OCTOBER HAS BEEN GOOD FOR BITCOIN. NOVEMBER WILL BE BETTER.
Some couple of reasons of why november is going to be a very bullish month. We had a great october, i think, were having a better november. So the first thing we take a look at is a market data were taking a look at three reasons for this bullish momentum and whats, going on and uh also were gon na. Take a little story about uh, google and uh, backed uh dabbling into the google play store and how theyre marking a partnership as far as with google and then lastly, were going to take a look at a token that is integrated with amazon, ebay and walmart. Crazy right anyhow so well take a look at all those things, but first take a look whats going on into the market, so today is beautiful day saturday, getting things done a little bit late, because ive been lounging around the beach this morning. So hey! What are you gon na? Do not a bad life but uh heres what we have as far as the market, so weve got uh 2.31 trillion and even though, were down a little bit. I think people mostly know whats going on whats going on. Is that hey weve had a heck of a run up and were going to actually see a little bit of a pullback and thats, usually how things go? Uh bitcoin price is 54 4. Daily sentiment is uh pretty neutral, but i expect it to go a little bit more bearish over the weekend and then we take a look at uh.
Just the sentiment. Analysis of course were using trade. The chain sentiment analysis links in the description. We take a look at bitcoin. I think its what people know, because if we take a look at just the the one day sentiment uh, everything in green here, of course, is uh is positive or bullish and red. We we turn a little bearish and, as the price has been uh kind of going up, people get a little bearish because, like wait, wait wait the one from like forty thousand to fifty five, fifty six thousand im very sure. My time there should be a pullback coming, and indeed there is, and we take a look at the hourly sentiment same type of thing. If they can look over the uh the week long were like yeah as things start to to go up. Theyre, like i dont, know about this, and then off it goes so that is essentially whats going on with the market were pretty much moving, uh sideways as far as what is going on and uh its just one of those lazy saturdays. Although xrp up eight percent watch out, that is great news, all right, so thats whats uh, the first part of the market data and lets just dig deep into a little bit more and what id like to see is just uh some analysis. Little on chain stuff, um first thing, though not on chain per se, but uh bitcoin, logarithmic growth, curves and uh.
This is just a great chart. You can find this at looking to bitcoin.com ill link it at the very end and, as you can see here, let me just take a look at this. The uh, the middle portion is kind of, like obviously middle of the road top is where its very bent and the lowest is at the low points. But as we can see its just logarithmically, everything is going up into a nice little crescendo into the end of 2022 and uh. We can see that everything kind of follows along this little middle line, point right but uh. If we take a look here and we take a look at some of the peaks, the peaks have happened just in the four year cycle, like we always talk about and uh this you know we peaked above everything. This was in the big bull run in 2013.. Also, we had this peak right here in 2017 and look what we have over here. If we kind of scroll in or zoom in, weve got everything kind of like in the middle just like it was before, but we havent reached these peak marks and when does it usually come yeah about right here? And what is this really saying that we could be about 140 750 000.? I dont think its gon na be that high. I think somewhere around 100 to 150, will be id, be okay with that and thats just what this uh.
What the log where the growth curve says, then, on top of that, we also take a look at uh. The pi cycle top and ive been talking this last three days, but remember theres been four times when its happened. Uh first time was in 2013. Also in 2013 happened: this is when the uh in the yellow the 111 day moving average uh goes on top of the 350 day moving average. So we had it twice in 2013 once in 2017, and we actually had it happen just a little bit ago when we topped out around 65 000 or so in april. One thing i want you to make notice see where the 111 day moving average this yellow line right here it starts as soon as it crosses they just kind of uh theres a divergence, and it just opens up. Then it comes back together. Then it opens up. Comes back together opens up, comes back together and look at what were doing now were opening back up to where i think we start to go higher and higher and higher. Until hopefully, we reach those those good numbers, then lastly, ill just leave you with this, and this is just a quick little chart. My big thing is uh im, not a chart person, technical analysis person and i love in the comment section. People like dont, use technical analysis, youre, not a ta guy, hey im, just trying to learn. You know you got to improve yourself.
I think right so im. Looking at this, the thing that i always see is this rsi, the relative strength index and it seems like every time we start to go above this 70 point. We got a big dip down right, it doesnt happen all the time, its just ta, its a self fulfilling prophecy. I think sometimes, but again, if when we go above it down above it down down down above it down down, then the same thing over here down down down, and i think we see it over this way we had a big ups up swing, whoops hold on Now you can see the rsi sorry, let me do that again so over here down up down up down and then over here were going all the way up and then what happens down and then were slowly building up again. So i believe well probably have the same pullback that we have every every sunday or monday and my friend alex masculi. He told me goes the easiest play ive been doing for the last 12 weeks. Is i buy everything on tuesday and i sell on a saturday or a sunday uh because or saturday, because thats like just clockwork and its been working out pretty well for them anyhow, so thats what we have as far as for the market data lets jump into The three reasons for a little bullish momentum. Besides, what we just took a look at so this was an article brought to us by the friends of the show jp morgan just kidding, not friends, of mine, uh, and it talks about institutional investors are dumping gold for bitcoin, seen as a better inflation hedge and It states here theres three key drivers, and i think this is the same thing weve been talking about in the show.
