2472: $1 Million Bitcoin BULL RUN - Every Major Signal Just Flipped

Justin Verrengia (0:00)

Bitcoin is running out of reasons not to explode. The sellers are losing control. Wall Street wants more. Liquidity is coming back. And the amount of money lining up against a fixed supply is getting absurd. This is how parabolic moves are born. Let's get right into it. Bitcoin just did something it hasn't done in nine years. And the timing couldn't be more fricking bullish. Bitcoin just gained 43% in a single quarter, its strongest Q3 since 2017

More than 80% of Bitcoin addresses are now sitting in profit. Oh yeah. Institutional money is pouring back in, and tomorrow, the calendar flips to the most legendary month in Bitcoin history, October. Every major signal is turning green, and $1 million Bitcoin suddenly doesn't look so far away. Look at what just happened. Bitcoin entered Q3, beaten down and left it with more than half a trillion dollars added to the market cap, more than 500 billion in three months. And this wasn't some random ish coin pump fueled by leverage and memes. The largest asset managers on earth are now providing direct access to Bitcoin. ETFs are absorbing billions. Corporations are stacking. Governments are accumulating, and Wall Street keeps moving the allocation goalposts higher. For years, traditional finance treated Bitcoin like radioactive waste. Then 1% became acceptable. Then 2%.

Now Merrill Lynch is recommending Bitcoin allocations of up to 4% for their clients. And one of America's biggest financial advisors recently argued that investors should consider Bitcoin allocations as high as 40%.

Do you understand how insane that shift is? Bitcoin didn't change. Wall Street did. There will only ever be 21 million Bitcoin. More than 95% of that supply has already been mined. But the pool of capital competing for that supply keeps getting bigger. That is the setup. Because Bitcoin doesn't need every investor on earth to become a maxi. It doesn't need every pension fund to go all in. It doesn't need every corporation to copy strategy. It only needs trillions of dollars to decide that zero Bitcoin is no longer acceptable. And that process has already started. Now let's take a look at the bigger picture. The total crypto market has climbed back towards 3 trillion dollars. Historically, October has been one of Bitcoin's strongest months. But forget the calendar for a second. The bigger story is the convergence. Price is strengthening, holders are profitable, liquidity is returning, institutions are allocating, corporations are accumulating, and the available Bitcoin supply cannot respond. The last part changes everything. Stocks can issue more shares, governments can issue more bonds, central banks can create more currency, gold miners can increase production, Bitcoin supply doesn't give a what, how much money shows up. So when another trillion dollars comes looking for Bitcoin, the network doesn't magically create more coins to satisfy demand. The price has to move. That's how you get to six-figure Bitcoin. Then 250,000 Bitcoin, then a half a million Bitcoin, and eventually $1 million Bitcoin. Not because somebody drew a line on the chart, because an absolutely massive amount of capital is being forced to compete for an asset engineered to remain scarce. That is the trade. And after one of the strongest quarters in Bitcoin history, the signals aren't whispering anymore. They're screaming. The bull market is back. And eventually, the rest of the world figures it out too. The only question is, how much Bitcoin you own before? They do. And that's the setup. Now let's look at the receipts. Bitcoin just closed one of its strongest quarters ever. More than 80% of the addresses are sitting in profit. Wall Street allocations are expanding. Inflation just gave the market another reason to run. And tomorrow, October, officially begins. So let's break down what's a crack-a-lackin. Today will be the close for Q3, which gives us about a 43% gain. The strongest Q3 we have experienced in the past nine years since 2017

Numbers don't lie. You can see it right here. And the last time we've seen bigger gains in a third quarter was 80% back in 2017

The overall crypto market cap is now back to $2.85 trillion, looking to make a run back above $3 trillion. We're so back. The bear is over, and this has been the shallowest bear market we have experienced. Also, as you can see here, 82% of the Bitcoin addresses are back in profit. I would assume the majority of you are, unless you purchase the majority of your Bitcoin above today's price. I'll give you my little backstory for those that don't know.

I discovered Bitcoin in 2017, went all in, purchased my first handful of Bitcoins. They were $1,500 a coin. I decided to use other people's money, the bank. So I used my credit cards, I purchased all the Bitcoin I could, and then I got a loan, I think from Wells Fargo at the time. I borrowed the maximum amount of money they'd allow me to get personally and from my business account. I just bought all the Bitcoin possible. My thesis and my brain at the time was, well, obviously I believe in this or I wouldn't be doing it, and hopefully it changes my life. Worst case scenario, I lose the bank's money. Who cares? That was my thought process, and lo and behold, things worked out extraordinarily well, and I'm very grateful I jumped on the Bitcoin train, if you know what I'm saying. But it's been a hell of a ride, and it's not easy to hodl, I understand, especially when you see 50, 60, 70, 80% drawdowns, but the silver lining, the worst is over. We survived the storm. And now is the calm before the storm of the parabolic October.