Bitcoin Charts and Correlations

In this video, Randall from Crypto Love discusses various charts for Bitcoin and cryptocurrencies. He talks about the correlation between Bitcoin and gold, the Chinese 10-year, and the Nikkei index. He also analyzes different bullish charts for Bitcoin.

Bitcoin Wedge

• Bitcoin is still sitting in a wedge that it has been in for over a week.

• It hit a support level that turned into resistance back here.

• It is likely to break out within the next couple of days.

• The volume profile shows that a lot of Bitcoins exchanged hands underneath where we are.

Banking Crisis

• Deposits continue to contract at record levels due to the banking crisis getting worse.

• Nobody is depositing money in banks anymore.

• This is good news for Bitcoin as its correlation with gold has surged since March.

• If people don't put their money in banks, they put their money in gold. As the price of gold goes up, so does the price of Bitcoin.

Correlation with Chinese 10-Year and Nikkei Index

• Historically, parabolic bull runs for Bitcoin are correlated with the Chinese 10-year when it crosses over the 60-week moving average (MA).

• The same thing happened again in November 2021.

• Surprisingly, Bitcoins are also correlated with the Nikkei index.

Bullish Charts

Guppy Multiple Moving Average (GMMA)

• The GMMA chart shows that we are about to have a cross where green lines will cross over red lines.

• Previous times when this happened resulted in massive parabolic bull runs for Bitcoin.

EMA Trend Bars

• EMA Trend bars have turned green for the first time since March 2020.

• Historically, when it went from red to green, this signaled massive rallies for Bitcoin.

Falling Wedge

• We have a very similar bottom structure to what we saw in 2020.

• This was right before Bitcoin price coiled before it took off dramatically.

• We had a falling wedge, the final dip, consolidation, and then breaking above resistance and taking off.

Bitcoin's Potential Growth

In this section, the speaker discusses Bitcoin's potential growth and how it has broken significant downtrends in the past.

Bitcoin's Next Level

• Bitcoin has crossed from below to above the green line and sometimes the red line.

• The green line is at 35,000 and the red line is at 44,000.

• Only patience will get you there but that is likely the next level where we will see a Bitcoin hit and/or cross.

Bitcoin's Bottom

• Once Bitcoin breaks this red or orange bottom line right there, which is the 23.6 line, it never again fell back into this red shaded territory ever until hitting the green line.

• Every single time here guess what? The green line was at 57,000.

• We have broken a very significant Bitcoin downtrend every time.

Potential Growth

• Every time Bitcoin has broken a downtrend it has increased massively: thirty-eight thousand percent, seven thousand percent, fifteen hundred percent.

• Each one of these is cut by about a factor of three if we were to go up by about a factor of three from the last time that would be to roughly a hundred thousand dollars for this Bitcoin cycle but it could go much higher especially since people don't trust banks and bitcoin is easier than ever to get and there's limited supply.

• These factors into price as a matter of fact detective pointing out here how we did have a bit of support here these green shaded areas could be the next resistance because we have broken through to the bottom of that but should we see that coming up once again by roughly halfing of next year less than a year from right now might have a hundred and fifty thousand dollar bitcoin in Q2 of 2024. That my friends would be pretty darn awesome because that's not even parabolic phase that's pre that's during halfing phase parabolic phases generally after behalfing.

Conclusion

• Bitcoin has the potential to go much higher, and it is easier than ever to get.

• Bitcoin could reach a hundred thousand dollars for this cycle, but it could go much higher.

• The green shaded areas could be the next resistance, and we might have a hundred and fifty thousand dollar bitcoin in Q2 of 2024.