The first one is that the recent assurances by u.s polymakers policymakers theres no intention to follow chinas steps and ban the usage or mining of cryptocurrencies uh. We saw jerome powell uh, we saw gary genser from the sec said, the same exact things we dont care really about cryptocurrencies, except for the stable coins, because we want to build our cbdc or the digital dollar and we dont, like those stable coins competing with the Us dollar thats, essentially whats, going on just opinion. No, i could be wrong. Let me know what you think in the comment section uh. The second reason they say is uh the rise, the recent rise in the lightning network and second layer payment solutions, and then the president of el salvador claimed that three million people are saladorians are using uh, the bitcoin wallet chivo, and i was like, i wonder how Much the lightning network has actually grown well, we take a look at like nodes and this is from bitcoin visuals. This is bitcoinvisuals.com forward, slash lightning. These the nodes themselves have just pretty much grown over time and we have those people who are putting that much effort. Time and effort into building nodes or being part of the node and bringing part of the light network things are moving in the right direction, so it makes total sense and then lastly, the third reason is the re emergence of inflation concerns among investors and theyre all Freaked out because of inflation, which that really jerome powell from the fed said ah its just going to be a little bit and its like.
Oh its, been sustained, and then you know in six months, youll be like well thats a little bit harder than we thought. What are you gon na? Do so well see what he he says in the very end, but it wasnt going the way that he wants to then. Lastly, it states the trend of funds flowing out of gold in the bitcoin has re emerged in recent weeks. In may, jp morgan saw the opposite trend where funds flowed out of bitcoin into gold, which i thought was odd and im going to tell you why more than 10 billion has flowed out of uh gold etfs. But in the same time, period more than 20 billion has flowed into bitcoin funds, so im going to challenge you. I just want to take a look at some price action recently and over the last 10 years. As far as the number one crypto bitcoin, as as it compares the gold and before i go on uh just so you know i own bitcoin gold and silver, i have uh. I have no animosity towards any of them im just here as an investor. So take a look at this, so this is the gold price. What i did was i just uh put it up see if i can bring in here yeah perfect – i put it in as for the year and the year, its just all over the place right. Thats, just the gold price, all right, maybe you got it at uh, 1900 or maybe right now you bought it at 17.
60, not too bad, but not the gains you were hoping for. But again, you always think, like me, like, ah just a hedge well lets, take a look at. I dont know two years so in two years, not so great, so maybe its a hedge but youre not making a lot of money off it and actually youre kind of losing money, but again just the hedge right, then in five years uh. This is not looking good for me if i bought it down to 1100 and uh. Well. Actually, no excuse me its actually looking pretty good for me, because i bought 1100 and now its over at 1700, but lets take a look at 10 years. So in 10 years again, is it a hedge? Ah, whatever depends on when you bought it because in 2011 michael might have bought it at 1700 bucks, maybe and over here its around 1730. So again, not the uh uh. What i thought it might be as a store of value, perhaps, but if im trying to make money or anything like that, this is not the asset to do it. Im just thats just how it is and then well people say, but its a hedge rob its a hedge, but remember these dollars that you are saying like this is awesome. Just remember this uh the thing we just talked about as far as inflation, its still two percent per year, so in all honesty you have to outperform uh the price of gold dramatically just to break even and youre, not even doing that.
Now then, lets take a look at bitcoin, so heres the last year kind of the same thing of like we just saw with a gold a little volatile right, i mean look. We could have been down in the dumps 63 000 here at the top and then down here. 31. 000. Thats, never good, but we are back to 54, 55 000, so hey pretty nice day lets take it back. Lets go over two years. Okay now were talking. So over two years, sweet, mary and joseph i could have been – i could have bought it anywhere around here and i would have massively in profit. Okay lets. Take it over five years lets see what we got again, looking pretty dush darn good nine thousand. Maybe twenty thousand id still be at least two three x lets take it back to as far back as we can go well, 480, 480 bucks, 379 or whatever else. So again, if anybodys out there and theyre saying you know what, if you want to get rich, you got ta, invest in gold. The numbers dont support that, if you want to say it as a hedge, i guess, but in all honesty again you have to take into account for inflation so um. That is the bullish news, and this is why i think that were going into november. As far as like a tailwind, i think, were gon na see some pretty good numbers, especially as money potentially flows out of bitcoin, and this uh advent of a potential bitcoin etf, which may be good or bad, but at least itll cause a lot of buzz.
