Bitcoin is worthless within a decade. Crypto and blockchain technology will be the 12th second mechanism. What in turkey town is happening to bitcoin right now, has bitcoin actually bottomed with this long term, fibocini level once and for all, and more importantly, has. The ultimate bottom signal already occurred right in front of our eyes and is now the time for the moon. Boys to re emerge more blindly bullish than ever before, and the reason that the gbtc premium is narrowing may be the most insane part of the story. So far so sit down open up your bitcoin trades and send your grandma a kiss and wink emoji, because this is where things get big im your host spuds magoo – and this is absolutely ginormous with bitcoin now showing some unbelievable signs, not only in the charts. But in multiple different fundamental analyses that were going to be looking at in this video and as well, what is going on with the top altcoin ethereum right now? Is it now showing signs that the entire market is finally paving the way for a mega giga bounce long to the upside? Well, that is what well be discussing, and many more so using the channel make sure to hit that like subscribe. Turn on those ghost notifications. Never miss these completely time sensitive alerts as well, if youre interested any bonuses or deals make sure to check out the fantastic links getting altcoins or trading this market up to about 16 000 in free bonuses, when you deposit without any further magoo lets pump on it.

Unbelievable with bitcoin right now having the tiniest teensiest weensiest little pump to the upside and with everybody on the planet, taking a gander at this uh potential inverse head and shoulders that may be able to skyrocket us, uh out of oblivion and into infinity and beyond. Once and for all, uh everyone has their eyes on this and i distinctly remember even back in 2019 tracking, a gigantic uh much bigger than this, but a gigantic inverse head and shoulders that absolutely did catapult bitcoin ultimately once and for all to about 10k. I remember uh. We were watching that as bitcoin had not been able to test 10k for so long and uh. Basically, all of that to say the inverse head and shoulders is a very reliable uh pattern in a downtrend to reverse a trend, its one of the from my experience, its one of the most likely and consistent uh patterns, breakout patterns that forms at the end of Downtrends and catapults things much higher that and um descending or falling wedges also are very good but uh yeah. Taking a look at this. If we take a look at the daily chart for bitcoin theres, so many things you want to jump into and actually im going to jump back into the charts in a few minutes after i take a look at this, but i want to talk about even a Few more critical, absolutely very important things, so you know more and more signs, in my opinion, showing how similar of a move we could see back to how similar of a balance we could see back to not only in um july of 2021, but also march of 2020 in april of 2020, as we really found a bottom and starter version to the upside, you know, even in a wider context, bear trend, theres, always bounces and moves to the upsides to the upside.

Even within a you know, multi year downtrend, even if that were to be the case, you can still expect some volatility and some bouncing and again i think a lot of signs are finally showing that we are about to maybe see that uh. Basically, what im saying is were about to maybe see this move to the upside now. Do i think that bitcoin has completely bottomed? I am not necessarily convinced okay. I still think that 12 000 is a distinct possibility over the next six to twelve months uh, depending on the macro environment. You know that can change any day. Uh thats, you know news comes out every single day uh. This could absolutely be the bottom of the bull market. We could be uh exploding uh, you know in one or two months from now to the upside. Absolutely nobody knows nobody has a crystal ball. Nobody can predict that far in the future uh, because again so much of it has to do with fundamental events. Uh really. The only reason, in my opinion, bitcoins on this prolonged downtrend, is because of the overall broader markets which um the timing of which is very hard to predict. Uh myself and many people were talking last year around august and september of you know a pretty much an economic collapse and um it didnt happen. But now again a lot of people are thinking. Oh well. Maybe this is it. Maybe this is happening. You know.

Were we right about what was going to happen? It was just delayed. Well, you know its possible, but one thing that i think is very clear and very likely right now is the idea that bitcoin is actually about to potentially head into a mega bounce, and i have a lot of reasons for this, and i want to talk about It on this chart as well, but one of the main things i want to talk about here too, is this uh? Is it possible that bitcoin miner is actually already fully capitulated and theres? Actually, some evidence of this, so a bitcoin minor capitulation event may have actually already happened, and this is huge. This is one of the. This is like the biggest thing to mark a bitcoin bottom bitcoin miners may have already sparked a capitulation event. Fresh analysis has concluded the dip to about 17 600, 70 percent below novembers. All time highs for bitcoin usd pairing has hit some players hard and actually data shows that minor, wallets, sending large amounts of coins to exchanges demonstrate that a minor capitulation event has already occurred, which has preceded market bottoms in the past. So theres no guarantee that you know just because this happened its a market bottom, but it has in the past uh bitcoin miners are being drained of their coins um and its unprofitable. For some of these. For some of these entities, right uh for miners, its time to decide to stay or leave – and this has always been a huge pressure on bitcoins price.

