The Beginning of the End for Crypto: First Time EVER for Bitcoin
All right guys lets look at this in todays video, the news headlines, the pricing where we currently sit some of the first ever times for bitcoin some of the majors. So make sure you have smashed up that, like button to new all time highs, youre doing extremely well. So thank you for your support on the channel here during these extremely difficult times in the crypto market. But of course, when the markets are down at these low prices, 70 off their highs, provided they are the beautiful cryptocurrencies that are going to make us all extremely wealthy in the years to come, then these are the best times to be in the market. The best times always feel like the worst times, and those great times at the highs are the worst times. Dont ever forget that, and it is something that we need to repeat to ourselves. Over and over again and years on, you know ive been investing for 16 years. I still need to remind myself of that, especially at the highs, because a whole breed of new people will come to the markets at the new highs. They absolutely have to thats going to be in reta retail, smart money. Vcs all of the new people will come to the market at the highs as well. So we have to remember that, when this happens, its probably time to start getting a little more fearful and taking those profits, speaking of taking profits and trading check out, our sponsor buybit link is in the video description.
The world series of trading is on at the moment, so use those links to sign up to get extra rewards on top of whats offered here, plus, you can get up to 4 100 of sign up bonuses if you just want to trade spot on the buy Bit platform, it looks very similar to binance and those sort of exchanges. And, yes, you can trade spot or you can trade leverage, but the leverage is for experienced traders. So just make sure you have experience, have a plan. Use stops stay protected, but what you want as a trader is volatility, and that is what the markets are giving us now theyre giving us volatility the stuff that traders dream of they dont want to see sideways, boring markets. Now the massive headlines that everyone has read by now and i think, is going to be part of the beginning of the end for crypto are things like celsius, so i wont dive so much into this because its been mentioned so many times before. If you are with celsius, you know that your withdrawals have been paused. The ceo says theyre working on something to get them unfrozen. Of course, we all know of the rumors, or at least some of the stories as well, and some of the facts that they have withdrawn hundreds of millions of dollars from the platform and now trying to figure out what to do. This could be a bad thing for people to have crypto on celsius, and these guys have got their intel working webs all involved across the space, along with our other guys.
Here these major hedge funds, three arrow arrows capital wobbling, a major crypto hedge fund – is wobbling as 10 billion caesar spate of liquidations. So we know about liquidations and and basically what im getting through here is that there are liquidations on top of liquidation. On top of liquidations and were seeing that across twitter and the news headlines, which is why i think these guys have probably already started to sell its more than likely, they would have been selling through this first down leg from the march peak into that may low And they knew what was coming for their vc hedge funds and any other investments that theyve made. They knew that it wasnt going to go on forever, but they tried their absolute dangers to give the visual as if it was going to happen. Just like a lot of new retail investors, these massive hedge funds and billionaires live in fantasy worlds as well. I bring that up and im not trying to have a go at anyone, but we often put a lot of people up on pedestals, whether theyre vc funds that have billions of dollars like zoo, zoo here that um managed the three arrows capital and talked a lot Of smack about all other projects except the stuff he was investing in, he had a lot of terra luna that obviously went to zero. Avax talked that up a lot that has obviously gone down. 70 80 percent theyre also invested in gbtc or had some sort of play.
Some role in that and obviously gbtc is also well and truly underneath the price of bitcoin so thats, the bitcoin that you can buy with grayscale and thats at a discount, 20, 30 discount. So they have done some extremely bad investments and have lost people, hundreds of millions and potentially billions of dollars. So these people that we put up on pedestals, i dont think, is necessary and they dont know everything just because they have billions. I think they just have more of the guts to go out and ask people for money to then invest it on their behalf and then, of course, make risky decisions with all that money. It spikes up. You look like a hero in the short term for a year or two, and then all of a sudden, it all has to come. Unwound now, im, not sure. If michael saylor, i would throw him into that boat as well. But of course he does have billions within this company and buying bitcoin at all sorts of prices. Hes still got that long term view for bitcoin, but were throwing this into the basket of the margin, calls on the liquidation. So my sailor says here they wont face any margin, calls as long as their loan to value ratio remains below 50. Obviously, the speculation is that they potentially will get liquidated, but i think were pretty sure to see that these guys will probably be in a lot of trouble.