Let me know what you think about that in the comments section lets move on to our next piece. We talk about google and backed first of all, back weve been covering forever and backed was like one of those those companies. I thought was going to do really great because it is from the international uh continental exchange or ice intercontinental exchange, which is uh backed up by the new york stock exchange. I thought itd be great and its just been doing zip for the longest time, but good news on the horizon heres what we got so google collaborates with backed ic digital asset platform, backed announced friday was partnered with google to introduce digital assets to millions of consumers. Well, this sounds good kinda, but wait back was launched in 2018 by ice, the parent company of the new york stock exchange. So you think wow theres a lot of good money in there and theyre gon na do great. They just havent done anything. This app has been coming for the last ever and now its just barely here back to explain that users will be able to add their virtual, backed debit card into google pay to purchase everyday goods and services in store or wherever google is accepted. Well, that sounds good uh until you read the next sentence. Crypto such as bitcoin will be converted to fiat currency for these payments to occur well, thats, not so good, because what we want these payment processors to do is to keep it into crypto.
They wont do that because its way too volatile, but at least its a kind of a step in the right direction, but wait theres good news on the horizon, backed i selected google cloud. The company will make marketed solution powered by google cloud to leading retailers, backed also plans to leverage google clouds tools to build new analytics, along with ai machine learning and geolocation function. Why is that important im going to tell you why its important? First of all, i didnt realize that the backed app was actually out and you could do stuff with it, but here it is, you can download the app store or on the google play store. I downloaded my phone ive been playing around right now, ill. Tell you how it works in a little bit, but this is the cool stuff, so this is from the mac store. You can send money, you can pay a friend back instantly with backed send bitcoin to pay them with cash uh or gift cards 100 plus for brands, whether or not they are a backed user, whether or not theyre, a backed user or not. You can pay with bitcoin or cash use, bitcoin visa debit card to send bitcoin or cash in store online anywhere apple pay is accepted, and then you can track – and this is, i think, is the big one, because what we just talked about with the cloud storage Easily manage supported, rewards programs side by side with your bitcoin gift cards and cash and stay on top of all your money.
Convert points from supported rewards program, so this right here is why im like thats a pretty good thing now, theres other other programs that done that do that storm x comes to light right now, and the one were going to talk about in a second comes in The second comes in second second, but in all honesty, if were taking a look at rewards, why wouldnt these companies get on board? With this, like marriott chipotle, i guess chase alaska airlines, ultra delta southwest airlines, any kind of hotel chain any kind of retailer because, like oh, were going to get you these rewards because we want to pay in crypto, we dont care what they do were going to Transfer into fiat thats – fine, oh also on top of that weve got another machine. Learning and artificial intelligence and geolocation were going to be able to track so many things of what these people buy and give this data to you again, theyre going to take your data. Theyre going to take your data theyre, going to take your data, its just the nature of the beast, and these things these retailers are going to be like. I want that. I dont care what it is ill take the crypto also convert it whatever else. So this to me is positive. Unfortunately, the data stealing uh not a great thing, but it is what it is. So when we take a look at this, it is bullish news all the way around, but i think we are just a little bit more uh privy to the good information, so that is uh the conclusion of that one and then also when i think about rewards Programs and things like that, the thing that i always think about is stormbacks because, first of all, im biased and i have a lot of stormx and second of all, i use it, but then also uh.
There is another option, backed stormx and uh theres, a token that is integrated with amazon, ebay and walmart, crazy right and uh. It is called shopping. I o – and i just dropped the video on this on dan clips, which is where we do the advancements in digital assets and stuff like that, and i just went over a mini, deep dive and you can watch it. Its uh live right. Now there was, it was not a promotional video uh promotions are stuff like in the top left hand corner for i trust capital, but uh. I just do affiliate links these days, but uh anyhow, this shopping.io they only have its pretty crazy. They only have a million tokens, they uh their all time. High was around 300 now its at 50 and they have integration with all three of these companies. So if you want to check those out, you can do so theres the video ill link at the very end, its investment opinion on investment advice, looks interesting and thats it so look a lot of things going on. I think just like i thought, and a lot of people thought i thought october was going to be great. I thought septembers going to suck. She did octobers going to be good. I think november is going to be better and i think december is going to be fireworks its all going to be good compared to what weve gone through, so that is it for today.
So look if you stuck with me all the way. The end thanks. I appreciate it also uh, if you like this video, give it a thumbs up, helps with the algorithm all that stuff consider subscribing. We talk about these things every single day as far as whats going on the market, because theres so many things going on, but that is it thanks so much.