Ethereum Historic Pump INCOMING! (Best Month for Cryptocurrency Ever?)
I want to share with you the latest update on ethereum, maybe a little low cap, altcoin news and, of course we have to start with the market mover bitcoin so like always check the timestamps down below in the video description and lets jump in starting with. Where is bitcoin headed next? The analyst, the same analyst that nailed the august and september btc closing price now predicts bitcoin at a 63 000 level in october and keep in mind this wasnt just a random guess. This was based on the on chain data, and this analyst was slash, is the heavily respected plan b, bitcoins price closed in september at a lower level than it did in august. While this may sound like a negative occurrence for btc bulls, the popular cryptocurrency analyst plan b actually saw this happen months ago and predicted the exact closing price and furthermore, he provided even more favorable prices for the end of october november and december of this year. So lets talk about this. Where is bitcoin headed next and just as a reminder of what weve been through bitcoin, topped out near 65 000 back in may, then we had that elon musk fudd, that china banning cryptocurrency fud, which led to an about 50 dip to a 29 000 bitcoin and Who could have predicted this well plan b? The popular analyst behind the stock to flow model saw these developments early on back in june. He posted a graph showing that his worst case scenario for this year, based on the price, as well as the on chain, metrics predicted this weakness in july.
So keep in mind. This was not what the stock to flow model predicted. This was based on the on chain real time metrics, and here was that exact tweet back in july. Bitcoin right now is below thirty four thousand dollars triggered by elon musks energy fund and chinas mining crackdown. But there is also a more fundamental reason that we see weakness in june and possibly july. My worst case scenario for 2021, based on price based on the on chain data, is that we close above 47 000 in august thats accurate. We close around a 43 000 bitcoin in september, both accurate, then a 63 000 bitcoin by the end of october 98k. By the end of november, and then over a 135 000 bitcoin by the end of this year, december 2021 and plan b has been accurate. Thus far – and i do want to reiterate – this is not based on the stock to flow model, because s2f says that we should be around a 100 000 bitcoin right now, which is obviously not the case. We have a little bit of catching up to do, but this was based on the on chain metrics on the bitcoin blockchain. Give me your thoughts on this down below these next four weeks for bitcoin are going to be very important if we can close around a 63 000 bitcoin in october, right under all time highs. That puts us in play for a 134 000 bitcoin by the end of december this year.
Nobody can tell the future, but just something to consider and next piece of news if bitcoin keeps growing, where does that potentially put ethereum well an ethereum fractal from 2017 that resulted in a 7 000 gain for eth has appeared again in 2021, and this eerie deja Vu scenario could see: eth hit 13 000 within the next six months. If history repeats – and it may not right, like i said anything could happen. But what does smart money do? Smart money looks at patterns, smart money follows trends, and this pattern is playing out eerily similar. This fractal indicator from 2017 consists of at least four different technical patterns that were instrumental in pushing the eth price up over 7000, and these four technical indicators are stochastic rsi. Relative strength, index, rsi, bullish hammer and a fibonacci retracement level, and these four different indicators can absolutely be used individually by themselves, but in this case, looking at what happened in 2017 were forming a very similar pattern. So lets go over this. What exactly happened in 2017? Well, first, the hammer led massive upside move, pushed eths monthly rsi over 94, an extremely overbought zone. As a result, the cryptocurrency back in 2017 started consolidating sideways to neutralize its excessively bullish sentiments. Rsi started, correcting lower and double checking this looking at the chart, zooming right into 2017 70x after an extremely bullish hammer led us to extremely overbought. Now this was mid. 2017. A lot of people predicting were predicting.
This was the top were not going higher and we consolidated and all the metrics were given some relief rsi started, correcting lower in parallel ethers, monthly stochastic rsi indicator, which compares its closing price with the price range over a given period so, like an average, also started. Correcting lower after identifying the cryptocurrency as overbought a rating above 80 is considered excessively bought and a reading below 20 is considered excessively sold. We were overbought at the time and we needed to cool off and moving forward. We all remember what happened in the later. Half of 2017 later, in november 2017, the stochastic rsi flipped bullish with its percent cave line. The blue line right here, which compares an assets lowest low and the highest tie to define a price range crossing above the percent d line. The saffron line right here, which is a moving average of the percent k now, if that doesnt make sense, dont worry about it for today just know we flipped from bearish to bullish over bought oversold after a little bit of cool down. Meanwhile, the stochastic rsi reading was above 20 at the time of the flip, which boosted ethereums, bullish, continuation hopes and looking at the chart after this bullish flip. How did we finish 2017 later, the ethereum token surged by another 500 percent, closing above 1 200 in january 2018? It coincided with rsi forming a double top, as shown in the chart above the entire bottom to top took place inside an ascending channel range with its 23.
6 fibonacci retracement level, serving as support slash resistance level. Its all in the chart like right here and this was 2017 to 2018. We can see a very similar pattern happening now. Ether is almost mirroring the moves from the 2017 fractal as it heads into the final quarter of 2021, and we have not hit all four of those technical indicators yet but were on a path. And we can see right here at the beginning of 2020 blue crossed over orange, and we had this run up. We saw this bullish hammer a few months ago for ethereum a bullish hammer signals capitulation by sellers to form bottom and price reversal. Last time we saw bullshammer eth70x in 2017. We saw this again the start of this again a few months ago and right now, potentially this month were about to cross blue over orange, again thats the stochastic rci flipping bullish, and if that hammers potential sends the ethereum price flying with a primary upside target sitting Near the 2.618 fibonacci line around a 13 000 ethereum give me your thoughts on this down below. I really would love to hear your take. How much credence do you put into these technical patterns and keep in mind anything could happen? We could we could co bear for the next year and a half anything could happen, but smart money does look at patterns. Smart money does look at trends and plan accordingly. Lets talk about the most recent news for lower cap altcoins right its not just high cap coins on this channel.
I want to make sure you get a sense of the whole market, so next piece of news chain link competitor umbrella network launches on ethereum, with a cross chain bridge to binance smartchain smart contracts, especially for defy, are becoming a data intensive industry and oracle services like Umbrella network are helping to bridge the gap. Here are the details for umbrella network the cross chain bridge connecting ethereum and bsc was developed in house at umbrella network, underscoring the need to transfer tokens into other crypto assets between the two networks. So now, eth and bsc can talk to each other through umbrella network, and the cross chain bridge also enables users to stake and farm crypto tokens on either blockchain umbrella said its planning further cross chain integration with polygon, solana, cardano and avalanche, though no timetable was given. Yet and how this affects you, generally speaking, this is just infrastructure we like to see and also chainlink doesnt, have that many competitors right theres, api, three theres umbrella network and theres, really link and by the way chain link exceeds both of them at this current moment By leaps and bounds, but its interesting to see which other oracle service projects blockchains are coming up ill, keep you updated all right. That is the video. My name is austin.