A huge reason for bitcoins price movements is minor cell pressure. If theres one uh whale in the market, miners are some of the biggest the the miners that mint the blocks and uh receive rewards of bitcoin. For doing so, and also something very interesting here is that grayscales bitcoin trust, gbtc discount uh is seen narrowing and its possible. We can get this etf decision in only about you know about two weeks from now, which is insane only a few weeks away. Shares of gbtc are trading at a discount of 29 down from 34 last week and theres a lot of speculation on what this means. What this means is that, according to the market, logic, gbtc would trade at par with the underlying bitcoin in the fund. But right now its not its trading below that, but we see that its been narrowing lately. So what is the reason from this uh? You know its very possible that we could see this verdict by july. 6Th at this. Very second, sec has since pushed off a decision, but the plans currently are to render a verdict by july. 6Th um and a lot of people, especially within grayscale, are optimistic of a spot bitcoin etf, which would require that bitcoin is bought for this etf right. The futures, etf and the short etf that just launched a few days ago, they dont, require any bitcoin, be purchased. The reason that the futures etf wasnt, that big of news is because it didnt actually involve real bitcoin.

There was no underlying asset of bitcoin, so its just a derivative, uh kind of just not really involved too much of bitcoin a spot. Bitcoin etf would require that bitcoin be bought and used to facilitate a etf, and this has never happened before so imagine how the market would react. Imagine how this could push up the price of bitcoin and its not like that. You know if this does get approved. Its not like bitcoin is um completely overbought. In fact, the opposite. Bitcoin is very oversold right now, so the buying pressure, the the potential uh boost from this you know, if a spot bitcoin etf would be approved, would be massive itd, be gigantic um. So the sec, the grayscale, has said here. We remain encouraged by the secs actions over the past eight months, which have signaled an increased recognition and comfort of the maturity of bitcoin of the underlying bitcoin market. So this is. This is very big here. Um another factor worth considering is the crash of the crypto hedge fund. Through arrows, capital was important, the funds suffered heavy losses and they were large holders of gbtc having that cell pre. That cell pressure out of the picture gave whoever stepped in here some added confidence. The overall downside for gbtc is greatly reduced, basically uh 3ac getting absolutely destroyed, made it a safer bet to be buying gbtc and also as well. Bitcoin has been unable to produce a daily close above 21 000 for the past couple of days um and is bitcoin.

Actually able to pull that off now, uh as it is having a little bit of a move to the upside along with some other, very important things thats. What were going to take a look at here, so the dxy as well. This is something thats still happening. Were testing were back testing the support to see if the dxy is going to remain strong here and still watching this bearish diversions to see if this plays out uh the spx again having a very good day today, uh very bullish, close um up, i mean on The day over two percent, very good as it comes into contact, potentially with that 50 day, moving average right underneath 4, 000 or 21 day moving average right underneath 4 000. This will be the big test, because, when we broke above it back last month, we failed to hold it heres. Another shot heres another shot for this, and this is gigantic uh and actually one thing i think, is very important to take a look at here is that everyones, like super bearish, like what, if 2008 happens again well guys lets take a look at this, so uh 2008 was caused because we had a double top pattern. We had this double top here. First one was in 2000, then in 2007 we got a rejection and um. You know 2008 was pretty bad, it was pretty gigantic and dumpy, but you know looking at this it. I dont know why everyones so incredibly scared of like something everyones looking at a possible repeat of 2008 is the worst thing ever um.

Yes, it would be bad, it would be horrible. Uh prices would drop most likely a lot if we saw something similar right. Wed see the spx drop, you know a lot wed see. Presumably again, this is just speculation. If this would happen, but uh you know its not like its not like things went down forever. In fact, we then jumped into like the strongest bounce of all time. So again, kind of unrelated to this video, but i was just looking at that the other day and thinking like okay. Well, if that would happen, i would just you know, spend a year or two buying as much of the assets that i thought were valuable as possible, thats just my opinion. But again, if we take a look here on bitcoins uh two week chart, you can see again uh once we come in contact or go under this red line. Uh or this red sloping. Uh channel here have been the absolute best times to accumulate bitcoin and theres. An argument to be made that either of these two lines is uh enough support before heading into uh sideways, massive accumulation and massive bouncing. So you know looking at this chart again just important to watch uh. Most importantly, i believe this area right here right around 19 000 right around 20 000 is the most important and if you take a look on the side of the screen here, the vpvr volume you can see right here, um, you know we have a decent amount In some of these ranges, especially even right at 19 000, but look how cataclysmically massive it gets right around 12 000, this this trading volume uh, basically in my opinion uh, the 12 000 will be bought up like jelly beans at a jelly bean festival.

I cant imagine people going abs or people not going absolutely nuts buying at 12 000., so much support. In my opinion, there actually years of resistance that has now most likely turned into support its huge uh, but also on this weekly chart again very important note that the 20 sorry the 200 week moving average is where were about to test right around 22.5 about only A thousand or 1500 above where we currently are, if bitcoin, is able to break above that, then i would have no choice but to get bullish for at least a strong dead cat bounce, at least a strong move to a at least the 30 000 range. Okay and again were still watching this exact fractal. We saw play out two actually three years ago. I think its very likely well see something similar and yeah this inverse head and shoulders as well uh. So many big things, absolutely very big lets see his new channel make sure hit that like subscribe, turn on those ghost notifications. Remember this is absolute time: sensitive lights as well, if youre interested in logging or shorting this market um getting extreme bonuses to do so up to 16 000 using all the links below uh getting alt coins, even uh, just buying them or uh staking your ada during Rewards make sure to check out all the links below, but without further ado thats it.