Bitcoin CRASHES Below $58K As Saylor's MSTR Hits A 28-Month Low

**Scott Melker** (0:01)
Bitcoin crashes below 58,000 American dollars, as Saylor's MicroStrategy under major pressure hitting a 28 month low. Bears are euphoric. I'm gonna show you how bearish people actually are by taking a quick look at the prediction markets on higher prices for this year. And Saylor haters have also been whipped into a euphoric frenzy. I get the sentiment, but there are also some facts worth discussing. It's Friday, which means we're just gonna riff, guys. Let's go.
Good morning, everybody, welcome to Friday on the Hellscape that is the crypto and Bitcoin market. Bitcoin, you know, back to prices from years ago. It's like you got really excited about buying the Bitcoin highs in the last cycle, and you're actually down if you've been holding now for years. Altcoins look like they're absolutely dead. There's LaCroix, awkwardly, in the volcano.
Oh, if they don't, literally, like, oh, it's moved, first of all, the smoke's moving. Did you make the smoke move? Or is that my eyes? You made it move. And it's moving in. I think it's sucking into the volcano. But if I was going to do a LaCroix ad, I would have a LaCroix volcano. Sweet. OK, what was I talking about? All right, I don't remember, to be honest. So we're going to start again. I'm very easily distracted. It's Friday, and the ADD hits different. So, you know, we're going to go ahead and just start kind of with the Bitcoin chart and price and show you why bears are an exploding volcano of excitement. I did the wrong one. Look at that. There it is. Take a look at the chart. This is the weekly Bitcoin chart. Many rightfully pointing out that we are trading at the lowest point since October 2024 Not much bounce to the ounce right now, and trading currently below the 200 MA, although we will see what happens by the end of the week, which is Sunday. Not very long. We got about 24 times 2 plus 12, 60 hours until the week closes, and we see if we get this close. Now, we've only had this really happen a few times in history, most notably FTX. You can zoom back on the weekly chart here. Every other time we've touched this red line, that's the 200 MA, we've basically bounced. We closed slightly below it once in a previous cycle, but we're immediately back above FTX. We broke below on the first try, though, a little different, and traded below basically for nine months and broke below a little bit here. Starting to look likely that we might lose the 200 MA, which is giving bears a little more excitement about prices going much lower. Now, if you're a person like me who actually likes buying Bitcoin, it doesn't really bother me. I'm gonna be really super honest. We joke in our studio all the time that we'd love to buy Bitcoin at like $50,000, $45,000, I don't know. But the problem is that there are some systemic and sentiment risks to prices going lower, and we have to be intellectually honest about that. But I took a look. So as you guys know, we partnered with Kalshi a while ago. I did that video, which was really cool, on their perpetual swap product, which I think is great, with extremely low leverage. So now I can actually trade on Kalshi and I can't on polymarkets. I'm taking a look at their markets. How high will Bitcoin get this year? Only 15% of people here are thinking above 99 So give it, we have six months left. Like anyone who's been here knows Bitcoin can, you know, double or halve in price, literally, immediately. I mean, March 12th, 2020, the COVID scare, Bitcoin price cut in half and bounced all the way back in 12 hours, basically. It went from, you know, just above six to 35 ish. I called a 45% dry down and bounced right back all in a matter of 12 hours. So, you know, above 110, 18, above 129%. Now we're starting to get into the crack heads.
8-3, I mean, above 199,000, 4% of you out there.
I don't know. I would take the other side of that one in theory, but like there were people who also bet like a million dollars to make $30,000 on Spain beating Cape Verde and lost a million dollars. So that 4% sure thing in prediction markets, never a short thing. But I found this one really interesting. Actually, again, Bitcoin price at the end of 2026, 19K or below, I mean, 20K or below. Wow, 4.5. Interesting. So listen, these are spread out in $5,000 buckets, but you can see that the big interest right now is basically anywhere from 69 down to, let's call it 45, right? Even 75 down above that. There's not a single bet really above 780 that is even more than 4% than anybody would take that bucket. And you start to get up into the hundreds and it's like 3%, 2%, 2.8%. So I would say that consensus very clearly when you look at these markets is that there's basically no chance we get back above 75 to end the year. Six months, five months, six months away.