I look at some parallels that we could see with a bitcoin futures etf approval and what we saw with the cme futures approval back in the day. Also a reminder in this video why bitcoin, really all of krypto what were building in this industry is so damn important, also, of course, diving into the technicals. My name is lark every day i make videos talking about cryptocurrency investing. So if thats, a topic youd like to stay up to date with maybe learn some more about make sure you subscribe to the lark davis channel. Also, if you take a quick, second and gently on the thumbs up button for the youtube algorithm, that would be massively appreciated and click on the notification bell. If you do want to know when i put out a new video by the way, every single week, my team and i produce wealth mastery, this is a cryptocurrency investor report designed to help give you an edge on the market. Every single issue you are going to get a deep tive altcoin report, top tier technical analysis, a step by step. D5 tutorial token sales, air drops portfolio updates, nft news, so much value in every single issue and its all just for 10 bucks a week. Click on link down below me here, we can learn more about becoming a member today. Now lets go ahead and turn over to the charts. Here we can see. The weekly close here for bitcoin was absolutely freaking, beautiful that weekly candle right here pushed us up above the resistance at 50 000 and also broke us more importantly, over the downtrend.

So this right here ever since april, we have been in a downtrend for bitcoin. We had an attempted breakout here back in early september, that was of course rejected pretty soundly. Then we had this its come up. It has broken above this down trending line right here now we are getting close very close to reaching a new all time high for bitcoin. Of course, our next major major area of resistance is here at sixty thousand dollars, so that is the big one. We need to tackle next. That may not happen on the first try. Of course, we get a bullish news: catalyst like an etf approval, yeah thats, just gon na cut like cut through that, like a knife through butter. If, however, were just gradually moving up, we dont have any big catalysts. We could see a rejection in that area. Im still personally looking to be honest for a pullback into this area to retest the breakout line as support, so that could see the price coming back down to 50 000 to re test. This line here, or even of course, come back over and re test. The downtrend line here either one of those serve as the basically the same price target right around 50 000. I would not be surprised to see it happen. We could even get all the way up to 60k before we see a reversal down to 50k and then, of course, bounce off to the moon.

But man we are getting close were getting close to that new all time high and look if we, if we do get down to 50k ill, probably add some more bitcoin there, because thatll probably be one of the final stops before. Of course, we head off to the moon, get our move up towards 100k. Keep you updated, as that happens of course, but man seriously 65k its not that far away were only nine thousand dollars away from the all time high right now guys for all those people who still think were not in a bull market. This is bear market. Look back at the history of crypto bear markets. Tell me when this has happened. Tell me when we saw the price of bitcoin get within was not 12 13 or something away from the all time. High right now, hasnt happened thats when it hasnt happened. This is a big deal were seeing right now were getting ready to push up for new all time highs. The only question in my mind is: are we going to hit 60k first or are we gon na hit 50k? First, before that happens, remember a pullback to retest resistance, flipping into support its a technically bullish move, so something to keep an eye out for, but im rooting for just lets. Just do it. Man lets do it lets blast off. Lets crack 60k lets crack 65k, bring in the bull energy and start painting some new.

All time highs. I would prefer that but im also a realist who understands that. Well, we may get a pullback situation to retest these areas, no guarantees just something to have on your radar, but lets get into the etf news. Block fi has filed for a bitcoin futures etf, making them the latest in a long line of companies chasing after a bitcoin futures etf. So this is a bitcoin strategy etf. Now this is what the sec has said they would like to approve. They would like to approve a bitcoin futures etf product theyve, said uh right now. They dont really want to see a spot bitcoin etf being approved, which, as you know, is some total freaking bs, because a spot bitcoin etf, its the better product, its. What people actually want to buy a futures etf, its paper garbage, but you know make market, does love paper garbage? So even if we get one of these inferior products approved, we could still see a big price pump anyway. The blockfi bitcoin futures etf, its got to get the frick in line because theres a lot of other bitcoin futures etfs in front of it. As they say here. This report from bluebird intelligence, the sec will likely allow bitcoin futures etf to launch this month. Pro shares will go first. If the agency follows this typical path, though allowing multiple etfs to begin trading at once would um avoid providing a first mover advantage. Pro shares filed first and already launched a mutual fund in the u.

s, with the same strategy on schedule. 77 days after filing theres a chance that valkyrie wins initial approval, despite filing after pro shares in vesco and vanek, due to the strict language in its prospectus, limiting investments solely to bitcoin futures. So that is the one theyre giving four to one odds here. Pro shares that dates coming up first october 18th, theyre, giving it two to one odds being approved valkyries on october 25th. So these are the two most likely ones that were going to see for potential approval here: invesco october 19th, thats a day after pro shares vanek october 25th, galaxy november, 1st advisor shares november third block fly some point off in the future. Now, theyre, not giving super awesome odds to galaxy and advisor shares at this moment, van x 201 invest goes nine to one the likelihood that we see either pro shares, valkyrie or invesco getting approved pretty damn high. If you ask me if it was just one of these well, you know, but the fact that theres, so many of them out here to get approved – and this is the exact product the sec said they want to approve yeah theres, like 20 spot bitcoin etf applications. In but they dont want to approve those they want to approve the cme futures, backed bitcoin futures strategy etfs. Now these are an inferior product. Again i just like make that clear. These are inferior product to a spot, bitcoin etf, which is the superior product, but even if we get this inferior product launching you have to understand how bullish this is for the market overall.