Three arrows capital weve, seen it from the ceo saying that theyre in communications with relevant parties and fully committed to working this out. Of course, its probably liquidation celsius, probably going down that same path as well, because the money that a lot of these companies get. They then throw into other vehicles like celsius and then celsius, throw this them that money that theyve received into other vehicles and theyre all just pissing in each others, pocket making that few percent that they then pass on to us as the customers of any of these Sorts of apps, and eventually it all comes tumbling down and someone else who got caught up in the tumbling down of luno is mike novogratz galaxy digital. But he also writes here in crypto winter intensified in july. He thinks that two thirds of crypto hedge funds will go out of business. I mean it looks pretty straightforward now, but it is definitely something that happens time and time again. So lesson is lets not put these people on pedestals. Any of these guys whove got hundreds of millions, if not billions, because at the end of the day they can be heroes at the beginning and then afterwards, someones got to be left holding the bags. They have become the dumb money also into the dumb money. Space is tron, tron dao is pulling out 2.5 billion trx from binances. The usdd slips further from the peg. So tron is an old crypto from the previous bull market and really continuing to try and keep face here, but theyve created their own usd stable coins similar to what happened with luna and ust.
And of course they look like theyre going through the same fate again. Usdt, however, so us dollar tether is still holding in there, the price the peg is still holding up relatively well, considering all the fud that continues to come out for tether. In this case, people are pulling 1.6 billion out of tether this week and that, of course, is just showing the drop in the um, the holdings of tether itself and sure we can see here, theres nearly 70 billion 70 billion in circulating supply, but the peg still Relatively stable at one dollar and tether has been around an extremely long time and gone through a lot of ups and downs, bear markets, bull markets and continues to survive. Yet again, they are one of the trusted stable coins as much as it sounds, crazy, uh being centralized, but theyve been around a long long long time. Now, if the aussies someone else that is trusted swiftx, i hope you like that integration there swiftx sponsor of the channel if youre looking for an aussie cryptocurrency exchange link, is in the video description, 10 bucks for free bitcoin. If you sign up using these guys down below and theyve weathered a previous bear, market theyve been through this bull market, were in another bear market thats the sort of signs i want to see from exchanges now, of course, there are no guarantees across anything in cryptocurrency. We should know that by now, but it is good when a company has gone through a bear market or even built in a bear market, survived the bull and then were coming back to a bear theyre the sort of things that i look for.
I also look for the fear and greed index, and this is that extreme fear its nine today yesterday was seven day before was seven again and then eight so weve been at single digits now for four days this has probably been one of the most extreme times In the fear and greed index and, of course its showing on the bitcoin price were down at uh 20 300 bucks. Today, yesterday we were looking at the possibility of a trap in crypto and for bitcoin we saw a tiny, tiny update after several days down. You can see here red red red red. This was a lower high lower low, so that is a red day for me, but this red day actually went high. I had a slightly higher higher than the previous day, so that put a stop to our 7 to 10 day rule down, but the market then closed down lower. So, although i thought we might have seen slightly higher prices rather than just the top here at nearly 23 000, i thought maybe on this rally and we havent broken down from that low yet of twenty thousand and seventy bucks. But i thought this rally might have the possibility to come up and test about 24 25. 26 ks, but well leave it around 24 25k, just as a test before potentially seeing a little more downside and the the first ever for bitcoin is still hanging on by a thread of going beneath the previous old.
