I ADMIT IT!! I WAS WRONG ABOUT BITCOIN….
Once again – and yes, i was wrong this week – i admit it – i was 100 wrong. I really thought the bad news was gon na break down the bitcoin price even further, but the bad news is actually pumping bitcoin. So yeah lets talk about the bitcoin price. As of tuesday, um were at about 20.5 k, but as of this morning, were pushing up towards 24k and the price is up over 10 percent in the past 24 hours. So the bad news came, we got an expected rate hike of 75 basis points from the fed fomc meeting. Yesterday, um and jerome powell said you know. This is probably one of the last big rate hikes and theyll start slowing, so fed is turning from hawkish to dovish um us gdp. It came in this morning and it came in actually lower than expected, so expectations were a negative. 1.6 percent talked about that. In my video a couple days ago, it came in negative, which means according to the typical definition of a recession. We are in a recession because it came in negative, but it didnt come in as negative as people thought. It only came in at negative point. Nine percent so yeah. I was wrong this week, but we got ta talk about a bull trap because there are signals out there that this is a bull trap. So a bull trap is a false signal that traps traders that acted upon big, buy signals and longs.
Eventually get wrecked and so do a batch of shorts while the price pumps. So when did we have our last bull trap? Well, it was only a week ago, um early last week, july 18th, through the 20th uh btc it pumped from around 21k up to where we are right now about 24k and during those moves over 420 million dollars in shorts were liquidated, and then you know when The price started coming back down over 500 million in longs were liquidated. So as of right now, the past two days weve had over 360 million dollars in shorts liquidated, so things are looking just like they did. Last week we got ta be very, very cautious that this isnt a bull trap, but i was completely wrong for this week. I expected some downward movements, but those downward movements could still come im still huddling. My own opinion that i dont think the bottom is in. I think the bottom is coming around late august, um september of this year, so yeah, i hope, im wrong and i hope 17.5 k that was set in june was the bottom. But, like i said, buy signals are what traps people in the bull trap, and there are many many buy signals to trap investors. Uh btc is back above the realized price bitcoin is above the 200 week moving average and bitcoin is above the four year moving average. These are technical indicators that technical analysis look at.
You know to confirm if we are in a bull or bear especially the 200 week moving average being above. That means oh yeah. Maybe we have flipped bullish, which of course you know a lot of longers will start putting in those longs as they think we have bottoming out um but hey, like i said i hope, im wrong and there are. You know some signals out there. That say i am wrong, so our government is once again doing the money printers go so to combat inflation. This is just hilarious to me. The combat inflation um. The government is about to approve 750 billion dollars in new spending. Yes, yes, and what are they calling? This, oh, this is just hilarious. The inflation reduction act, um, so theyre, printing, more money to fight inflation. Wait, i think, is it doesnt money, printing cause inflation isnt that the reason um were in this? You know inflationary economy as we speak um, but i said this probably two weeks ago that the government would reverse their course and they already are starting to states are starting to talk about. You know giving consumers money. Um government is reopening. You know the floodgates for money, so our government is once again going to start printing and printing, but we got to talk whats within this inflation reduction act. They do have within it a climate deal now. This actually makes me extremely bullish on energy coins, because theyre going to be spending, i think upwards, of 250 billion on climate based projects within the united states to help.
You know us become energy, independent and not rely on oil, so that makes me bullish on energy coins. You know within the crypto ecosystem. Of course, there is energy web chain and ewt the energy web token um ive talked about this before energy web is friendly with the sec energy web has connections to the white house. So, of course, that makes me bullish, but there was something that came out um earlier in the week: uh coinbase, you know they are having a probe into you know their listings, and you know the sec is possibly saying theyre listing securities but um, one of the Employees that got busted for insider trading within that you know court case or coming court case. They listed nine coins that um were securities according to the sec and one of those coins. Guess what it was was: energy webs biggest competitor power ledger. So that makes me think you know: sec government is on energy website which isnt a bad thing, especially if the money printers go burr once again, but now we got to talk about another coin that i havent talked about in a while, as i mean its gotten, Pretty wrecked and there hasnt been much going on, i mean there has been a lot going on with project but um in regards to you know, im its hard to talk about all coins in a bear market, and i mean those videos do extremely bad, but um Climb a doubt so clima their legal team actually met with two u.
s senators on policy to to discuss policy and policy changes within the united states in regards to climate um. They met with senator loomis and senator gillibrand, so makes me pretty bullish. Ive held all my climate, dow um, even though the price has gotten obliterated, im still huddling every single one um, but lets talk a little bit more about some altcoins gmx its on fire, its back above 30 dollars. I think it was above 31 pushing towards 32, and i am oh so freaking bullish on gmx, i mean like ive talked about in the past, arthur hayes. The creator of the first centralized or the first major centralized perpetual exchange is extremely bullish on gmx hes spent over a thousand eth on it over the past month month and a half and hes talked about it in one of his blogs, saying if they keep on The path theyre going theyre going to take the decentralized perpetual market, but im also bullish on polka dot, um polka, dot, polka dot, polka dot. I have a feeling is going to have an extremely extremely good. Next um run bull run the last two raw um as its east 2, before east 2., um polka dot already has cross chain communication with their pair of chains um. Basically, their structure is sharding already i mean they have many of the features that eth2 is going to take maybe year two to implement. They already have it implemented, but then we got to talk about eth classic as its up over 70 percent over the past week or so um 40 over the last couple days, and that is because the merge is coming closer, where you know ethereum turns off proof Of work and moves fully to proof of stake, the miners, the ethereum miners, it looks like they are going to go with eth classic, although, although i think towards the merge date were going to see an ethereum fork where theyre going to fork the main ethereum chain, Uh, but i have a feeling eth classic is going to take a majority of the hash power.
Well, i appreciate you guys tuning in for this video um. I was wrong.