Bitcoin $69,000 Top? Terrifying News!!!
Oh no, 69 000 was the top its over were into a bear market. Now i dont think that is the case. Ill lay out my case for that in todays, video, also some terrifying inflation news that makes you realize why you need to have some bitcoin in your portfolio. My name is lark everyday. I make videos talking about cryptocurrency investing. So if thats a topic youd like to learn some more about, maybe just stay up to date with, then you should definitely subscribe to the lark davis channel. Also, you can take a second tap on the thumbs up button just for the youtube algorithm. I would massively appreciate it and obviously anybody who would like to receive a notification when i put a new video click on that notification bell by the way, if you are a crypto currency trader, you have got to get yourself an account over on femex. It is the best exchange for longing and shorting a wide variety of the top cryptocurrency assets. Bitcoin ethereum, polka, dot, cardano solana chain link. Whatever your fancy is theyve got it for you to trade, use the link down below. To start your account. You get 10 off of your trading fees and up to 12 hundred dollars in trading bonuses, now lets go ahead and take a look at the charts. This blew my freaking mind yesterday when i was looking at this chart and just wow. Of course we had this beautiful green candle came right up, bitcoin got up just just over sixty nine thousand dollars in smash smash down, we went and where did we go? Oh to retest the breakout line? So, of course, we had this big beautiful triangle here right there, nice, and this top line here was acting as our line of resistance had a beautiful, dramatic, big breakout and a dramatic retest right on.
I love it, thats beautiful that is beautiful. Now a breakout and retest like that is a technically bullish thing, re testing, the resistance and then pressing higher. Hopefully that tends to be a bullish move here for bitcoin, but that kind of scary drop gets a lot of people freaked out. They start going. Oh no! This is the end thats it its all over bitcoins, going to zero again, of course, just to put it in perspective, theres, just a nine percent daily drop for bitcoin that aint no big thing thats just another day in bitcoin. You know we just had a daily candle where bitcoin went up by seven percent aint, no big thing, aint, no big thing. The one thing, though, is that when bitcoin does this, it tends to drag all the alt coins down with it. Everybody starts panicking running for the exits over leveraged traders, of course start getting washed out on these kinds of situations. However, that was a potential i think bullish retest now could we see the price come back down to retest even 62? 000. Maybe a farther point on this line here. Yes, we could – and you of course, should be prepared for that eventuality. I think before we push off to a new all time, high beyond 69 000 – maybe well get up to 69 420 in the next one, but before we do that, probably gon na see a bit of volatility, so a retest of 62 thousand dollars would not surprise Me at all thats been a very, very, very important area of price resistance for bitcoin.
You can see it, of course, here being a very, very important area of resistance, but as well all the way back here was a major major area of resistance as well. So seeing a retest of this area would not surprise me at all, but sixty nine thousand dollars its not the top thats, not the top thats thats, not where bitcoins stopping. We are going to go much much higher than sixty nine thousand dollars its two steps forward. One step back all the time with this market, you can see just its just how it is big, run up down big run up down big run up down big run up down down farther big run up down again. This is the nature of the game. Dont. Let it surprise you when it happens: bitcoin still going to a hundred thousand dollars, i think, by the end of the year, so its really not even that far away right now, you know at 64, 000. 100, 000, its really its just so close its really. Not even far away well just put that there, its a 55 total move higher for bitcoin. It could do that real, quick, real, quick, thats, the same amount of gains by the way we had from you know, september up until the october peak. So this is a very, very possible move for bitcoin and when you see stuff like this, you start to realize, of course, bitcoins going to a hundred thousand dollars.
Of course, 69 000 us dollars was not at the top for bitcoin. These charts, as well as the inflation news, were going to talk about in a minute make it so damn obvious. Here we go 12.9 percent of the total supply of bitcoin sitting on centralized exchanges. Right now we have demand continuing to rise, the long term holders, basically not selling off their bitcoin. The amount of bitcoin on exchange is continuing to fall, so you can see here. This was back at peak bitcoin back in this area. Ever since then, which has been a downward trajectory demand, keeps rising. People keep buying bitcoin, taking it off of centralized exchanges, dumping in their cold wallets waiting for the number to go up using it as a store of value using it as gold 2.0 within their portfolios. So this this is just going to keep falling its 12.9 percent today its going to be 12.5 12 by the end of the year by this time next year, its going to be what nine percent something like that it will just keep falling bitcoins a scarce asset And only a tiny percent of the worlds population has access to it or has uh exposure to it. I should say everybody has access to it, but they dont have exposure to it. They havent bought it yet, and everybody is going to want a piece of that pie. We also see the bitcoin supply the illiquid bitcoin supply continuing to rise, so that is bitcoin basically sitting in hardware.
