Bitcoin EXPLODES to $72K as Record $3B Shorts Get WIPED

**Scott Melker** (0:00)
Bitcoin absolutely explodes to $72,000 as record. Three billion in shorts get wiped. Bears got absolutely wrecked. I'm going to tell you my thoughts on this move, why I've been making hyperbolic titles about Bitcoin breaking $70,000 for the last month, why yesterday we said that we thought that the consolidation was ending right before it happened. Spoiler, I've been making the case for Bitcoin bottoming since February, and that case has only strengthened with yesterday's move. I'm going to unpack all of that by myself right now, and with Mr. Mark Yusko when he shows up because he did accept the invite, and he should be the guest today. Let's go.
Good morning, everybody, and welcome to the moon.
Wait, I think that's Earth in behind me, but I'm on the moon, right? I'm on the moon because Bitcoin went to the moon.
Apparently, now $72,000 for Bitcoin is the moon. To be honest, the moon is like $126,000. But clearly, something happened yesterday, and there was a fundamental change. Now, once again, you can go back. I'm wrong about most things all the time. Ask my wife, kids. Definitely ask my mom.
But I do get some things right, and I have been extremely, extremely adamant about making the case for a Bitcoin bottom since February. We went down just below $60,000. I said, yeah, we might make some other small lows here and there. But most likely, most likely, we are now at the point where we will have six to nine months of extreme boredom before something happens, and what will happen next will probably be up. And it's going to be amazing.
So I wrote long threads about this. I did an entire Daily Wolf on it. I did an entire Friday show on it here, and I've been doing it for literally months. I mean, here's one tweet that I had sent. Let's see what this says. The overwhelming consensus today, this in June, is that Bitcoin is headed much lower. And then I literally laid out every single reason I think that the bottom was it. Bottom still might not be in, by the way. But I went through it, and we've talked about it over and over and over again. The fact that the weekly RSI was oversold for only the fourth time in history. That was one, right? Monthly, I can open a chart. Look, we can do it. While we're waiting for Mark to hopefully show up. If not, I got this, guys.
Okay, so we can go to the monthly chart here on Bitcoin. I told you guys about this. 50 MA, right there. That is a bear market bottom line almost every single time. Weekly 200, right? We can go back in history. It's only been below it for a meaningful amount of time once. That was FTX. Every other bear market bottom was tapping the weekly 200 RSI being oversold, one, two, three, and bullish divergence. Four times in history. This time, like the FTX bottom, massive monster bullish divergence. Lower low in price, higher low in RSI when it was oversold. Right off the 200 MA. And now, guys, I'm going to tell you, the daily, we've been under the 200 MA since the bear market breakdown here, about 110 That red line yesterday was right at it. Today above, we need to close above that today. Every bear market, the first real signal that you're getting a new bull market is breaking above that 200 MA. And then the real signal will come here at 82,800 if we get above that, because that will be a higher high. But like, I mean, guys, this has looked like every single time ever that anything like this has happened ever. And we also had sentiment and strategy selling and all of the other insane signals and insolvencies left and right. I mean, everything we've ever seen in the bottom of a Bitcoin bear market has been happening. And so, now we can happily go up and to the right side. What do you guys think? Seriously, since we're here alone and we've been abandoned once again by a guest, never happens, especially not Mark.
What do you guys think? Do you think the bottom is in? Do you think that we are now breaking into a bull market? I mean, literally, did we all think that maybe, but do we all think that like all of a sudden October 1st, I keep joking about this, that just because that's, we've had it in the past and we are gonna just break out and it wouldn't happen earlier or later? I mean, this was, as I said, as you may see here, this was the largest short squeeze in history. I mean, put that, that's a crazy perspective, right? Bearish crypto bets lose record, three billion as Bitcoin top 71,000. The only day that was bigger was October 10th and then we surpassed it. But that's crazy because October 10th was a crash. We still had three billion in short liquidated, almost, on a down day, right? Because of the volatility. But that day there was 19 billion total, 16 billion plus was in longs. But I can go into it. There you go. Look at that. 3.24 wrecked total, long 261 million yesterday, 2.98 billion in shorts. Now, also you may have watched a little show called The Wolf Of All Streets, if you've ever heard of it, earlier this week and I showed you a whole bunch charts that said that open interest was extremely high with Bitcoin choppy, extremely low volatility, a massive move was coming and it was most likely to the upside. It could go either way, but it was most likely to the upside and that's exactly what played out here. So listen, I wrote a very, very long, we're going to keep going, but here, the last daily Bitcoin closed this large in February. That was just the rebound from the minus 14 day before it. This one had no crash to bounce off against its own 30 day volatility. It was a 5.8 Sigma move. I'm going to pretend I know what that means. Largest to the upside since October 2020 I do know what that means. It means that you're a really handsome guy that girls like. You're a Sigma.