It rallied all the way up to 55 000 with the 26.2 million short squeeze, and we are testing one trillion dollars as resistance. There is reason to believe that the next couple of weeks are going to be ridiculously bullish on bitcoin, and i want to show you exactly why, if you enjoyed todays video, make sure to smash that like button and consider subscribing, but without much further ado, guys lets Go ahead and dive right on into it were going to start down here on the minute chart for once guys, and i want to show you why out here on the hourly chart i need to esp, i need to establish a level of resistance with you. We set this level right here about 53 000 as resistance and, as we can see down here on the minute chart not that long ago, bitcoin broke bullish here and we rallied a grand total of 2 700 in two minutes now. What happened here, of course, bitcoin rallies very quickly, but it normally doesnt rally five percent in two minutes right. Well, what occurred is something called a short squeeze. Essentially, what that means is that whenever you short a market, you are betting, that the market is going to go down. But that means that if the market goes up, you start losing money and then you have to buy back in to cover up the money that you put on the market and sold. So if the market rallies people lose their money on their shorts and then they have to buy back into the market.

We saw a 26.2 million dollar short squeeze which rallied bitcoin twenty seven hundred dollars in two minutes pushed us to five thousand five hundred and five hundred five, fifty five thousand five hundred dollars. I can speak but heres the point guys – and this is whats – really really important. You can see over here on coin market cap right now. Bitcoin is testing one trillion dollars in market capitalization. Resistance. 55 000 is actually not that important of a resistance level on the chart, at least from what i can see. What is very important is the fact that one trillion dollars in market cap is sitting right here. We have major resistance at play, but heres the deal bitcoin rallying as fast as it has has also broken us out of a daily chart triangle pattern that bitcoin has been in for a year. This pattern goes all the way back to october and even september of last year, and you can see on the weekly chart that the volume has been declining ever since then. What does this mean? It means that were in this gigantic symmetrical triangle pattern that needs to have a breakout, and if we did a price target on it, we would be looking at a value for bitcoin sitting well into the six figures, even getting close to well into the five figures. Even getting close to a hundred thousand dollars now guys, i went over all the reasons why i believe that we are going to see a 150 to 200 000 bitcoin in this mornings.

Episode of coffee and crypto live. It took me over an hour to break it. All down, but here is the point. There are literally dozens of bullish technical factors right now, leading us to believe that the markets going to go up in the long run. For example, just this morning we saw a buy signal, show up on lux algo out on the monthly chart. This has only happened three times in history. We saw it happen once here in may of 2016.. We saw it happen. A second time here in june of 2019 and weve just seen it happen again only three times in the history of this market. Have we seen lux algo flash a strong, buy signal on the monthly chart it just occurred. Looking down on the daily chart, you guys also know that there was a strong buy signal three days ago, which predicted this rally, and now that weve broken this critical resistance. That weve been talking about between 50 and 55, 000 or 50 and 53 000 were sitting up at 54 000.. The skys the limit and the next target is thousand dollars our previous all time, high or sixty three thousand sixty five thousand dollars the zone of our previous all time high. That is going to happen this month. In fact, i think its going to happen very quickly if youll remember. I had a video on this channel, not that long ago, where i explained why. I think that in the month of october, we are going to have a bitcoin trade between 55 and 60 000, and i said that its likely its even going to go above 63 000, like plan b, said we also talked about inflation and how inflation has started To get out of control, you may have heard the statistic that forty percent of all us dollars in existence by the way the us dollars over 200 years old, all 40 of all the us dollars in existence, have been minted in the last 18 months.

Why do people buy bitcoin? They buy bitcoin to get away from inflation. Its an inflation hardening asset people are investing in bitcoin. Bitcoin has a ridiculously bullish future, so heres. My prediction, bitcoin is going to go to well over a hundred thousand dollars by the end of this year within three months. I think that bitcoin is going to be trading at or above 120 000. That is my floor for the price by the end of december, but i want to hear your thoughts on that in the comment section down below plan b, who pretty much perfectly called the last two months by the way, has a prediction of 135 000 is the Floor by the end of december, and i think hes on to something i think, based on a plethora of technicals and guys im literally talking about hundreds of factors that we have accumulated and looked at over. The last several months lead me to that prediction. And if you want to learn more make sure to tune in at 9 30 every single morning where we go live on the coffee and crypto podcast and the coffee crypto show. Excuse me, what we are doing right here is called crypto espresso, and this is where i break down. In short, everything we talked about on that show so make sure to tune in here. I think we go live 2 30 every single day, with this show so make sure you dont miss that anyway, guys thats.

All i got for you today before i go. I do just first want to thank each and every single last one of you for watching.