Wallets people arent moving it theyre, just theyre sitting on it waiting for the number to go up now. Bitcoin bull bill miller came out and said that every major bank, every major high net worth firm, is going to eventually have some exposure to bitcoin and hes. Absolutely right remember: the supply on exchanges is only going down here. We have a situation where every major bank high net worth firm public fund, private fund company, millionaire billionaire people, hundreds of thousands, middle class families, pension funds, endowments family offices, your local rotary club. I dont know the boy scouts everybody. Everybody is going to have some exposure to bitcoin in one way or another: the retirement funds, the the etfs they invest in, whatever its going to have exposure to bitcoin and theres, only 21 million of them and of those 21 million. You know we still have what two million to be mined over the next hundred years. Most of the course will have happened by mid 2030s, but we only have around two million bitcoin sitting on exchanges right now: thats, not a lot of bitcoin thats, not a lot of bitcoin third of bitcoins been lost forever, the rest of it long term holders, people Who are just sitting on it? They dont need to sell it. If youve been in crypto long enough, you dont need to sell your bitcoin youre getting passive income youre staking coins youre, providing liquidity. Doing all this stuff. You dont need to sell your bitcoin.
You can just sit on it. Thats a lot of people are doing. Why would you sell your bitcoin if you didnt have to thats exactly what is going on here? Its gon na go a lot. Higher hundred thousand dollars is coming. Half million dollars flipping the market cap of gold, its coming its only a question of when, when you start to understand how funny the money situation is right. Now you understand as well its inevitable to see the hundred thousand dollar the five hundred thousand dollars. And yes, i strongly believe the one million dollar bitcoin by the end of the decade. Inflation just keeps working in our favor and look if you are somebody if you have friends family members, all this stuff who are just sitting in cash and they have their money in a savings account earning. You know 0.01 interest theyre gon na get crushed so bad. So bad and its happening to everyone everywhere and look, it happens more dramatically. Sometimes you know venezuelans and bobby those were dramatic cases of inflation, but weve also seen a lot of other countries. Uh, lebanon, turkey, sudan, nigeria, argentina, others, dozens of others that have suffered from not a zimbabwe, venezuela style inflation, not that bad but 50. In a year, for example, thats bad thats, bad thats, really messed up. Half your savings gone in a year, its a magic trick. Central banks are magicians, they make your wealth disappear and look, you might think.
Well, you know hey im in the dollar im in the euro im in the pound. Those are strong currencies. Theyre gon na do good nope. Every single currency is bound for zero theyre. All gon na go down the toilet. Look at the history of fiat currency. Their charts are all like this. Just down down down down down. Last year, weve seen record inflation uh. You know massive money, printing insane debt, it just its its silly at this point. So here we go, federal reserve said you know, of course, that inflation is just transitory, but here we are inflation just keeps rising. This is in the us. Consumer price index went up to 6.2 percent in october, now, thats crazy, thats, a lot thats a lot thats. A lot lets keep it real guys. That is a lot, and i like what mark usko says: stop calling it inflation recognize what it truly is: a massive currency, devaluation to bail out the kleptocrats, absolutely right, absolutely right, most of the money printing thats happening right now. You know if they were money: printing to you, know, house, the homeless and feed the hungry, and all this stuff youd be like yeah. You know: okay, inflations bad, but at least theyre doing something good with it, the inflation you have right now: the currency devaluation. As mark says, its all going straight to the big bank, its all going straight to big corporations, its a big club and you – and i aint in it, which is why you have to buy bitcoin – opt out of this insanity.
You have all of your wealth sitting in fiat. You should be freaking the freak out right now, man because heres the numbers for you. If inflation stays that high and look maybe it goes down, maybe it goes up. Remember the fed said: inflations just transitory and theyve been saying that for 15 years, something like that, it just keeps going up at 6.2 percent inflation rate, assuming it doesnt go up or down. You lose half of your wealth stored in fiat every 11 years. So your hundred dollars today will have half of the purchasing power in 11 years time. Oh sure, it still says 100 on the piece of paper, but that piece of paper buys half of what it does today in 11 years. You know what your bitcoins going to buy in 11 years, a hell of a lot more. I love a lot more. Your bitcoin is going to keep going up. Remember its a scarce asset, theyre, not inflating it, no ones, manipulating it its math, its math. It just keeps ticking over tick, tick, tick, tick, tick, tick, tick, tick, tick, tick, tick, tick, tick, tick, blocks, keep coming, bitcoin keeps bitcoining its all predictable, math digital store of value. Gold. 2.0. If you want to escape the insanity of fiat inflation currency devaluation, thats going on, you should have some bitcoin. I feel like its irresponsible, not to have bitcoin at this point, because the only real risk over all this time with bitcoin has been not having bitcoin anyway.
Just my two satoshis for the day, your question is inflation, something that you actually think about. Is it something that worries you? Are you seeing the results of inflation around you in your life as well? This is something i think very interesting. Have you noticed the price of stuff going up? As you know, the price of food going up the price of gas going up. This is something youre paying attention to. Is it something thats affecting your life already? Let us all know down below in the comments section.