Is This Bitcoin Price Breakout Real Or Not? [Crypto News 2021]
We are potentially looking at a major breakout for bitcoin right now. Is it going to hold, who knows but well dive into that with the technicals today. Also another major retailer is adopting cryptocurrency payments. We have big banks, flipping bullish and a big u.s bank, starting to offer bitcoin to their customers my names lark. Every day i make videos talking about cryptocurrency investing. So if thats a topic, you would like to learn some more about make sure you subscribe to the lark davis channel type in the thumbs up button for the youtube, algorithm and click on that notification. Bell so that you know when we put out a new video by the way every single week, my team and i produce wealth mastery. This is a crypto currency investor report designed to help give you an edge in the market. This week we have a deep dive. Altcoin report on brain trust, top tier technical analysis. As always token, sales airdrops, a step by step, defy tutorial an interview with the team from port finance, hot solana nfts to keep an eye on the top play to earn games and much much more. All for less than 10 bucks a week, click on the link down below where you can learn more about becoming a member. Today, now lets turn over to the charts so bitcoin. Today we had a nice daily close here for bitcoin. We can see we closed our candle body just by a hair, above that very, very important line right here now.
This line represents the downtrend that bitcoin has been in all this here. All this here, obviously a downtrend for bitcoin. This current price breakout, though, represents a potential reversal of that trend. We could see bitcoin building here and moving higher. Now i just want to make it clear: we could fail this breakout attempt. We could come back down here to test these major areas of support. May we come back down to forty nine thousand dollars. Maybe we come back down to forty. Eight thousand four hundred dollars, you know were, were not saying thats, where bitcoins gon na go straight to the moon here. But this is our potential break out. Moment were really not that far away from hitting those all time highs for bitcoin were only about 20 under right now, its not that far to go for bitcoin. The way that bitcoin goes all it takes is one news story, and we can see bitcoin go up. 20 percent in just a couple of days could happen very, very quickly, so well see if this holds. I would obviously really love to see us continuing to close candles above this line here previously. We did of course, get uh tricked. This was a fake out right. This is a fake out, so we closed above the major resistance here at 50 000 back in early september, we had two nice candles pumping up and then blammo 20 cascading liquidations, the incredible volatility of the cryptocurrency market proving itself once again, but if this breakout does Hold it could be the major trend reversal that were looking for for october to continue moving forward.
Yes, itll be volatile. Yes, it will be messy, but if this is the breakout moment for us, then that could see bitcoin getting up to a new all time. High. Potentially, by the end of the month, dont count chickens before they hatch but uh. You know it felt good buying a lot of bitcoin under 50 000 for sure, because i am still of the strong belief that were going to see a six digit bitcoin by the end of the year. This could be the start of that breakout fingers crossed anyway. Here is a nice chart for you as well. I want to share this with you. This is the net unrealized profit loss chart the knuckle if you will, so what have we seen here with the knuckle? Well, of course, we never got to our euphoria greed stage here, which is what tends to mark a market top its very important. Keep that in mind. Many of the indicators did not show a market top for bitcoin back in april. What they likely showed was a first pump that was our test pump back in april now we had our mid cycle correction. We had a breakout and a retest of this key line here. The 0.5 line here that is keeping us in the belief phase, so this retest of that line could see us then slowly grinding up to get to our euphoria greed stage up here at 0.75 that could take months to get there look at what happened in uh 2017, it took months it took almost uh six months from the the retest.
In order to get up to the euphoria, greed stage happened a little bit quicker back in 2013. After the re test, we saw just basically shoot straight up, not necessarily whats, going to happen. This time, i think that we are going to see the cycle lengthening out a bit late. 2021 early 2022, i think, is when we are likely to see those price highs coming in the knuckle could be showing us that that is what is in progress right now. I also want to share this with you, so bitcoin long term holders have added 2.3 million bitcoin to their stacks since their supply bottomed out back in march. Think about that that is crazy, thats, a lot of whales, big accounts, taking profits here at the top and then re accumulating massively. Once the price started. Tanking, you can see direct correlation here as bitcoin went down big money, long term holders, believers in bitcoin believers in a six digit bitcoin believers and a seven digit bitcoin long term holders people are who are still gon na have bitcoin in 2030.. These people were buying up truck loads of bitcoin, always interesting to see what that og money is doing next up. I want to share this with you fashion, retailer pack, sun says its going to start accepting cryptocurrency payments from online shoppers through a partnership with bitpay starting this week, starting this week, theyll accept 11 different cryptocurrencies, including of course bitcoin and ethereum, five dollar stable coins.
This is pretty cool, now pacsun, pretty big retailer. They have 600 or almost 600 retail shops across the usa. Obviously, this is for their online store, so its not going to be a brick and mortar thing just yet maybe well integrate that in the future, but just gives you an idea: theyre, a pretty big retailer theyre, a pretty big retailer and theyre a youth fashion brand. So it gets me thinking about how adoption starts to move forward. You see were starting to see all these companies accepting cryptocurrencies for payments, which starts to normalize cryptocurrencies in every single day. Life stories, like amc, for example, accepting cryptocurrencies for movie tickets. All this stuff is important. You might think well im, never going to spend my bitcoin on a movie ticket or on a t, shirt you have to understand. We have an entire generation right now, thats growing up with cryptocurrencies. These people are going to be playing games on their phone play to earn games where theyre, literally getting free money for playing games. Theyre going to be trading theyre, going to be doing all kinds of stuff theyre going to be getting cash back, rewards from shopping paid out in crypto, theyre, going to be buying nfts, getting nfts from their favorite influencers or celebrities or movies, and all this stuff is Going to be creating digital value for this entire new generation, of course, these people are going to spend cryptocurrencies yeah sure some are going to hold on to their bitcoin, their savings account and all that stuff.