So let me just share this with you, because this explains it all. Remember we have a high chance of seeing one of these getting approved this month. Lets dial back the clock. Lets look at 2017 2017. What happened this day right here? We saw the cme futures getting approved so that got approved by the cftc. What do we see immediately after approval bitcoin moved from fifty five hundred dollars up to about seven thousand dollars? What happened then? A big sell off happened. We saw the price bitcoin go from seven thousand dollars down to around five thousand dollars. We had that initial. Oh, my gosh, they approved this futures product. Then of course, things chilled out and then the real rally started. Bitcoin went up 225 from the date of the announcement that there would be a launch date coming in uh december 18th, and then you see, of course, this incredible rally that happened. So you have to understand the bitcoin futures etfs from the day they get approved. They dont start trading the next day, theyre likely to get approved and then a month or two months later they start trading, and this is the price action. This is what happened in 2017 for the cme futures approval, the bitcoin etfs are a fundamentally more bullish event. Even if were talking about bitcoin futures etfs, now, of course what happened in that situation, we saw an incredible sell. The news event. This was the buy the rumor right here.

Well, actually, youre youre early buying the rumor. If you were buying here in anticipation of the the actual whisperings of this going on, and you can see, there was a decent market rally leading up to that. Some people knew what was going on. Some people got advanced notice of this situation, as always happens, then, of course, the actual announcement was made. The initial rally, the initial sell off the mega rally in anticipation of the final launch, the launch happened and down it, went the biggest sell. The news event in crypto history itll be interesting to see if it all plays out in a similar fashion. This time, where we get bitcoin futures etfs approved, we see a nice rally, good correction and then the mega moon rally where we get. You know 200 150, 300, whatever the number is going to be its not going to be 225 again, obviously, but were going to see a big rally. Q4, of course, is usually a big rally in the year after the bitcoin having we are now in q4. This bitcoin futures etf approval. We could see a rally much like this playing out, but you have to keep up youre, definitely in mind there of the sell, the news event that will come on the launch date of those etfs. It could be significant, its always the chance that we buck that trend. We start getting some spot bitcoin etfs approved, which make the market even more bullish because remember, spot bitcoin etfs are actually macro bullish for the market because they suck up loads of actual bitcoin and then push the markets higher.

These futures, etfs theyre all paper theyre all garbage. They have the potential to start a bullish news, catalyst event. Much like the cme futures did, but they dont actually provide real value to the crypto market, but they bring in incredible speculation, which you know thats its own good thing. I suppose right so well get to all. All of us will get to sell our altcoins for incredible amounts of money. Itll be great. It will be great but thats, something i think we should be watching out for in this whole bitcoin futures etf conversation. I would not be blown away if we saw something similar actually playing out with that whole scenario. Final bit of conversation with you today, i know we talked about lebanon recently well theyre back in the news again, this as part of the pandora papers leak that came out so apparently lebanese political and financial elites have been doing the old fashioned do, as we say, Not as we do so, the elites in lebanon, what they did, they collapsed the economy of the country. They completely destroyed the local fiat destroyed peoples, livelihoods sent inflation going through the roof. People cant afford food people cant afford medicine, they drained the banks of their dollar reserves. They introduced capital controls. Think about this, the political elites they introduced capital controls telling regular people. You cannot send money abroad. If you have a child studying overseas, you cant send them money. If you have somebody a family member, whos, sick overseas, you cant send the money or its much harder to maybe have to go and get an exemption.

Maybe youre allowed. If you beg the bank and beg the political class, youre allowed to send a little bit of money to somebody, while all this was happening. Well, these guys are burning the country down. They were looting the banks, they were looting the economy and they were taking their money going around their own capital controls that they themselves introduced buying properties overseas, offshoring all the money in foreign banks every single time, with these political elites, its the same. Damn thing they enforce rules on everybody else and theyre doing all kinds of criminal stuff. In the background, theyre doing the insider trading theyre, avoiding their own rules, theyre, avoiding their own taxes, the taxes they put on you, they avoid them thats. What the political elites do in almost every country, lebanon, just a stark example of why you really need to buy bitcoin, because anybody who was clicked on to bitcoin they could have received remittances in bitcoin from family abroad. These political elites and their banking lackeys. They cant stop that if they had bought bitcoin before everything collapsed, they would have protected their wealth dramatically, while the local fiat currency has gone like this. Bitcoins gone like this straight up. Big big difference. Bitcoin is literally out there. Saving peoples financial destiny right here. Right now, its happening its not just lebanon, its not just lebanon. You guys know its not just lebanon, its happening all over the world. This picture right here, wow i mean just wow.

Can you imagine if that was your reality? Can you just imagine that if you had to take a wheelbarrow full of money down to the market to buy bread, people in a lot of countries have had to experience that all fiat money is on a trajectory to zero? The only question is how long it takes each individual one theyre all heading in the same direction in bitcoin its heading in the opposite direction: cryptocurrencies theyre, changing the game. People dont have to suffer the treachery and the deceptions and the hypocrisy of the banking infrastructure anymore. They have a choice, they have an option, they can opt out, they can buy bitcoin there you go there, you go guys crazy, stuff. Anyway. Your question for today do you think that the approval of a bitcoin futures etf is going to spark a mega rally for bitcoin or maybe not maybe lark come on man, its all priced in already totally efficient market.