thing now that we know that all of these models are probably going to be invalidated because well, you are measuring against the us dollar. What is the right approach? Because we all like these price prediction models? It's, giving us a glimpse into the future right um.
I would personally use something like this here, quick shout out to digitally it's completely free to use website. Um gold versus bitcoin is the stock to floor model, but instead of plotting bitcoin against the us dollar, you plot bitcoin, against ounces of gold and well in a system we currency is going to be printed and gold is just going to increase as much well.
You might as well compare bitcoin to an asset which is at least close to bs gas as bitcoin, and this is probably the closest we can get and, as you can see, even on that chart, bitcoin is increasing in ounces and if ounces are increasing in dollars, Then, of course, we can already project that something like hyperinflation is going to lumia on the horizon for bitcoin, and i think this is maybe maybe one of these price models.
We can still look at in four years or in eight years yeah, and i think hyperinflation is something i'm very concerned about here in america uh. But the funny thing is, is all of our top economists say there's, nothing to worry about.
They say america's too strong. It just can't happen, but you know it & # 39. S certainly happened in germany in the 1920s, which was pretty powerful country as well. So you never know exactly how it's, not u.
s might be the last man standing but like in the end of the day. The whole monetary system is probably going to collapse. It's just about who is going to fall first well, it was third world countries we had venezuela and so on.
Now, second, world countries are starting argentina and in the end it's going to go over to europe, and then it's. Gon na be the us. Probably nothing goes up in a straight line forever, and the current supply is doing that right now, yeah, absolutely very concerned: they're having to change the models having to change the currency models because they're going too insane for the Charts but chris, as always thanks for joining us and guys make sure to subscribe to chris's channel down below in the video description.
Everybody. Let me know what you guys want us to talk about next week. Uh always excited to have chris come on talk some charts and some big ideas like hyperinflation. So everybody drop those comments down below that's.
All i got be blessed boy out: [, Music, ]. You