But a lot of these people are going to be. You know playing games to earn money, taking that buying some shoes buying a hat its whats going to happen. This is how we start seeing crypto go mainstream people are going to use it for payments, especially stable coins, especially stable coins. Next up, i want to talk about this report that came out from the bank of america bank of america, basically coming out saying that they are mega bullish on crypto. At this point, almost every top us bank has either turned bullish on crypto or launched some kind of cryptocurrency service. Jp morgans got a trading desk. Goldman sachs has a trading desk and on and on and on bank of america came up with a support saying. The digital asset sector is too large to ex ignore and its not just bitcoin its so much more its pretty in depth report. They go on to talk about nfts and defy and tokens. This is a revolution in money, and the banks are not asleep on this. They see whats happening theyre bullish on the long term prospects of this technology, theyre all scrambling to find a way to offer cryptocurrency services to their customers. The smart banks are anyway, because they dont want to be blockbustered theyre all going to want to offer cryptocurrency custody services. It starts with the big money clients they give it to the rich clients. First, the the plebs, the regular people they get it later on.
Thanks man dont wait for your bank to give you permission to buy bitcoin, just go, buy some bitcoin now or any other cryptocurrencies of course, but were going to see it happening were going to see major banks integrating with d5. In fact, i just shared the story. The other day society, general french bank, they are proposing to put traditional bonds into maker dow into d5, so thats d5, its a d5 protocol and ethereum its starting to happen, its going to happen more and more all of the time. All of these stories build up to a massive crescendo of mainstream adoption for crypto currencies very exciting, to see these guys being bullish on crypto. Welcome to the party bank of america about time you guys show up, but yeah were starting to see more and more stories. Like this, coming out from major banks that theyre bullish on crypto theyre paying attention to the sector, theyre letting their customers invest in bitcoin theyre, letting their customers invest in ethereum, et cetera, et cetera, theyre starting to offer services paypal. Of course, you know an internet bank. Basically, internet payment provider, one of the biggest uh banks in the us, though, in terms of their banking services offering crypto offering crypto payments its big, its big and its only getting bigger all the time. We see more and more of these reports coming out and it normalizes cryptocurrencies as an investment class. It normalizes nfts. It normalizes defy its all, becoming very serious, very professional, very normal.
We just need more services to get into peoples hands and then this story comes out. The fifth largest bank in the us is now offering bitcoin custody services doing this in partnership, of course, with nydig the new york digital investment group. So this is not just bitcoin bitcoin litecoin and bitcoin cash. Apparently now this is very very interesting, so this is u.s bank um. They announced that they were making a crypto play a few months ago. Here we have it uh now actually being rolled out, which is very exciting fifth biggest bank in the usa. Man now offering crypto custody services to their customers, of course, of course, with all these stories, it just goes to the rich clients. First, it goes to their institutional and their family office, clients and their other rich clients. Youre not going to be able to walk down to your local us bank branch and buy bitcoin, not yet anyway, not yet thats coming that is coming. If you dont think its coming youre, not paying attention to whats going on that will come its just a matter of time, but this is, it were seeing every major financial institution trying to get a cryptocurrency service out for their clients. This means trillions of dollars can come into the market. People sometimes ask me lark, come on man. How is it going to be possible? Bitcoins ever gon na go up to six digits youre smoking that opium too much dude and if it ever gets, the hundred thousand dollars is definitely not going to 200 000, its definitely going to 300 000, its never going to a million dollars.
Those are the same voices that said bitcoins, never gon na crack over twenty thousand dollars again. That was the all time high, never to be repeated. The same people who said that bitcoins never gon na go over ten thousand dollars its never gon na go over a thousand dollars. You either believe, or you dont believe i believe, bitcoins going to six digits. I believe bitcoins probably going to seven digits, potentially by the end of this decade, all of this money coming into the market. All these banks offering bitcoin to their clients it brings in so much money want a bull run to continue on a super cycle to happen. You need more money to come into the market thats exactly what this does and if you think well, okay, lark sure theyre going to launch this service, but is anyone really going to use it? Well? Here we go u.s bank chair, commenting on bitcoin. She says: clients want contracts signed the day. The sec approves an etf now nydig their custody service. They offer a bitcoin investment service thats on offer for us bank clients now, but we also see massive demand from their clients for a freaking, bitcoin etf. The amount of money that a bitcoin etf is going to bring into the market. I dont think a lot of people realize how much money were talking here were talking, trillions were talking, retirement accounts were talking, more institutional funds were talking, more endowments were talking, sovereign wealth funds were talking pensions all of this stuff.
All these different, diverse groups are going to come into crypto when we get etfs passed its going to be freaking massive here we have u.s bank chair, theres demand.