All time high were just a few hundred bucks off it now, the previous old all time high is at about nineteen thousand nine hundred, depending on which exchange, of course, and so were now at twenty thousand four hundred. So five hundred bucks off that previous old all time high, i think eventually well get there how we get there well wait and see, but in terms of uh the the beginning of the end, everything i looked at earlier in this video looking at all of these News headlines about the major liquidations that could wipe out a lot of cryptocurrency companies – businesses, um, potentially crypto, earn apps uh cryptocurrencies themselves. This is all now a lot of public news and you can see that the fear is still extreme. Prices are still where they are. The the beginning – and then you could have said – maybe that was back in may when we went to that big plunging low of 25 000 and its not that far down to where we are now. You know, 25 to 20 is 5k difference approximately 20 percent. But if we look just that little bit further down were now 71 down from the all time high for bitcoin, when a lot of people thought this would never go less than 50 percent. If you missed out on the bull market, there was this. This whole theory about a bitcoin super cycle where the price would never drop more than 50 percent absolute garbage, and i said it was garbage at the time publicly on the channel and im sure a lot of you guys chimed in and knew that it was absolute Garbage because its just there to confuse you as an investor and try to pump up the new people with the bullish opium and get people suckered into holding the shitty bags.
Now im not saying bitcoin is but 70 loss is quite crap. If youve got in right at the peak listening to all of this nonsense, now to the downside, if im looking between that sort of fifteen to nineteen thousand dollars as a potential low, that fifteen seven its about a twenty twenty, three percent drop from the current price. Not that far off for me, beginning of the end, i still like dollar cost averaging here, i was talking about dollar cost averaging all through may and june, with the extreme fear of the fear and green index at 15 and under and weve seen a lot of It at 15 and under and sure its 28, but you dont know at the time if its going to go up, you just dont, want to be buying any of the dips on the way down. Thinking that the markets going to be driving up to 70 or 80 or 100 grand you know, the dips are way down from 69 down to 60.. So this is why i look specifically at major panic times and major panic times. Uh happen on the way down and we got 25 28 29k bitcoin. We got 20 21 22k bitcoin and if we see 15, 16 17 thats going to be major panic as well, and hopefully its going to be under the 15 on the fear and greed. For more buying opportunities on bitcoin, but if we only have about a 20 down from here and if i look at the total from the top to that level, thats about a 76 percent.
And if we go that bit further down to about the 80 odd percent. Thats bringing us at around 13 to 14 000 for bitcoin. Do i know if its going to get there? Of course, i dont know but im just looking at about an 80 drop there based on the history of bitcoin. We know that these times in bitcoins past have done approximately 84 down from the all uh the previous all time high to the low, and is that going to happen again exactly honestly, i dont know, but 80 percent has been a regular occurrence here for bitcoin. So if i just look 80 down and from our current price, you know were looking at that 20 to 30 percent from the current price in terms of a dollar cost averaging. If you have a two to five year plan, then, if somewhere in that 30 range doesnt seem so bad youre going to have to cop some sort of loss, eventually uh well, at least the holding price of the dollar cost averaging crypto that youre that youre buying In this case, im just specifically looking at bitcoin, because i think this has to go in a bull market before we then get the flow through effect into altcoins for those next altcoin seasons and ill. Im. Sticking to my word here, ive said it all along. If the, if these old coins dump 99 90 to 99, most of them arent going to come back and the ones that do are probably going to take a couple of years at least – and we have to see bitcoin get into a bull market.
For that to happen so im patient on the old coins, i think weve still got plenty of time with the altcoins and for bitcoin were coming towards the end of the move like weve looked at from the beginning of this year in december of 2021, somewhere around Quarter three quarter: four, i thought maybe late quarter two, but basically this last half of 2022 is the extreme part where we will see those lows and regular viewers know that that is what we have spoken about from the beginning of this year. Looking towards the end of the year, quarter 3 end of the year 4 that major low. We can see now late quarter, two nearly there and uh, i think its the beginning of this end, which will then be the beginning of the next stage of that potential accumulation. So im excited this is the better times. This is the better prices stick around like get this video up to a new all time high on those likes and, of course, check out, buy a bit link is in the top of the video description.