WARNING! THAT WASN’T THE BITCOIN BOTTOM!!!!
Yes, you guys, i am in new york at nfp nyc checking out all the nfp events and whats going on in the city went to a pretty cool party. Last night um had some fun and the markets theyre having a little bit of fun too bitcoin is a bouncing. It hit a low, a bottom and we are bouncing as of right now, so the price dumped to a low of below 18k and a lot of people are asking is that the bitcoin bottom well im gon na, explain to you guys why i think it isnt Um, so over the past two days there has been a pretty dang sharp rebound. Um were above 21k as of shooting this video and since the bounce since weve bounced over these past couple days, there has been over 620 million in shorts that have been liquidated. So what is this my opinion, its a definite short squeeze? We had overly bearish shorters shorting, the market thinking were going down further and they got liquidated to funk by the market makers across the big exchanges, finance, ftx and the like. So why dont? I think this is a bitcoin bottom. Well, we havent had something that happens. Every cycle, its called the minor, capitulation its when the hash rate it dips and it dips pretty significantly and actually the bitcoin hash rate is starting to fall, my friends its starting to go down um as of right. Now i think we hit a peak of about 231 million tara hashes a second and as of we got below 200 million cara hashes for a second but the seven day average, as of right now is about 200 million.
Just above that, so this is actually good. That hash rate is starting to fall because it does mean we are getting near the bottom. The bottom is getting near. I would say within the next couple of months and ill explain why, in a second but um, the last to capitulate in a cycle is, of course you know all coin. Prior projects start capitulating bitcoin in the top altcoins start capitulating price going down. But the final thing that capitulates every cycle is the bitcoin hash rate, my friends so now that were starting to see it beginning its not a bad thing. So in the 2018 bear market um there was a minor capitulation and there was a 35 decrease in the hash rate from about 54 million tera hashes, a second down to about 35 million tera hashes. So if things are going to be the same and if you guys know my saying i say all the freaking time is the more things change the more they stay the same. I would expect that bitcoin to follow a similar pattern and we will see about a 35 hash rate capitulation between the miners, so that would mean the bitcoin bottom will come when the hash rate drops by about 35 and that would take it from 231 million. The top that we had just a few weeks ago, down to about 150 million tara hashes, a second um when is that going to come well ive, been making a prediction that the bitcoin bottom um would be coming sometime in september.
It could come a little earlier. It could come a little later, but i have a feeling that will be the bitcoin bottom and we are going to have the capitulation, dump and ive been saying its probably going to be around 14k um. So if we have, you know a strong dump from say we rebound up to 22 23 even 25 000, and then we have a strong. You know a couple days of selling where it gets down, wicks down to 14 million. That will be the capitulation dump and i have a feeling its coming near september of this year could come a little earlier. It could come a little later, but that is my prediction and im going to hold that for a long time. So we havent bottomed out, yet you know and theres actually some big people in the space pintoshi. If you havent, followed him on twitter, i would highly recommend it. He basically called this bear market that when we hit you know above 60, 000 for the second time he called that we were going to go back down. Well, pintoshi actually is saying as of right now, where the price is, we should think about taking profits here, because he thinks we are going to have another downturn, and this guy has predicted not only you know, i was falling from 60k. He predicted the big dump from 30k down to 20k here just recently, so the guy knows what he is talking about, but regarding minor capitulation, so babel finance, if you guys dont, know who they are theyre a lending platform primarily for bitcoin miners, and they were looking Like they were going to be insolvent, but as of right now they have a bailout.
So a bailouts coming to save babel, finance um, it doesnt mean babel. Finance is going to make it out of the woods, but they have been extended lines of credit to keep them afloat which is going to. You know keep the hash rate from capitulating for a little bit, but i have a feeling they wont be able to. Last babel. Um has been known to run into problems march of 2020. They had to be bailed out and guess who are they? They were bailed out by none other than tether usdt, so id expect their baler outdoors to be the same. Tether usdt as tether probably has a significant amount of babel assets and just babble. You know loans on their balance sheet, so they cant have them going under because if they go under, that is very bad for tether usdt, but speaking of um bailouts ftx. So a lot of people have a feeling that ftx is you know playing god in the markets right now they have a feeling the downturn and all these liquidations was primarily done by ftx alameda research and those entities and as of right now, ftx is being the Government they are bailing out all these crypto companies, so ftx just extended a 250 million dollar line of credit to none other than block b block fee yeah block five. They are um another crypto, borrowing and lending platform, um centralized entity, but they were running out of money and now fpx has came to the rescue.
So i mean i posted a video last week regarding, i think, theres a war going on in crypto for control. I have a feeling, tether and ftx are trying to break away from the tether cartel and create their own. You know cartel that controls the crypto markets and that is coming to a stable coin that they are invested in usdc as usdc is actually looking to flip. Flip the usdt market cap, and that is pretty insane. I never thought i would see it. You know in probably not in this cycle, probably not next cycle, but it is happening as of right now, but lets talk about. You know some things that arent necessarily bad in the crypto markets. Um gmx, so ive been talking a lot about gmx lately, im one of the first youtubers to find it and cover it, but they are holding up well in this downturn, probably one of the best altcoins out there sitting at about 18 right now and arthur hayes. The old former ceo of bitmex, a perpetual leverage exchange, is extremely bullish. On gmx hes bought over 1.5 million dollars of tokens and in his latest blog he spoke highly of it, saying its the best decentralized leverage platform out there. So again, i am extremely bullish on gmx gmx pays out 100 of the fees on the decentralized exchange to the token holders 30 to gmx holders 30 to their liquidity. Token glp so um i own both and im earning ethereum im earning ethereum um from users that are leveraging in these markets.
So another thing i got to talk about is what gmx is on its on primarily a layer 2., its on other chains, besides ethereum and their layer um its on arbitrum, but its also on avalanche and a few others. So you get paid out. In the native token, for whatever chain, the person is using to leverage with um, but if you use gmx, you are using arbitrum in their layer. Two, as we know, optimism did a airdrop kind of funked it up. So this leaves the room for arbitrarium and their airdrop to pull it off. You know perfectly flawlessly and if youre, using gmx youre actually setting yourself up for the arbitrage airdrop, which i have a feeling will be coming this year. So you guys markets are rebounding, but again i do not think this is the bitcoin bottom. I have a feeling. We will go a bit lower, um sideways action in between 20 to 25 for a little bit before a capitulation jump done, cheers you guys um, maybe ill.